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NOTES: Spain has a system whereby contracts are signed at an earlier stage than in the UK. Don't waste people's time - be ready to commit to a purchase quickly.
Buying an existing Spanish property for sale is often known as a 'resale'. With a resale, one often agrees a preliminary contract (contrato privado de compraventa) with the vendor. This binds both parties to the transaction, so that the seller must sell to you at a stated price, under the terms of the contract; and you must buy.
You will likely pay a non-returnable (if you pull out) 10% deposit at this point. However, if the *vendor* pulls out, he or she must pay you back *double*. This stops gazumping, and undecided buyers!
Many Britons looking at Spanish property for sale do so at a stage when the building has not yet been finished, or even at the design stage. In such cases the first step, once you have found a property that you want to buy, is to sign a reservation contract.
Having reserved the Spanish property for sale, you must then agree a full preliminary contract, at which point you may be required to pay a deposit of up to 40% of the purchase price.
Spanish property starts from about £45,000 for a one bedroom apartment to £400,000+ for a custom designed villa. All spanish property (either new or resales) from a bungalow to a detached villa are suitable for holiday, investment or full time residency. Spain is the third most popular tourist country in the world. Every region of Spain has it's own unique flavour and attraction. Flanked by the Mediterranean and Atlantic Ocean, the Spanish coastal regions are renowned throughout the world as havens for sun and adventure. There is great diversity, from tiny fishing villages in forgotten coves, to grand coastal metropolises.
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