The Spanish Property Market Used To Be Regulated By The A

Category: Finance, Real Estate.

When you decide to buy a place in the Spanish sun, be it for a holiday home, or a place, investment to retire, there are several ways you can ensure that the process is safe. The Spanish property market used to be regulated by the A.

The first thing to recognize is that you are entering an unregulated industry. 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. I. (Agente de la Propiedad Inmobiliaria) , a professional body that oversaw estate agents, set exams etc. So where does this leave a prospective purchaser looking to buy property in Spain? There are many good professional providers of real estate services, the industry is, but as usual tainted by the few bad apples. 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) .

In Spain there are approximately 200, 000 firms providing real estate services. The two organizations mentioned earlier are a good indicator that your realtor will know what he is doing. So how do you choose the good from the not so good ? Both organizations require some form of education for membership and have a self- regulating Code of Practice. Its Code of Practice, mirrors that of the NAEA, the UK industry s Association. A third organization recently established, (May 2006) is also trying to raise the bar of professional standards. 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 reality though, an unregulated market means, and you should, just that take further action to ensure that your transaction proceeds smoothly. These three professional bodies in the Spanish Property market give some indication of safety when choosing an agent to act for you. In conclusion, whoever you choose to represent you, when buying a property in Spain. So often it is when independent legal advice is not sought that problems occur. Make sure that you ALSO retain an independent legal representative to answer any questions you may have and who is legally responsible, (and liable) to you. It is the normal practice in the UK and around the world to instruct a laywer when purchasing a property. Whether it is the heat of the moment or just the heat of the Spanish sun!

However, it is possible, in Spain to enter into a contract to purchase property without the need to consult a laywer. This is something that should NEVER be done.

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