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The purchase of a home is one of the most important investments that most of us make in our lifetime and because this is something that we do not normally do, we will always have doubts and fears of leaving something out or not understanding all we have to do, sign and/or pay. In this article we will try and help you understand all these points
We can divide the purchase process into three main groups:
- Preliminary Formalities
- On the day of signing
- After the Purchase
Private agreement: in most conveyancing, a private agreement is usually drawn up and signed between buyer and seller before formalising the deed. This agreement is not compulsory, although in some cases where a developer is the seller it is signed in almost all cases and it is also widely used between private individuals.
If a private document is completed you are obliged by law to comply with all its contents provided this falls within the legal regulations. For these formalities, we, from INTEGRA CONSULTORES can advise you about its contents and resolve your doubts
Before signing this agreement we must consider various things:
1. Who is signing for the seller party
2. State of liens and encumbrances on the dwelling
3. Fees of the homeowners association
4. Payment of utilities
5. Price and earnest money deposit: the price of the dwelling, the amounts paid on account or deposit, form of payment, etc
6. Expenses of the purchase: There are four expenses derived from the purchase:
- Municipal tax on increase in value of urban land (commonly known as the municipal added value tax)
- Public deed completed before notary
- Recording at the property register
- Tax
