RESERVING YOUR PROPERTY
The first step is to formalise your offer on the property and remove it from the market, thus protecting your interest to purchase. Once the terms of the purchase have been discussed and the seller accepts the offer, a binding agreement is born which is sealed by signing a reservation contract and includes a sum of money to reserve the property prior to the exchange of private purchase contract.
This reservation fee is fully refundable in case that our local lawyer will find in the searching process that the property is not free of any encumbrances, debts, charges or not meet legal requirements of the law to buy the property in the most complete and strict legal security.
Searching process
Whilst the property is 'reserved' in your name, our local lawyer will carry out all the necessary searches and investigations of the property with the relevant authorities to ensure that the property you are purchasing is legal and free from any charges, debts or encumbrances.
We will also ensure that the property has the necessary Title Deeds and that the vendors are the rightful owners. In the case of a new property, we will ensure that the constructors are reputable and solvent and will obtain guarantees that the property will be constructed and delivered according to the agreed terms and conditions.
We will guarantee in writing from our Law Firm that the searching process has been satisfactorily concluded. You will have a very accurate description and explanation about every single aspect of the property.
PRIVATE CONTRACT
Once the searches are complete, and we are absolutely certain the property is legally declared in the best conditions to purchase, a Private Contract is drafted and signed by both parties. This private contract sets out all the details of the agreement, payment terms and completion date. During this stage the buyer puts down a non-returnable deposit which will be a percentage of the purchase price, less the holding deposit paid at the reservation.
At this stage the deposit is definitive and any change of mind will not entitle to recover the deposit paid. Together with this deposit it will be paid the first 2/3 of professional fees and some disbursements to attend at this point.
In some cases, once the planning permission has been issued and the building work has started, you will have to pay another percentage of the price. The remaining percentage of the purchase price is payable on completion.
COMPLETION
Completion on the purchase of the property takes place in the presence of a Moroccan Notary, when the buyer and the vendor sign the Title Deeds of the property. The Notary is an official of the State who makes sure that the contracts are legal. His duty is to certify that the contract has been signed and the purchaser and seller have been advised of their tax obligations. The relevant payment is made directly to the Notary and it is him who is responsible for confirming that the Completion documentation is correct and consequently the property can be registered.
If you would not be able to be in Morocco for completion we can make arrangements to sign the Title Deeds on your behalf. This procedure involves processing a Power of Attorney document which can be done during your inspection trip while in Spain or alternatively in the UK or Ireland. If this is the case our offices based in London and Dublin will contact you to arrange the most convenience and close notary office to your home for the signing of the Power of Attorney.
FINAL TITLE AND REGISTRATION
Once the Completion process has been finalised and you become the owner of the property in question, the Notary will register the property at the Land Registry office so that you will appear as the new legal owner. It is also the Notary himself who pays the developer once the property has been properly registered at the Land Registry Office in the name of the buyer. The title deeds usually take around two to three months to be returned by the Land Registry office. The Notary will give us notice that the deeds are available for collection.
It is also the Notary who is in charge of paying the taxes involved in the purchase operation (including land registry fees, registration fees.).
UTILITIES
It is possible to set up direct debits for the payment of the utilities such as water and electricity. It is the new owner himself who is responsible for doing that, but it is also possible that you give special power (authorization) to us to do it for you.
It is very advisable that you open a bank account in Morocco for these purposes.
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