Do I need a property lawyer in the Balearic Islands for a sale?
Selling a property in Spain
Generally, when a property is sold, it is said that it is the buyer who provides the legal advice as the weaker party. And this “legal” advice is offered by the intermediary.
Although this may be true at first glance, it is not entirely true.
In a sale of real estate, according to Spanish law, both the seller and the buyer run the same risk in proportion: for the seller, that the sale is null and void and therefore, return all the money; and for the buyer, that the purchase is not exactly what was sold or that it does not have all the guarantees.
In this article we explain why you need a lawyer when selling a property in Spain.
Do I need a lawyer to sell a property in Spain?
Property lawyer in the Balearics
In property sales, commercial intermediaries tend to avoid the intervention of lawyers, as they see it as an unnecessary cost and it reduces their share of the commission.
But practice shows the opposite: a lawyer is the best partner for an intermediary, whether seller or buyer, because his knowledge ensures the success of the transaction. A lawyer is not a cost, but an investment in security.
In fact, a lawyer specialising in real estate law resolves all kinds of doubts about the sale or purchase of a property, such as: the involvement of the spouse according to the matrimonial regime, problems of inheritance formalisation, licences and type of building, compliance with money laundering regulations, special powers of attorney for the execution of the transaction and, in others, tax contingencies.
In addition, experience in international transactions with non-resident buyers or sellers is essential at the present time, due to the different situations that arise and which necessarily require legal action.
Do I need a lawyer to review the real estate contract?
Bufete Frau helps you with the real estate contract
Almost all real estate transactions begin with the signing of a real estate contract.
This document is the most important document in the entire transaction, as the following points are agreed upon in writing:
- The rights and obligations of the buyer and seller.
- The identity of the buyer and the seller.
- The purchase price,
- The closing date,
- The type of deed the seller must provide.
- What appliances and fixtures are included in the sale.
- The buyer’s rights to make inspections.
- The seller’s obligation to make repairs.
- The quality of the title the seller must provide,
- As well as the many other terms that define how the transaction should proceed.
It is therefore important for each party to have a lawyer review the contract to ensure that the parties’ legal rights are protected and to advise them of their duties and obligations. Once the contract is finalised, the buyer and seller are bound by its terms and may later regret it if they did not understand all the terms or if the terms are not what they intended.
Do you really still believe that a lawyer is not necessary when you are a seller? Who else is going to advise you with your best interests at heart?
Can you sell a property without a lawyer?
By proxy, you can. However, you are totally unprotected against any legal problems. There is a high risk of losing time and money. Above all, money, because the buyer will be accompanied by a lawyer, or a real estate agent with simple legal knowledge, and you will be the weakest position. Not hiring a lawyer is a cost, not a saving.
How much does a lawyer specialising in real estate law cost? How much does a lawyer for the Land Registry cost?
There is no fixed fee, because every real estate transaction is different. Each transaction may involve more or less acts, reviews and interventions that affect its processing.
However, normally a lawyer charges between 1 and 2% for this type of service.
This is the price for the investment of buying with total security and, above all, to avoid real expenses later due to problems that may arise.
Mortgages: do you need a lawyer to remortgage your home?
If we remortgage with our current lender, simply change the interest rate or offer, it is considered a “product transfer” and does not require any additional legal work. Otherwise, yes, a remortgage will require the intervention of a lawyer or a real estate agent to help you with the legal part.
You only need a solicitor to remortgage if you are changing mortgage provider. This is because the title deeds will be transferred from one lender to another.
In conclusion: invest in security, hire a lawyer, whether you are a buyer or a seller, because the success of the transaction, your money and your peace of mind will depend on him.