Commercial & Residential Property
Purchasing and investing in commercial property in Spain is secure provided your lawyers investigate title, licensing, and regional and local regulations. Due diligence will include:
- Search of the Spanish Land Registry for evidence of title
- Investigation of charges or encumbrances to ensure that these will be cancelled on purchase
- Investigation and advice on the national, regional and local licensing regulations
- Establishing what costs and fees you will be responsible for and which are payable by the vendor
- Protection of any deposit payments or off-plan payments by checking guarantees or insurance of monies paid
In Spain it is normal practice to agree a price and to enter into a deposit contract to secure the purchase. This deposit payment is normally 10%. With commercial premises it may be necessary to negotiate staged payments or to put caveats in the contract which protect the purchaser. A prospective purchaser can also consider the possibility of a rental contract with an Option to buy. These contracts with Option to buy are popular for new businesses. A price and other arrangements can be put in place prior to completion and the business can be set up and operating before any final decision is made on the purchase of the commercial premises.
With more than 30 years’ experience in this field, one of our core strengths is in assisting residential property purchasers and vendors. When you need practical and legal advice on your purchase, whether commercial or residential, and in your own language De Cotta Law can assist you from the first offer to the completion of the purchase. Do call us on +34 952 527014 or email Sandra Wrightson on [email protected] for an initial consultation free of charge.