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Hola
Does anyone know what the procedure is in Spain for selling a Villa and buying another Villa, do you exchange on the same day as in the U.K. and presumably you need to put a none refundable deposit down on any new property, any help & advise appreciated.
Phil.
Posted: Sat Oct 15, 2022 11:22am
Super helpful member
hilaryskitchen wrote on Fri Oct 14, 2022 9:07pm:
Hola
Does anyone know what the procedure is in Spain for selling a Villa and buying another Villa, do you exchange on the same day as in the U.K. and presumably you need to put a none refundable deposit down on any new property, any help & advise appreciated.
Read more...
Phil.
Unfortunately the procedure in Spain is not the same as the UK,
When selling if you receive the price you require for your property, you can of course ask the buyer if hey are prepared to accept a certain date that would be convenient to you but I would personally if I had the asking price take the money and rent until my new property was ready.
Obviously you would have to put a non refundable deposit on any property you are going to purchase the norm being 3000 euro and if you pull out of the sale you would lose your deposit but if the seller pulls out you legally are entitled to double your deposit paid back to you.
Another problem in exchanging on the same day is the Notary if the properties are in the same area it may be possible that the same notary can deal with both properties but you would have to be very lucky for this to happen, then again you could always ask if this would be possible remember they would be making double the money.
Hope this helps a little, when I have sold and bought properties I have put my furniture and things in storage and rented for a short period.
Posted: Sat Oct 15, 2022 2:10pm
Helpful member
eduardo3332 wrote on Sat Oct 15, 2022 11:22am:
Unfortunately the procedure in Spain is not the same as the UK,
When selling if you receive the price you require for your property, you can of course ask the buyer if hey are prepared to accept a certain date that would be convenient to you but I would personally if I had the asking price take the money and rent until my new property was ready....
Read more...
...
Obviously you would have to put a non refundable deposit on any property you are going to purchase the norm being 3000 euro and if you pull out of the sale you would lose your deposit but if the seller pulls out you legally are entitled to double your deposit paid back to you.
Another problem in exchanging on the same day is the Notary if the properties are in the same area it may be possible that the same notary can deal with both properties but you would have to be very lucky for this to happen, then again you could always ask if this would be possible remember they would be making double the money.
Hope this helps a little, when I have sold and bought properties I have put my furniture and things in storage and rented for a short period.
Hi
Thanks that’s very helpful information and we will probably do as you’ve done in the past sell the Villa and then put the furniture in storage and become cash buyers as it could get very complicated buying and selling.
Phil.
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