Why a lawyer should check your apartment purchase

Below we explain in detail why you should hire a Real Estate Law Specialist before signing the purchase of any property, be it a house, a house, a flat, an apartment, a garage, a second residence, as an investment ...

Because it is the biggest purchase of your life

One of the most relevant decisions we make throughout our lives is the purchase of a home. The average loan that we request from a bank in Spain is 200.000 euros to be repaid in 30 or 40 years, which means a monthly letter between 900-1400 euros, the variability of interest and banking clauses associated with this contract can make That this is a very vulnerable point. Banks know and take advantage.

We usually spend a lot of time in the acquisition of a phone or a car, looking and comparing technical characteristics to infinity, instead in buying in a property, we dedicate rather little time, compared to the investment involved and we only see the elements external, without valuing the hiring, nor everything that is not seen.

In fact, it is usually the largest operation in euros that many people perform at the end of their lives. However, most of the time we make this decision alone, or by asking our partner or family, that they are not exactly legal or financial experts.

Because you need tranquility and a good ally

That a builder, an API, a real estate agency or a Bank intervenes in the sale does not mean that they are on our side, rather the opposite: they will want to do business at our expense and they will surely win us in experience. That is why we need to have an ally (Lawyer) who watches over our interests at all times.

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Because the cost is NOT significant

If we see it with perspective, of the total price that we are going to pay for the property, the price of the Lawyer will not be relevant if we think that among the multiple legal, intangible and surplus clauses that we can find later on, they can be much more expensive.

Look at it like this, the price of the Lawyer is not a cost, it is part of the investment. Surely the most profitable after purchase.

The main problems

These are some of the main problems we usually encounter:

  1. Pre-reserve, when we go to see a flat and we love it, we give a symbolic amount (1.000 / .2000 euros) to be removed from the web and not taught more; We believe that it is reserved, when in most cases they do not remove it from the web and if someone offers them more money they sell it, because the seller has no commitment to you. Yes, you almost always return the amount, but you have lost the floor.
  2. Do not review all documentation. The rush imposed by the seller to the threat of losing the floor (the typical one is a couple who comes to see it tomorrow) makes us look at the documentation above, just the simple note of the record and what the seller wants to show us, signing the pay and signal running.
  3. The earnest contract It includes clauses of difficult compliance, which directly contradict the law of horizontal property or defenselessness by the buyer.
  4. Infinity of convoluted bank clauses, the IRPH clausula floor, the roof clause, the minimum income clause, fixed or variable euribor, associated mandatory banking services, mandatory life and home insurance, etc….
  5. The building has not passed the mandatory technical inspection (ITE) and in doing so they discover multiple deficiencies to be paid among all (extra cost).
  6. Having neighbors in an irregular situation (for example: squatters, undeclared tourist apartments, rented ...) with all the problems that this entails, on paper, the seller has no legal obligation to inform you.
  7. Purchase on plan includes certain risks that must be known and previously assessed.

housing purchase lawyer

Finally, three basic tips:

  1. Do not trust anyone, anything you sign commits you for the next 30 or 40 years of your life, without being able to modify it.
  2. The floor is not only the door inwards, but each element of the building and its corresponding maintenance is your responsibility, according to the total coefficient acquired.
  3. You can find out everything on the internet, but the vision of a legal professional and above all his experience in real estate purchases, will give you peace of mind and avoid many dislikes.

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