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Buy and sell property in same week problems

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  • Buy and sell property in same week problems

    Hi all,

    Interesting situation I ended up in of late;

    I originally setup to obtain a deferred mortgage on a property in Quesada
    until my Torre town centre apartment was sold (not the wisest of moves I
    agree, but sustainable).

    Now only a few weeks before I am to sign for the deferred mortgage I have
    accepted an offer on the apartment, and received a deposit, which is
    great,,,, but!

    If I am to hold of on the deferred mortgage (and save borrowing an extra
    100k for a few weeks) then I need to have the sale of my apartment go
    through 1st, and then the purchase of the house secondary.

    The buyer is supposed to be paying cash, but I will need a very quick
    turnaround at the notary to enable all this to happen a few days, or is a 3
    day timeframe between notary and funds transfer too optimistic?

    What happens to the money I receive from the sale, and how long does it take
    to get back into my account to use it to purchase the house, or can the
    notary hold it and then pass it on to the seller?

    If I sell my property 1st I will have nowhere to stay until the sale goes
    through, and nowhere to store my stuff, and I don't want to start plane
    hopping.

    Phil

  • #2
    when we sold the buyer paid cash direct into our bank a/c, our legal rep wanted confirmation from our bank that the cash was there before we signed at Notario. Similary when we bought we paid part cash and arranged a bank transfer, the seller had a statement from his bank showing payment faxed to Notario.

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    • #3
      so the whole process for me could (ha, if it were in Germany) be completed in a few days with money in relevant acounts in the same time frame.
      That would be too easy, and not the general speed of the Spanish system, although i can hope.

      Guess i just have to put the sellers off until it completes on my side.

      cheers

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      • #4
        The day you sell and sign at the notary is the day you want your money - cleared funds! The same when you buy is the day you pay!

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