The main purpose of the conveyancing process is to transfer the title of the property and any improvements from one owner to another. In the majority of cases this involves a seller (vendor) and a buyer (purchaser).
There are examples where this is not the case, such as complying with the terms of a will. Usually the conveyancing process is transacted by way of a contract between the parties although there are occasions where this is not used.
There are a number of different property types which are generally classified by their use including:
• Vacant Land
BUYING A PROPERTY IN SPAIN
If you are a purchaser of real estate, it is common for you to be presented with a contract that has been prepared by the vendors. Such contract should clearly set out what is being sold and at what price.
It will be necessary for you to sign such a contract, however prior to doing so we strongly suggest that we personally discuss the matter with you in order to protect your interests. Typically the following questions arise: -
• Do you have the purchase funds?
• Will you be borrowing the money?
• Are there any Land Tax & Stamp Duty implications?
• Are you selling a property in order to buy this one?
• Exactly what is being purchased?
• Is the property sold with vacant possession, or is it subject to a tenancy?
• Is the property being auctioned?
Once you sign and the contract is exchanged with the vendor you are generally “locked in” to completing the transaction (subject to any cooling off period).
During the conveyancing process a number of searches and enquiries are carried out depending upon the nature of the transaction. These searches and enquiries are designed to protect your interests and ensure you obtain a sound Title.
At the conclusion of the conveyancing process settlement occurs where you receive the Certificate of Title and keys to your new property.