In this article, Welex, a renowned firm of lawyers and accountants located in La Costa del Sol, sheds light on the crucial topic of fraud detection during property transactions in Spain. Our aim is to provide valuable insights and guidance to individuals involved in buying and selling properties, ensuring they are equipped with the necessary knowledge to identify and prevent potential fraudulent activities. So, in this blog, we will talk about fraud detection when buying and selling a property in Spain.

 

How to detect and avoid possible fraud when buying and selling a property in Spain?

The purchase and sale of a property in Spain is an important transaction, which normally involves large taxes and disbursements, and that is why it is necessary to take many precautions when signing a purchase or a sale contract in order to avoid possible frauds in Spain.

Following this article, Welex lawyers, experts in the process of buying and selling properties in Spain, will give some advice in order to be able to detect and avoid these possible frauds when buying a property in Spain:

  1. It is relevant to verify correctly the identity of the sellers, make sure that they are real people and that they are properly identified with the ID or passport, verifying that, indeed, it is the same person. This is one of the most common frauds in Spain.
  2.  Check the registration status of the property. It is important to check that the property has no outstanding charges or debts in Spain, that there are no preventive annotations, etc. To do this, it is very important to always request a certification of the land registry, where you can study all these situations.
  3. Request and review all the documentation of the property, among which we can find, IBI, energy efficiency certificates, licenses of first occupation in Spain, etc.
  4. Hire a lawyer specialized in the purchase and sale of properties, who will carry out the aforementioned study of the documentation and advise the interested parties at all times.
  5. Check that there are no outstanding debts (IBI, water, electricity, etc.).
  6. Avoid making payments in advance. With the exception of the amount paid as a reservation or after the signing of the private contract, you cannot pay the rest of the price before the signing of the bank deed, and it must be paid simultaneously with the signing. To avoid this, the safest method is by bank check, for which payment is immediate, or in the absence of this, urgent national OMF transfers.
  7. It is also possible to make urgent international transfers, but these can take a day to arrive.
  8. In the case of the purchase of an off-plan property in Spain, where payments must be made on account, make sure that the developer provides a guarantee or bank guarantee for these amounts.
  9. Do not pay in cash, always use secure means such as transfers and bank check.
  10. Check the reference value, because if the price is lower than the price offered, the reference value will be taken into account when paying taxes and not the real price for which the property has been purchased in Spain.

 

Concluding our blog on the detection and prevention of potential frauds in the sale and purchase of property in Spain, it is crucial to remember the importance of being well informed and taking precautions before entering into any real estate transaction. By following these tips and having the support of specialised professionals, such as lawyers, you can significantly reduce the risk of falling into fraud.

 

Always remember to verify the identity of the parties involved, check the registration and documentary status of the property, avoid prepayments or cash payments, and be on the lookout for suspiciously attractive offers. In the event of detecting any irregularity or suspicion of fraud, it is essential to seek legal advice in Spain and take the necessary measures to protect your interests.

 

Buying and selling a home is an important decision and represents a significant investment. Therefore, dedicating time and effort to researching, informing yourself and relying on competent professionals will help you avoid problems and enjoy a safe and successful transaction.

 

We hope this blog has been helpful and has provided you with valuable information to protect yourself against potential home buying and selling frauds in Spain. If you have any further questions or need additional legal assistance, please do not hesitate to contact our law firm in Marbella, we will be happy to help you. Thank you for reading us!

 

Services of interest:

Purchase and sale of property in Spain

Income tax and wealth tax in Spain. Tax liabilities for non-tax residents

 

Este sitio web utiliza cookies para que usted tenga la mejor experiencia de usuario. Si continúa navegando está dando su consentimiento para la aceptación de las mencionadas cookies y la aceptación de nuestra política de cookies, pinche el enlace para mayor información.

ACEPTAR
Aviso de cookies