If you’re in the market for buying a property in Ibiza, maybe you are a first-time buyer, want to relocate to the island or you are looking for a property investment, there are many things you should consider when buying a property in Ibiza: do you have all the necessary documents? Do you have a real estate agent to help you through the buying process?
If you don’t have any idea from where to start, check out these 3 golden rules when buying a property in Ibiza:
1) Background check: Make sure that the seller is indeed the owner of the property, either requesting to see the sales deed or asking for what is called a Nota Simple from the Property Registry. Make sure that the property is free of debts or charges, ask the seller to show the latest water and electricity bills and proof of payment of the IBI (council tax) over the last years. Check also that the details of the buildings recorded at the Property Registry (Registro de la Propiedad) coincide with those that appear at the “Valor Catastral”.
2) Have a specific purchase contract: Make sure not to use a template contract, insist on creating a private purchase agreement containing all the specific conditions that you have agreed with the seller. Even the smallest detail or something you think is of a little importance should be included, this will help you to avoid any misunderstanding or confusion.
3) Time is money: it’s easy to get excited about the prospect of buying a new home, especially on a beautiful island like Ibiza, you can get thrilled by the idea of flying over for property viewings but over time, the buying process can be very time-consuming and time is money so you should get the most out of it. Finding the right estate agent can help you reduce the stress and the time of the overall buying process. Our blog post ”Finding the right estate agent” can help you do this.
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