menu
English
EN
English
EN
You let us know which property or plot you are interested in. You can then make an offer on the outstanding mortgage debt of the property in question. Once you have made an offer, you must make an initial payment. This payment includes the costs for lawyers, registration and notary fees and is necessary to continue the transaction. The amount of these costs depends on the situation and the amount of the outstanding mortgage.
From this moment on, our team will work to ensure that the process runs safely and smoothly. If your offer is accepted by the director of the mortgage lender (bank), you must ensure that the full amount is available as soon as possible. This amount is considered by the bank as a bank guarantee.
This is followed by a check on the origin of the money to ensure that the funds have been obtained legally. In Spain, this process is known as Blanqueo de capitales (money laundering). Once the mortgage lender's commission has approved this check, you must pay the remaining amount upon transfer of the mortgage.
After completing this process, you will officially be the owner of the mortgage
We offer a wide range of properties, including homes that have recently been auctioned and are quickly available. With these properties you will become the owner immediately, without the usual waiting period of 6 to 12 months. The ownership process is usually completed within approximately 2 months, which offers more certainty and significantly speeds up the purchase process.
Please note that the return on these properties is usually lower.
Are you interested in a quick purchase without long procedures? Contact us for more information
The process as described includes several steps that are crucial for buying a mortgage on a property or plot. Below is a structured overview of the procedure:
1. Expressing interest
You indicate which property you want to buy, including information about the outstanding mortgage by filling in a contact form.
2. Making an offer
You can make an offer on the outstanding mortgage, this offer is an offer to take over the debt. Of course we can also negotiate about this, please contact us for this.
3. First payment
After making your offer, the first payment must be made. This payment covers:
- Lawyers' fees
- Registration costs
- Notary costs
The amount you have to pay depends on the situation and the amount of the outstanding mortgage.
4. Transaction preparation
Once the first payment has been received, your team will start the process to ensure that the transaction runs safely and smoothly.
5. Offer approval
If your offer is accepted by the director of the mortgage lender (the bank), the money must be demonstrably in an account as soon as possible so that we can work more efficiently! This is considered a bank guarantee.
6. Checking the origin of the money
The bank carries out a check to verify that the money has been obtained legally. This is due to regulations on money laundering, known in Spain as "Blanqueo de capitales".
7. Approval of commissions
If the mortgage lender's commission gives the OK, you can proceed with the transaction.
8. Payment of remaining amount
When transferring the mortgage, you must pay the remaining amount.
9. Transfer of ownership
After payment, you are officially the owner of the mortgage.
10. Submitting the document
After you have gone to the notary and completed the payment of the offer accepted by the institution, the notary will submit this document to the land registry to formally register it and make it official. This process can take around 30 days.
11. Claiming the assigned debt
Once it is officially registered in the land registry, our lawyer can go to court on behalf of the client to claim the assigned debt.
12. Ownership of the property
The legal procedure to recover the debt is carried out by requesting the court to auction the property. In this way, you can recover the entire debt, including interest and expenses incurred, or obtain ownership of the property. In 90% of our cases, it is the ownership of the property.
This process requires precision, patience and care, especially with regard to financing and legal requirements in Spain. It is advisable to have legal assistance during these steps. Please note that the prices of the properties can fluctuate, no rights can be derived from this.
Would you like to know more about our services? Do you have any questions or comments? Then get in touch with us. You can do so via our phone number, by e-mail or via the contact form on our site.
+31 6 55 77 24 23 (NL) +34 6 74 46 07 65 (ES) info@favorable-real-estate.com
