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07. RENT TO BUY OPTION Spanish Property
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This is an increasingley popular method of sale. It is a sale contract with an extended period for completion of say 12 months or perhaps more. This allows a buyer time to arrange the full finance of the purchase yet have the use of the property straight away. The sales contract is drawn up to include a fixed sales price, a completion date, a deposit and monthly "rental" payments, which are higher than the normal rental amounts would be because it is possible that the vendors have to move out and rent themselves until completion. When the completion date arrives all payments (deposit and monthly "rental" payments) are deducted to from the agreed sales price and the balance paid and the sales completed at the Public Notary.
This method offers the advantage to the buyer of time to allow the finance to be arranged while having the use of the property in the meantime. It also allows the buyer a get out up to the completion date and after a minimum payment period. However all payments made are non returnable. For the vendor the "rent to buy" option offers a extra chance of finding a buyer at a time when Spanish mortgages are in short supply.