More question about my impending property purchase.....

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29 Aug 2018 20:07 by Lizburgess Star rating. 3 posts Send private message

Hello again everyone

It's now 2 weeks until I sign the contracts and pay the money.  I have just had an email from my solicitor asking me two questions:-

1) Regarding the commission for the agents involved - They have asked me if the invoice from one of the estate agents involved can be adressed to me, showing a purchsae price 3000 € lower then that agreed, although I will still pay the full price agreed, but in concept of comisión.  And by doing it this way, I would not pay Transmision Tax on the 3000 € saving me 3000 €.   AM I THE ONLY PERSON THAT THINKS THIS SOUNDS DODGY?? I would be greatful for any comment on this.

2) Regaring the payment for the property - As the sellers of the property that I am buying are using the funds from me to purchase another property, they have asked that I make the bankers draft payable to the owners of the property that my sellers are purchasing!

Please can I ask if this is a standard practice or again, SOMETHING THAT SOUNDS A LITTLE DODGY?

 Eagerly awaiting your comments......

Liz





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29 Aug 2018 20:30 by christineinseville Star rating in Pruna (Seville) and .... 25 posts Send private message

I am sure that others will write more fully. But the 3,000 euros commission, this is surely the sellers bill, taking free pm you and not the sounds well dodgy to me

Payments for property have to be made with a notary to ensure the tax will be paid. So why would you pay for the home of  the seller of the property you are buying.

Do everything above board, then you know where you stand.



_______________________
No doubt the universe is unfolding as it should.



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29 Aug 2018 20:30 by floella Star rating in SE Spain. 755 posts Send private message

No expert BUT reads like a tax dodge on part of agent and possible money laundering/ tax avoidance issue  on part of vendors. As you are legally paying all dues owed I personally wouldn’t accept. 

However it is your call. Good luck.





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29 Aug 2018 20:43 by paulsimkiss Star rating in Thailand & Spain. 58 posts Send private message

paulsimkiss´s avatar

Día de los Santos Inocentes



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29 Aug 2018 20:45 by mariedav Star rating in Ciudad Quesada. 922 posts Send private message

Regarding the first, the price on the deeds will show 3k less than you paid for it so you will pay less transfer tax. However, in these days of complementary taxes, I would avoid it like the plague in case the tax man comes calling later on.

Not so sure on the second point but, as pointed out, the notary will not see a payment from you to the sellers so, again, would think it was a bit dodgy. When the notary does the documentation from the sellers to their new home sellers he will, again, not see a payment from them.

If you're not happy, don't go ahead. What does your solicitor say about it?
 





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30 Aug 2018 09:09 by mariadecastro Star rating in Algeciras (Cadiz). 9168 posts Send private message

Legal Questions? Speak to Maria Direct

1) Regarding the commission for the agents involved - They have asked me if the invoice from one of the estate agents involved can be adressed to me, showing a purchsae price 3000 € lower then that agreed, although I will still pay the full price agreed, but in concept of comisión.  And by doing it this way, I would not pay Transmision Tax on the 3000 € saving me 3000 €. Paying 3000 less would not obviously save you 3000 euros in tax.    AM I THE ONLY PERSON THAT THINKS THIS SOUNDS DODGY?? I would be greatful for any comment on this. They possibly want the buyer to pay his commission, possibly as he must be paying the other agent´s comission too. You need to meet the payment terms agreed in the contract.

2) Regaring the payment for the property - As the sellers of the property that I am buying are using the funds from me to purchase another property, they have asked that I make the bankers draft payable to the owners of the property that my sellers are purchasing! Notary will require proof of payment of full funds to authorise the transaction. 

Of course I do advise to pay according to contract to the vendor. Full sum.



_______________________

Maria L. de Castro, JD, MA

Lawyer

Director www.costaluzlawyers.es

El blog de Maria



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