aj2610

Just doing all my research with a view to buying a property in Olvera. Blimey, it's all a bit scary if you take note of all the things that could go wrong!

Anyway, I'm reading the Place in the Sun guide and they talk about the reservation agreement. It seems that you pay this and then searches are done. Is it safe to assume that this is returned if the search comes back with anything nasty? My worry is more about unpaid taxes, etc, that might lead to the house being repossessed by someone after I've bought it.

Cheers
AJ

snikpoh

Do NOT pay any money to an agent. Make sure any monies are paid to your (independent) solicitor. By doing that, if things go wrong, you can get your money back.

Moses2013

Can only agree with snikpoh and the solicitor would do that. Good advise here:

Are reservations contracts in Spain obligatory?

Reservation contracts are customary when buying property in Spain, however they are not mandatory. Estate agents are often keen for buyers to sign a reservation contracts and pay reservation fees as it signifies a firm commitment to the property purchase. You are not obliged to sign a reservation contract though (although some estate agents might suggest you have to) and should not be pressured into doing so.

With Covid, Brexit and a recession any agent should be be thankful you are even interested buying near Olvera, so no need to pay anything to an agent.

aj2610

Interesting. I'm panicky like this. I've missed out on 2 or 3 properties because I've dithered, and not for long, one was literally hours and it went from for sale to reserved. I am (almost) the sort that will see a house online and buy it without seeing it in real life. I'm trying to control myself

I think what I'm talking about doesn't go to the agent. It goes into escrow.

Moses2013

This might have been the case in the past and especially around cities or when it comes to luxury coastal properties but things are slowing down. You have quite a few rushing to Spain before Brexit deadline but this is nothing compared to the total amount of properties available in Spain. Of course if you are only focused on one smaller village, choices are more limited.