The property is initially checked for legality using our schedule or an architect. There is verbal agreement between you and the seller, whereby a price and payment method have been agreed, as well as a possible delivery date.
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FIVE STEPS PLAN
Preferably do not sign a reservation contract or purchase agreement (opción de compra, contrato privado), but first sign a letter of intent with the help of lawyer who signed the IGP-integrity code, whereby you and the seller agree to complete the transaction. No risks and no major payments before you know whether the property is in order. And everything in your own languange!
In the letter of intent, agreements are recorded and the independent IGP inspection is included as a resolute condition to protect you and the seller from problems afterwards. But also, for example, that the seller does not offer the house to third parties during the agreed period and that you do not unnecessarily incur thousands of euros in lawyers’ fees for a house that appears to have unsolvable problems.
After signing the letter of intent, you will deposit an amount in deposit into an independent third-party account (not the real estate agent or lawyer), an amount agreed with the seller. This deposit is deducted from the purchase price if the purchase takes place, and is refunded if the IGP inspection turns out to be negative and you cancel the purchase.
The property is checked according to a fixed format for the most important aspects (more info) by a gestor and an architect who checks the house on location. The findings are recorded in a document that you can also use for a second opinion if desired. The document is stored by the IGP for your security to ensure that professionals do the work they are expected to do. They have all signed the integrity statement and are supervised by the arbitration committee consisting of Casa Propia members.
Now it is time to give the purchase legal form in a purchase contract. IGP only works with lawyers who have signed an integrity code, use the model contracts of IGP and work under the supervision of the arbitration committee. This prevents errors and you also have everything in your own language!
In Spain the payment is made at the time of signature at the notary before the registration in your name in the so-called Registro Propiedad. This means uncertainty lasts for a few months unforeseen events could occur that delay the registration or even make it impossible. For example unwanted adjustments at the expense of the buyer, who although having paid is only the owner on paper and therefore cannot exercise owner’s rights, with all the consequences that entails.
IGP therefore always recommends using the secure payment method, whereby the money is held in a notarial account or an independent bank deposit and only released under the condition that the property is registered in Registro de Propiedad in your name subject to the agreed conditions. In case of a positive inspection it might not be necessary. Discuss it with the gestor, architect and lawyer involved.