The structure of the Moraira property market can be both confusing and frustrating without the aid of a little local knowledge and guidance.
It is very unusual for property for sale in Moraira and the general area to be marketed on a ‘sole agency’ basis. Most Moraira property is listed officially with at least three or four different agents; in addition, often, these listings will be replicated on the websites of authorized ‘property finders,’ as well as being hijacked from appointed agents’ websites onto other property websites, without the knowledge or consent of either the property owner, or their appointed agents. Many of these unofficial ‘agents’ will also add a premium to the official marketing price, and an unsuspecting viewer may easily proceed with a purchase at a falsely inflated price. The other negative effects of this bad practice is that there appears, at first sight, to be many times more properties for sale, than is actually the case, and that much time will be wasted by unintentional multiple viewings of the same property, with different agents, and at different prices – hence the confusion and frustration! Fortunately, this scenario can be easily avoided:
a) Ignore agents operating from websites which don’t clearly reveal the names of the proprietors, the retail office address and landline telephone numbers, and their business registration (NIF.) number.
b) Select just one established agent who specializes within your chosen geographic area, who will provide a comprehensive package of guidance and support, and who is prepared, if required, to look beyond their own property listings and work with other respected local agents, to locate your ideal property.
At Oyster Villas, our typical buyer client is from either a business or professional background, with only a limited amount of time to set aside to pursue the process of search and purchase of their perfect property, at the right price. At Oyster Villas, property seekers will be provided with the full personal attention of the proprietors and client care staff, and our combined resources, local knowledge and care will be committed to achieving your ideal property purchase.
Our service to you will include:
Help you ‘cherry pick’ your personal viewing portfolio.
Help you arrange your viewing visit and plan your viewing itinerary.
To provide you with an orientation tour of the various residential areas.
Accompany and advise you during property viewings.
Help negotiate an offer of purchase.
Recommend local banks, currency exchange specialists, solicitors, architects, builders etc, who speak your language.
Recommend local doctors, dentists, and all other professionals and tradesmen.
Remain available to guide, advise and assist you throughout the entire purchase procedure, and beyond.
Once you have chosen your property and we have agreed a purchase price, you will be required to pay a reservation deposit of 3.000€ or 5.000€ depending upon the purchase price. At this point the vendor is obliged to remove the property from the market, and all agents marketing the property must withdraw it. The purchase price is now fixed at the level agreed.
The buyer will now instruct a local solicitor to carry out all legal searches and financial checks, and (if required) a mortgage application can be initiated. The legal searches will normally take 2-3 weeks.
At this stage draft contracts are drawn up and agreed, together with a mutually agreed completion date; an inventory of contents can also be prepared and agreed, at this point. The initial deposit is now required to be made up to 10% of the purchase price, and paid over to the vendor. Both parties are now committed to the agreement and, unless there has been some form of non-disclosure or misrepresentation, any failure to progress through to completion will result in the forfeit of the 10% by the buyer, or the payment to the buyer by the vendor of 20% (10% deposit x2).
Completion will take place at the local Notary Office, on the agreed date. The property deeds will be updated to reflect any build amendments or additions. All contracts will be scrutinized by the Notary Public (the government appointed legal officer), amended to his satisfaction, and explained to you in your preferred language. Your appointed lawyer will have arranged the transfer of all utilities into your name, from this date. The final balance is paid to the vendor, all keys etc. handed over; you are now the proud owner of your home in Spain!