WHAT IS A RENT TO BUY IN SPAIN?

Rent to Buy (also known as Rent to Buy) is a contractual arrangement whereby a property is rented out for a specified period, with the option to purchase the property for a pre-agreed price during that period. The first (deposit) payment and all rent paid during the rental period are deducted from the pre-agreed sales price at the time of purchase.

How does a rental to buy in Spain work?

• Agree on a sale / purchase price
• Agree on a term within which you want to buy the property
  Usually this period is between 12-36 months, but this can of course be deviated from in consultation with the seller.
• Agree on a down payment (deposit) in advance
  Usually a down payment is between 3% - 10% of the purchase price.
• Agree on a monthly rental amount
  the rent paid during the Rent To Buy period is ultimately deducted from the agreed purchase price at the time of purchase.
• Sign a contract based on the amounts agreed above
  This contract is a private contract and you do not have to go to a notary for this, but it is wise to engage a lawyer to provide you with legal support in this agreement.
• Receive the keys to your new home
  Once the contracts have been signed and the payments made, you will receive the keys to your new home and you can start living there.
• Buy the house within the agreed period
  You go to the notary together with the seller on the specified date in the contract. You pay the agreed purchase price there, whereby all paid rent and the first down payment is deducted from the previously agreed purchase price.

In summary, this approach allows buyers to buy their new home in Spain with a down payment of just 3% and with interest-free monthly payments over the rental period. If you decide not to buy the house after all, you will lose the down payment and the rent paid. These are then used by the seller as compensation.

There are of course many variants and deviations to this form of Rent To Buy and it is therefore important to always call in legal advice and support when purchasing a property in Spain. At ProCare Estates we have a variety of houses for sale in Orihuela Costa and Torrevieja that also have the option to Rent to Buy. You can recognize these houses by the Rent To Buy label.

ProCare Estates is a renowned real estate agency on the Costa Blanca with an office in Guardamar del Segura and our satellite office in Catral. We do not strive to be the biggest, but the best and perhaps more importantly the most reliable. We are committed to giving our customers the best experience when buying a house on the Costa Blanca or when selling a property.

Do you want to buy a house on the Costa Blanca? Please do not hesitate to contact us, we have a wide range of country houses for sale in Catral and surroundings and Villas for sale in Guardamar and Quesada.