Property Lawyer Barcelona
Purchasing real estate is one of the largest investments a person makes in their life. It also entails risk. Buying in a foreign country carries additional risks due to the language barrier and local rules unknown to foreigners. This creates the potential for fraud. To reduce these risks, and guard against fraud, foreign buyers hire a local ‘buyer’s agent’ to guide them through the process and protect their interests.
What is a Buyer’s Agent?
They represent the buyer during the process of a property purchase. Their overriding mission is to communicate clearly to the buyer at all stages of the process so the buyer understands the risks involved. Be advised: The buyer’s agent is not the real estate agent. In fact, the real estate agent represents the property owner, i.e. the seller. Thus, the two agents sit opposite from each other during the purchase process.
What does a Buyer’s Agent do?
They assist in some, or all, of the three phases of a purchase:
1) The Search. Identifying the desired property to buy is a very personal decision. The buyer should visit Barcleona and walk the neighborhoods to know where they feel comfortable and where to buy. The agent advises on the best areas to buy according to the buyer’s criteria, arranges visits to see properties and accompanies the buyer on the visits. They also collect basic information about the property and the seller and so the buyer can decide if they want to move forward.
2) Negotiating the Price. Once a buyer decides to make an offer, the agent does additional fact finding to gather as much information as possible regarding the property and the owner. They value the property and advise the buyer on how much to offer. Then they negotiate the price, and other elements of the sale, with the real estate agent. Experience is essential here, as it’s a very tricky game. A good buyer’s agent prides themselves on being able to save the buyer money negotiating the price.
3) Manage the Purchase. Once the price is agreed, the agent conducts stringent due diligence of the property’s legal condition and its physical condition. They recommend an architect inspection if necessary. They assist the mortgage bank in their duties and in general are responsible to resolve any of the wide variety of issues that might arise.