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| EMPLOY AN ENGLISH SPEAKING LAWYER IN SPAIN WHEN BUYING A BAR |
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| Spain Business Guide English Speaking Lawyer Business Transfer Agent Benidorm & Costa Blanca Spain FREE advice for everyone |
Always ensure that you use a good English speaking Lawyer / Solicitor
when buying a Costa Blanca bar. Never allow an agent to do the legal
work for you.
Often important things can be lost in translation so it is no good relying
on you lawyer to explain through his secretary what he is trying to convey.
You need to understand everything about the purchase and what is in the
lease or rental contract you are about to sign.
NOTE Only a Solicitor can offer impartial advice about any contract
you are offered therefore you will find it essential to have a lawyer who
is duty bound to ensure that you understand what you are signing and
the legal implications. (NOTE: A Gestoria is NOT a Solicitor)
Contact Express Legal above who are a local British law firm who
work with an associate Spanish lawyer and can deal with all matters
of English and Spanish law and ALL Spanish bureaucacry in you
language.
You should use a lawyer to check that a business is debt free as they
will ask the sellers lawyer to offer evidence that all is in order. They will
usually recommend that there is a retention held back from the purchase
price for a set time to ensure that any unpaid items can be met as a
precaution.
YOUR CASH Essential Note: Only ever pay a deposit in Spain to your
lawyer and never to anyone else. If requested to do so say you will
lodge it with your lawyer in their clients account. You will often be told
that if you do not pay straight away that the sale will fall through.
RUBBISH, it is a buyers market and you as a buyer have the power!
Walk away if necessary and find another agent.
IF you want to secure a business for sale and get it taken off the
market simply offer just a few hundred Euro as goodwill gesture
showing your intent to buy. BUT only provided the seller takes it off the
market. You do not need to pay the full 10% deposit until you have a
proper contract in Spanish, clearly stating the terms.
NOTE ON AN "Aval"
PAYING A BOND / GUARANTEE TO A LANDLORD
Many Spanish landlords will request 6 or even 12 months rental bond /
deposit especially when renting or leasing to foreigners. NEVER simply
hand this over to be kept in the landlords bank account OR to an agent as
you will have no way of knowing if the money has been spent or even
worse kept by an agent.
The correct way to pay such a bond is in the form of an "Aval". The
amount is paid by you and kept by a nominated bank and held as a
guarantee against your contractual obligations to pay the rent. This
cannot be touched by anyone and is returned at the end of a contract or in
the event of a default by the tenant paid to the landlord in lieu of rents
owed. More info paying a deposit on a bar in Benidorm
Next page - What is a Gestoria?
when buying a Costa Blanca bar. Never allow an agent to do the legal
work for you.
Often important things can be lost in translation so it is no good relying
on you lawyer to explain through his secretary what he is trying to convey.
You need to understand everything about the purchase and what is in the
lease or rental contract you are about to sign.
NOTE Only a Solicitor can offer impartial advice about any contract
you are offered therefore you will find it essential to have a lawyer who
is duty bound to ensure that you understand what you are signing and
the legal implications. (NOTE: A Gestoria is NOT a Solicitor)
Contact Express Legal above who are a local British law firm who
work with an associate Spanish lawyer and can deal with all matters
of English and Spanish law and ALL Spanish bureaucacry in you
language.
You should use a lawyer to check that a business is debt free as they
will ask the sellers lawyer to offer evidence that all is in order. They will
usually recommend that there is a retention held back from the purchase
price for a set time to ensure that any unpaid items can be met as a
precaution.
YOUR CASH Essential Note: Only ever pay a deposit in Spain to your
lawyer and never to anyone else. If requested to do so say you will
lodge it with your lawyer in their clients account. You will often be told
that if you do not pay straight away that the sale will fall through.
RUBBISH, it is a buyers market and you as a buyer have the power!
Walk away if necessary and find another agent.
IF you want to secure a business for sale and get it taken off the
market simply offer just a few hundred Euro as goodwill gesture
showing your intent to buy. BUT only provided the seller takes it off the
market. You do not need to pay the full 10% deposit until you have a
proper contract in Spanish, clearly stating the terms.
NOTE ON AN "Aval"
PAYING A BOND / GUARANTEE TO A LANDLORD
Many Spanish landlords will request 6 or even 12 months rental bond /
deposit especially when renting or leasing to foreigners. NEVER simply
hand this over to be kept in the landlords bank account OR to an agent as
you will have no way of knowing if the money has been spent or even
worse kept by an agent.
The correct way to pay such a bond is in the form of an "Aval". The
amount is paid by you and kept by a nominated bank and held as a
guarantee against your contractual obligations to pay the rent. This
cannot be touched by anyone and is returned at the end of a contract or in
the event of a default by the tenant paid to the landlord in lieu of rents
owed. More info paying a deposit on a bar in Benidorm
Next page - What is a Gestoria?
