Almeria Property Auctions

Vendors Decision - The final decision is with the vendor.  There are several ways the vendor can decide which of the prospective purchasers bid is accepted.  The things that can sway a vendors decision are the type of bid received. IE: The difference between a cash purchase or a bidders need for a mortgage.

Safe Purchasing - There is no danger of the vendor 'pulling out' as the contract of sale is binding as soon as the vendor signs the contract.

Choice - Closed bid auctions offer the potential buyer to choose the price they are willing to pay for the property concerned.

Time Saving - Because all the legal checks should be completed prior to the sale you can enjoy a speedy purchase and completion.  We also hold all the necessary paperwork which proves ownership and legality of the property.  This paperwork can be viewed by appointment at our office.

If you are a prospective buyer, there are a number of key issues you need to consider before making your first serious bid at a closed bid property auction...

Forms - Ensure you complete all the forms fully, failure to do so may invalidate your closed bid.  Also ensure your bid is received by Almeria Property Auctions well before the advertised finishing date.  Completing your bidding form is a legal binding contract and should you be the winning bidder you are legally bound to complete your purchase.

Legal Documents (Escritura, Nota Simples etc) - All legal documents for the property for sale by closed bid can be viewed in our office by prior appointment and free of charge.  If you wish copies of the legal document to be sent to your legal representative prior to the closed bid set day, either by post or fax, Almeria Property Auctions will require a payment of 20€ (inclusive of IVA).  Any subsequent documents received after the original request will be sent free of charge.

Bid Payment - Almeria Property Auctions requires a 10€ payment with each and every bid.  This is to ensure that we receive only quality bids from prospective purchasers.  Almeria Property Auctions will refund the 10€ payment to the winning bidder.

Closed Bids - All closed bids will be held in our office and NOT be opened until the set day of the auction.  Email bids will be printed and place into envelopes by Almeria Property Auctions and held securely until the set day of the auction.

Finance - Like an estate agent purchase, you will need to have your funds to pay your deposit on the day of the sale (3000€) plus you will have to have your mortgage or the funds in place to pay the following 10% deposit (usually within 14 days) and the balance on completion which usually is due 28 days afters the auction.

Mortgage - It is advisable to get a mortgage agreed in principle as early as possible, as this will speed up your mortgage application. We are happy to introduce you to our recommended financial advisors Lloyd & White, who have access to every mortgage on the market. Their advice is completely free.

Viewings - Viewings will be conducted between 9am -12 midday on one day and between 2pm - 6pm on another day and a Saturday between 2pm - 6pm approximately two weeks prior to the auction.  However, private viewings can be arranged by prior appointment for a fee of 30€.

Solicitor - A solicitor will be required to handle the legal paperwork involved. It is preferable to use a Spanish solicitor who specializes in conveyance.

Winning Bid - Once your bid is accepted you will need to sign a reservation contract and pay a reservation deposit, this sets the agreed purchase price. At this stage we always ensure dates for private purchase contracts and completion are agreed. This is also the time to instruct your mortgage broker to proceed with your mortgage application.

Property Searches - At this point you will need to instruct your solicitor to proceed. They will undertake searches on the property, which will reveal, for example, planning consents granted for the property and any local issues. Once results of the property search and answers to the preliminary enquiries are received, your solicitor approves the draft contract.

Mortgage Offer - A formal mortgage offer will be sent to your solicitor for you to sign. Once signed and returned, your mortgage is in place and you are ready to proceed.

Private Purchase Contract - You and the seller sign the private purchase contract. At this stage your solicitor will transfer a deposit (usually 10% of the purchase price) to the seller’s solicitor account.

Completion - Depending o­n each parties' personal requirements, completion is generally set a few weeks after signing of private purchase contracts. Residual monies are now transferred from your solicitor to the seller's solicitor's account.

CONGRATULATIONS!!

You are now the proud owner of a property in Spain