Are you looking for real estate agents in Madrid to help you find a property to rent or purchase? Going through a real estate agent in Madrid can eliminate many of the hassles of finding a property yourself and also help you avoid pitfalls that could cost you time and money.
Using Agents to Rent Properties in Madrid
If you are looking to rent in Madrid an agent can be helpful in the process of:
- Quickly finding the type of properties you are looking for.
- Scheduling visits for you.
- Negotiating the rental contract with things like security deposit, bank deposit and rental insurance.
- Understanding prices and value for what you are paying.
Agents are particularly useful when it comes to bargaining. Most people don’t like to negotiate directly as it can sometimes feel akward and uncomfortable so the agent works as a middle-man, communicating the wishes of each party until an agreement is reached and a meeting scheduled.
For rental contracts the renter always pays one month’s rent to the agency for their services. In some cases, the owner of the property can also pay the commission depending on the agency you are working with.
Using Agents to Buy Properties in Madrid
The benefits of using an agent for purchasing include the same as for renting but considering that the transaction is much more complex they help you manage the whole process including:
- Checking that there are no outstanding debts on the property (as they are passed on to the new owner if they exist) by revising the ‘nota simple’ and checking last tax payment.
- Checking the property registry (registro de la propiedad) to be sure the building has passed inspection (If the property is an apartment complex).
- Handle the ‘arras’ agreement and money where the buyer puts down a 10% deposit on the property. At this point the seller can’t back out or he must pay twice the deposit back to the buyer and if the buyer backs out he loses his deposit.
- Provide information to send to the bank for a loan if needed
- Schedule the meeting with the notary and both parties to close the sale
Since the owner who is selling puts the property on the market it is the seller who pays the agency commission when it is a sale. The commission is normally 3% of the sale price plus 21% VAT on that amount.
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