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Buying Spanish Property – -Safely,
(A Simple Rule)
When you decide to buy a place in the Spanish sun, be it for a holiday home, investment, or a place to retire, there are several ways you can ensure that the process is safe.
The first thing to recognize is that you are entering an unregulated industry.
The Spanish property market used to be regulated by the A.P.I. (Agente de la Propiedad Inmobiliaria), a professional body that oversaw estate agents, set exams etc.
Following a legal battle some years ago with a rival organization, (GIPE) who challenged the API’s monopoly in regulating the industry, the market became fully de-regulated leaving the door open for any-one to set up in business and call themselves an Estate Agent or Realtor.
So where does this leave a prospective purchaser looking to buy property in Spain?
Well the truth of the matter is that the property market in Spain is in as good a shape, (or Bad, depending on your experience), as any other unregulated property market, (The UK for example). There are many good professional providers of real estate services, but as usual, the industry is tainted by the few bad apples.
In Spain there are approximately 200,000 ‘firms’ providing real estate services. So how do you choose the good from the ‘not so good’?
The two organizations mentioned earlier are a good indicator that your realtor will know what he is doing. Both organizations require some form of education for membership and have a self- regulating Code of Practice.
A third organization recently established,(May 2006) is also trying to ‘raise the bar’ of professional standards.
AMLA, The Association of Multiple Listing Agents, has established a Multiple Listing Service for Estate Agents in Spain along the lines of how the US real estate industry works.
Its Code of Practice, mirrors that of the NAEA, the UK industry’s Association and its MLS has begun to challenge the monopoly of the advertising websites for top positions on the Major Search Engines.
AMLA promotes the need for training and education within the industry and the need to address the ‘Conflict of Interest’ within Real Estate transactions, which is usually the source of mal-practice.
In conclusion, whoever you choose to represent you, when buying a property in Spain. Make sure that you ALSO retain an independent legal representative to answer questions you may have and who is legally responsible, (and liable) to you.
Authors Bio/Resource Box
Neil Ebsworth is co-founder of AMLASpain. The Spanish Property MLS.
Neil Ebsworth is co-founder of AMLAspain.com, a <a href="http://www.amlaspain.com">The Spanish Property MLS</a>portal for the Real Estate industry in Spain
Keywords: Spanish Property, Costa Blanca Property, spanish property for sale
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