Typically, it’s commonly believed that in the event of a property sale, the buyer, being the weaker party, seeks legal guidance. However, this “legal” assistance is often provided by a middleman. Though this may seem accurate at first glance, it’s not entirely the case.
According to Spanish law, both the seller and the buyer face equal risks when real estate is being sold. The seller risks the sale being declared invalid, resulting in a refund of all funds. Similarly, the buyer risks the purchase not meeting the agreed-upon terms or lacking necessary guarantees.
This article discusses the necessity of having a lawyer when selling a property in Spain.
Mallorca Property Lawyer
When it comes to property sales, commercial intermediaries typically shy away from involving lawyers due to the perception that it’s an unnecessary expense and would decrease their commission. However, experience has proven otherwise: a lawyer is actually the ideal partner for intermediaries, whether they are representing the seller or the buyer, as their expertise guarantees a successful transaction. Rather than a cost, hiring a lawyer is a wise investment in ensuring security.
A real estate attorney is capable of addressing various concerns related to the buying or selling of a property, including issues such as the role of a spouse based on the marriage contract, complications with inheritance procedures, building permits and specifications, adherence to anti-money laundering laws, specialized powers of attorney for completing the transaction, and potential tax liabilities.
It’s crucial to have experience in dealing with international transactions involving buyers or sellers who are not residents, as there are various situations that may arise and demand legal intervention at this current moment.
The initiation of most real estate transactions involves the execution of a real estate agreement, which is considered to be the most crucial document throughout the entire process. This written document outlines the terms and conditions agreed upon by both parties.
The buyer and seller have certain rights and responsibilities that need to be defined in the transaction. This includes identifying the parties involved, determining the purchase price and closing date, specifying the type of deed to be provided by the seller, clarifying the appliances and fixtures included in the sale, outlining the buyer’s inspection rights, and the seller’s duty to make repairs. Moreover, it is necessary to establish the quality of the title that the seller is required to provide, along with other terms that govern the process of the transaction.
It’s fundamental for both parties to have their respective lawyers carefully examine the contract to safeguard their legal rights and receive guidance on their responsibilities. After the finalization of the contract, the buyer and seller are obligated to abide by its conditions, which they may regret later if they were not fully aware of all the terms or if the terms do not align with their initial intentions.
Is it possible to sell a property without the assistance of a lawyer?
Through a proxy, it’s possible to complete the transaction. Nevertheless, you are vulnerable to potential legal complications. This carries a significant chance of wasting both time and finances. Most importantly, finances, as the purchaser will have legal representation or a real estate agent with limited legal understanding, putting you in a disadvantageous position. Choosing not to hire a lawyer may appear to save money, but it’s ultimately a cost.
What is the cost for a lawyer who specializes in real estate law? How much does a lawyer for the Land Registry charge?
The fee for a real estate transaction varies due to the unique nature of each case. The complexity of the transaction and the number of required actions, reviews, and interventions can impact the cost. Typically, the fee charged by a lawyer for this type of service falls between 1 and 2%. This fee guarantees a secure and hassle-free investment, ultimately preventing potential expenses in the future that may arise from unforeseen issues.
To conclude, it is crucial to prioritize security and consider hiring a lawyer, regardless of whether you are the buyer or the seller. The success of the transaction, as well as your finances and peace of mind, greatly rely on their expertise and guidance.
For more information, contact someone from Lamas Lawyers in Mallorca at jaimelamas@despacholamas.com or call us on +34 971 720 202.
