When looking for assistants in conducting a transaction, several circumstances should be taken into account.
The participation of the realtor in the transaction is optional. The main thing is that for the registration of a purchase and sale, a notary is needed, who is responsible for the legal purity of the transaction. But most foreigners use the services of agents, which, as a rule, are free for buyers.
Spain is very popular with foreign buyers of real estate. For Russians, she is the undisputed leader of demand. Accordingly, the local market is focused on working with foreigners. In the resort regions there are many companies founded by immigrants from Russia and other countries of the former USSR. Firms owned by Spaniards also often hire Russian-speaking agents.
In addition, many of them have representatives in Moscow, St. Petersburg and other major cities. This means that it will not be difficult to find a service in your native language, at least if you are interested in the Spanish coast of the Mediterranean Sea. In other regions it is more difficult. Specialists of traditional Spanish agencies often do not even speak English.
At the same time, real estate activity in Spain is not subject to mandatory licensing. It is not difficult to open such a business – you do not need large amounts of capital, long-term training, obtaining certificates… As a result, there is a risk of contacting a one-day company, getting low-quality service or paying an inflated commission.
Therefore, before starting work, we recommend checking your realtor: a registered legal entity (not six months ago), offices in different regions and even countries, a high-quality and regularly updated website, willingness to provide contacts of former clients… One of the quality indicators may be the company’s participation in a professional association – Gestor Intermediario en Promociones de Edificiones (GIPE) or Agents de la Propiedad Inmobiliaria (API).
The amount and procedure for calculating agency fees in Spain is also not regulated by law. The standard practice is that the seller pays a commission of 3-5% of the price of the object. But it happens (especially if several agents are involved in the chain) that the value of real estate is artificially inflated in order to increase the remuneration of the realtor. To avoid such cases, we recommend checking whether the same object is published in other databases at a different price, compare its price with similar offers and order an independent evaluation.
The appraiser’s opinion can be obtained online for €10-30 on the websites of many banks. Although, of course, it’s better to find an agent you trust.
And finally, the volume and types of services provided by Spanish realtors also vary greatly. Some only pick up objects, take them to viewings and participate in negotiations; others can pick up furniture, conclude contracts with utility providers, and rent out real estate. This issue should also be discussed before starting work.
The main responsibility for the transaction is not borne by the realtor, but by a lawyer – lawyer or notary. The lawyer will check the purity of the transaction, draw up documents, register the transaction, and monitor the transfer of funds. A lawyer who understands the intricacies of the process will help you save time and money, as well as reduce the risks when concluding a transaction. A realtor or friends can recommend a lawyer. You can also find it through legal communities.
