Spain has long had an arguably undeserved reputation as a country in which it is risky to purchase property, largely due to the various news stories that have been published over the years giving the impression of an alarmingly large number of expats in the country encountering legal issues with their ‘dream’ property. In some cases, such problems have even led to the demolition of the affected dwelling and the property owners having to declare themselves bankrupt.
Such reports are no doubt alarming, but aren’t necessarily a fair reflection of the real level of risk inherent in purchasing a Spanish property. Nonetheless, it will always be better to be safe than sorry, and it has never been easier to be safe, thanks to the variety of Conveyancing Insurance policies available that could give you invaluable peace of mind.
Some of the issues that could leave you thankful for title deeds cover
Thankfully, as long as you follow the correct legal processes for purchasing property in Spain – taking care not to rush through the relevant checks, and consulting trustworthy legal professionals – you should be very unlikely to be affected by any of the scenarios that conveyancing insurance is designed to protect you against.
Nonetheless, the risk does exist, and in the improbable event that you do become a victim of such an issue as buying from a fraudulent owner, boundary problems or a mistake or discrepancy in the title deeds, you are likely to be immensely thankful for having invested in appropriate cover.
Other dangers that can sadly come to pass all too often with Spanish residential property range from a lack of appropriate planning permission and missing title documents to the absence of a first occupancy certificate and illegal developments.
We can be your go-to source of dependable conveyancing insurance
Purchasing conveyancing cover to guard against such possible issues as the above can be tricky enough even without a language barrier to worry about. This is one of the key reasons for our recent decision to enter this particular aspect of the expatriate insurance market, working with the continent’s premier provider of title insurance, DUAL Asset Underwriting.
While there are genuine risks involved in buying property in Spain as an expat, they are also absolutely avoidable if you take the necessary precautions – including the purchase of suitable conveyancing insurance from a leading expat insurance broker like Ibex Insurance Services.
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