You can include upgrades in a mortgage
On this page I tell you about my experience with a real estate agent in Barcelona.
After you have decided on the region in which you would like to purchase your property, the next step is to see who is advertising in this region and who is offering properties in this area. I found that the real estate agents usually only deal with properties in their specific location, even if they were big franchise brands like Tecnocasa.
Most of the real estate agents I've spoken to only speak Spanish. If you want professional assistance in your own language, consider a specialized legal and accounting firm that can assist you with this.
Professional assistance when buying a property in Barcelona
If this is your first time buying property in Barcelona and you want assistance in your own language, we can recommend Barcelona-Tax. This is a multilingual company made up of tax attorneys, accountants and advisory specialists who can guide you through the entire buying process of a property in Barcelona. Currently, you can offer support in English, Spanish, French and Catalan.
Simply fill out the form below and it will be forwarded to Barcelona-Tax with your request.
Barcelona-Tax makes every stage of the buying process simple and straightforward.
Cooperation with the real estate agent in Barcelona
The first phase of working with the real estate agent in Barcelona is to look at the portfolio in their office and give the agent an overview of what you are looking for.
Be as specific as possible in your conversations and tell him that you only want to receive calls about properties that meet your exact specifications. I noticed that many of the properties shown in the portfolio were not on the online website. It is best to go straight to the real estate office to find suitable properties.
At the beginning, Tecnocasa contacted me a few times about properties that did not quite meet my expectations. However, after telling the agent that I would only be contacted for properties that meet my exact specifications, they did a very good job. I've only visited three properties in total and the third property was exactly what I was looking for.
Before looking at the properties, the real estate agent will provide you with record forms to fill out for each property you wish to visit.
When the real estate agent finds a property that suits your needs, they will call you to schedule a viewing. I found it good to meet the agent at his real estate office and then walk him to the property. So I had the opportunity to ask for more background information and also had the opportunity to explore the area. You can also ask questions about the area the apartment is located in.
Finding the perfect property can take anywhere from a few days to a few months. It's always a good idea to look at a variety of properties before making a decision. You will be surprised at the variety and the price difference. Every time I visit, I've found that I've learned something new, either things I wanted in a property or things I didn't want.
Mortgage for real estate in Barcelona
It is also advisable to speak to banks to get an idea of what they can offer in relation to mortgages. I discovered that bank mortgage offers varied widely.
Another important factor to consider is that it takes approximately 30 days to set up and approve a mortgage. Although my bank said it would take 15 days, it actually took longer. It is a good idea to take care of this as early as possible.
Make sure you check with each bank to confirm the general processing time for taking out a mortgage. This is important because you have to pay within a certain period of time after signing the property reservation (mentioned below). To do this, you need access to your mortgage.
I learned that real estate attorneys can help you with the mortgage too. The real estate attorney has a large number of contacts within the mortgage industry and they could find a very good deal that you might not have found on your own.
Tecnocasa also has its own in-house partnership with a finance firm called Kiron who can find a good mortgage contract for you. They do charge a commission fee, however they claim they can find the best deal for you. In my case, this was not possible due to the subrogation. However, they found better deals on the mortgage without subrogation that I couldn't have found on my own. I would have considered their services if I hadn't gone for the "subrogate mortgage".
The real estate attorney I worked with advised me that it is usually better to contact them at the beginning of the buying process so they can look for mortgages that are suitable for you before you even start looking for your property . Next time, I'll take this advice to heart as I might have found a better deal in the market if I'd had more time to look for mortgages.
The part in which you visit and appraise the apartments only ends when you have found the right property for you. I've learned that if you provide clear information about what you are looking for, the more likely it is to find a property as the real estate agents work together to find something that exactly matches your profile. The brokers have many clients. However, if a property is available with your exact requirements, the realtors will remember your name because you were specific with your specifications.
My specifications were an attic apartment, in a quiet area with a view, surrounded by trees with lush green, lots of natural light in a building with an elevator and a 10-minute walk to the nearest subway station. Within a week Tecnocasa had found a property that met my expectations. I can tell you one thing, it is rare to have an apartment in Barcelona that meets all of your requirements. The city has little green space and most of the city is noisy.
It is also good to know that real estate agents in Barcelona may have contacts with people who are interested in selling their properties but have not yet advertised them. Once an interested buyer is found, the real estate agent contacts the seller to inform them that there is a potential buyer.
Once you have found a specific property that you are interested in, you need to contact your real estate attorney to check that all the documentation is in order and available. There are some checks that need to be done. These include e.g. Loans for the property, potential constructions or other developments taking place in the area, the official documents associated with the property:
Cedula d 'Habitabilitat (Certificate of residence)
Compraventa - Owner sales contract
Copia Simple - a simple version of the buyer's contract used for general administration.
Public deed document.
Current mortgage Document for the property.
Barcelona Property Register Certificate
I found that it was worth paying for a law firm specializing in real estate law to oversee every stage of the process, as during these document reviews the attorney discovered that there was a mortgage on the property with the same bank that I am already a client of was. The attorney suggested that I consider a "subrogate mortgage" instead of a new mortgage, which basically means that I would take on the existing mortgage. This bypasses all fees for setting up a new mortgage, and I saved around EUR 2800.00 when I took over the Subrogat mortgage, as I didn't have to take out a new mortgage.
The real estate attorney will contact the real estate agent directly at all stages of the purchase process and keep you informed of any news by email or phone. I found this very pleasant as I only had to be contacted if necessary. The law firm reviews all aspects of the property, including outstanding bills for water, rent or property tax, etc. to ensure you are making a solid investment and there are no nasty surprises. I was satisfied with the service provided by the Tecnocasa real estate agents as they had already organized all the necessary documents and they just emailed everything to my lawyer. They were completely transparent in all aspects of the purchase and generally gave a top notch service.
Reservation of your chosen property
After all the checks are done and you are sure you want to buy the property, you will need to leave a security deposit. This way you secure your property. At this point, it is advisable for the attorney to review the related paperwork before signing anything. These documents explain the general terms and conditions. If you are certain that you want to buy the property, it is highly recommended that you put a reserve on the property to ensure that if another buyer shows interest in that property, you have the first right to buy. Note that when completing these documents, you must also include the price you would like to pay for the property. The seller can then choose whether or not to accept the offer. After all documents have been processed, the necessary steps must then be completed within a certain time frame. It is best to discuss this timeframe with your lawyer.
If the buyer accepts your offer, the next stage is the first payment indicated in the document. The real estate attorney I hired was there, translating every clause of the agreement so I knew exactly what I was signing. This gave me a lot of confidence in the buying process and actually made it an enjoyable experience as I felt fully informed at every stage of the buying process.
Once the deposit has been paid the owner has some obligations to meet as he will have to pay double the security deposit to end the contract at that point. This is the best time to quickly close the mortgage so you can move on to the next phase of the buying process.
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