Buying a Repossessed Property in Spain
The process for purchasing these is as follows: - 10% plus VAT has to be deposited
with the lawyer of the Bank Agency and they will then release the information. (Description
of property, search, conditions of mortgage).
Once we have the information we have to communicate if we are going ahead and completion
is prepared as soon as possible.
On completion we pay the full amount to the mortgage bank and take over the debt.
We will then register this deed at the Land office (this takes about 4 weeks).
Further costs to cover are 1% legal fees + VAT, Notary and Registration fees and
1% stamp duty. At the same time, we would prepare the proceedings of the debt execution.
The costs of the execution will also depend of the value and we would provide you
with an estimate of costs in each case. We estimate the costs to be about 7% of