Houses for Sale in Spain

Suddenly there seem to be a lot more visits from people wanting to buy a house for sale in Spain. Not only that but there are more people looking for rental and also rentals with an option to buy at a later date if and when the banks start getting their act together and lending again after they extract themselves from the mess they have created.

This week in Valencia one of the jobs has been phoning sellers to ask if they would consider  renting with an option to buy further down the line and the response has been surprising. More than half those questioned were interested after hearing what was involved. So just in case you have a property that you could rent with an option to buy here are some of the ways it can be done.

The idea stems from the fact that someone likes your property but because o the prevailing situation they cannot currently proceed with a purchase whether that is because they need banks to start giving out money again, they need to prove income in Spain for a greater time period or they are waiting for their residency application to go through so as to get a better deal. If these circumstances apply, or maybe just one of them, then renting with an option to buy could be an option.

Drawing up a contract of this type has many variable but the basic premise is a rental agreed between both parties for a fixed period and within that period of time the tenant has an option to purchase at any moment and the right to match other offers on the property. Sometimes there is a guarantee on behalf of the owner to stop marketing the property for a set time so the person renting can settle, in one of our contracts they were guaranteed eight months in the property without any change of ownership. There is a greater level of comfort in a house because of this feeling of part ownership already.

The good point for a potential purchaser is that an agreed price is set now and they can buy at that price at any moment. If prices drop then they can renegotiate the price in the future if they wish. The other good part is that if prices rise then they are guaranteed being able to purchase at the agreed price within the duration of the contract. The owner gets a price guaranteed during the contract and has the obligation to sell at that price if the tenant wishes to purchase. They also have a guaranteed rental and a person living in the property who is more likely to look after it as they have a stake in the future of that property.

The contract is a bit more complicated than normal as it requires lots of negotiation on behalf of tenant and landlord but here we take care of that negotiation for you.




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Filed under: Real Estate

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