Buying a home in another country is not an easy task. You are not familiar with the culture, language or legal system. If in addition to this, you want to finance your purchase with a mortgage loan then it gets a bit more complicated.
With the aim of simplifying the process, Reque – Lawyers, who has a long experience in the processing of mortgages and working with several banks, will try to put on the table the best financing plans and that best suit your personal situation so that you can buy the house with which he has always dreamed. In any case it is always good to have a better idea of the whole process.
Have a property in Spain that you don’t use? If so, have you considered offering it for rent?
The income this rental would help pay taxes, maintenance costs, and mortgage. In addition, it avoids the deterioration of the property caused by the lack of use. So, if you are not going to use it, it is highly recommended that to give it for rent, but having cleared what the rights and obligations of both parties are to avoid any future undesired problems.
First of all it is important to make a good selection of the lessee. For this reason, you should request as much information as possible from the potential candidate: personal interview, request of documents proving a solvency and economic stability, request references … The laws that regulate leases protect the tenant very much and therefore, once has the keys and takes possession of the property, will acquire certain rights that will continue having, even if failing to pay the monthly rent, being the only way to evict a tenant through a lawsuit that will be resolved within a period of from 5 to The 9 months depending on the volume of work that the court has to deal with the matter.
During that time, the owner will not be able to change the locks, access the property without authorization, cancel the supply contracts or attempt a forced eviction, as these actions constitute a crime and can therefore lead to a criminal conviction for the owner.
On the other hand it is important to distinguish between short-term lease and long-term lease, the latter automatically renewable up to a maximum of 3 years. Also, in the case of having a good tenant, who pays every month without delays, can also become a problem if we want to take back possession of that house before that period of 3 years established by law.
For all these reasons, it is very important to have the lease contract prepared by an attorney to limit the risks to a minimum. This is the way to make sure that the document provides all the guarantees and adequately protects us against any eventuality.
On short-term rentals, we recommend requesting the full rent amount in advance, and we also advise you to take out rental loss protection insurance that will cover any unpaid rent and damage caused to the property by the tenant. In the same way we recommend that you ask the tenant for a bank guarantee that will also guarantee the payment of the rent.