FREQUENTLY ASKED QUESTIONS

You should arrange for building insurance to take effect on the day you take title/exchange contracts, as you will bear the risk of loss if the property is damaged on this date or after.

Insurance

You've purchased your home, filled it with your treasured possessions; now you have to protect it. The range of policies seems endless but we have developed trusted partnerships with experts, to explain and help you make sure you are covered.

We can also point you in the right direction for personal, health and car insurance To obtain further information or to ask a for personal quotation please contact us about insurance: info@goldacreestates.com.

Whoever you decide to turn to for insurance, ask yourself these 3 questions:​​
​·  What types of insurance do I need?
​​·  How much insurance do I need?
​​·  How do I get all of this coverage at the lowest cost?

Purchasing insurance is no different from any other type of product. What we have done at GoldAcre Estates and with our partners is to look at all the insurance products that suit the local conditions so we can confidently present to you a safe, reliable and tested insurance policy backed by a proven company.

Remember if you are looking to finance your purchase with a loan, the mortgage provider will require that the loan (ie the property) is insured. If this is through a bank then they would like you to purchase the insurance through them, but this may not always be the best or the lowest priced option.

Not necessarily, this depends on the country you are purchasing property in and the purchase process. However GoldAcre Estates always recommend that you employ the services of a lawyer when purchasing property overseas, regardless if it required or not. Ideally the lawyer should be based locally and must be qualified regarding property laws of the country you are purchasing in.

​​Read our legal guide to buying a home!

Thanks to the European Union, its citizens are allowed to live and/or work anywhere in Europe. Each country has its own immigration policy but those relocating overseas to an EU country are able to do so without the need of a work permit or visa.

It depends on which country you purchase in. There could be advantages to either choice. Where you obtain a mortgage will depend upon your personal circumstances and the loan options available to you at home or abroad. GoldAcre Estates will advise you on the options available. Read more in our mortgage guide.

​Read more in our mortgage guide.

If the property search highlights a problem which cannot be resolved, you will receive your deposit back in full. This is why the deposit is held until the solicitor has completed the property search. No money is transferred to the vendor until your lawyer is happy with all aspects of the search.

As part of our service at GoldAcre Estates, we will always provide you with a written outline of the cost involved before you decide to purchase and before you place a reservation.

Read our guide about the approximate costs of purchasing a property!

After you have selected your property and placed a reservation, the details of the sale are passed to our experienced Administration Department who will help and advise you right the way through the purchase process. We will liaise with the lawyers, vendor, and the banks if a mortgage is involved. We will even accompany you to the notary or location of the completion. If you have any questions during the process, call us and we will find the answer.

In Spain a licensed Estate agent is a member of the Agrupación técnica profesional de asesores de la propiedad inmobiliaria de España (ADPI) and will have an official membership number. GoldAcre Estates are licensed and you can learn more on this and our membership number in our section on accreditation.

A Notary is a lawyer who has had special training and passed examinations to qualify them to cover a large range of legal matters not just property transfers. Once a document is signed by a Notary he becomes legally responsible and is duty bound to enter the details into public records.

Yes, you can. Prospective buyers will want to view the property so we advise that you inform the tenant and make sure they understand that the property is for sale and that there will be viewings. Call GoldAcre Estates for more advice on what could be a tricky situation and to ensure that all the legal requirements are complied with.

Yes, we will market the property for you without you being here. All potential buyers wishing to view your property are escorted by a GoldAcre Estates property consultant and we will hold your keys in a secure safe. Any staff member who takes keys is recorded. You may wish to employ a Property Management company to ensure your property is always looking its best.

As the vendor you will have to pay the 'Capital Gains' and the 'Plus Valia' tax on the sale of the property. If you are not a resident of the Canaries Islands 3% of the purchase price is retained and paid to the tax office on account of any potential liability to Tax owing. Read more on the tax implications when selling a property.

No, you can grant 'Power of Attorney' to someone to act on your behalf when the property goes to Title at the notary. Read more on Power of Attorney safeguards in our legal section.

In the past this was common and vendors would declare a sale price much lower than the property`s market value in order to reduce the tax they were liable to pay. Tax inspections have since become more rigorous and penalties may apply for vendors that have under declared. GoldAcre Estates can provide you with advice on property pricing. If you have any questions on purchasing property thensend them to usand we will find the answer for you and add them to this list of FAQ`s to help others.