Selling a house - bankers draft

Information and questions about the Law in Spain and Andalucia.
SanchoPanza
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Selling a house - bankers draft

Postby SanchoPanza » Thu Mar 16, 2017 1:45 am

Hi All

My parents recently died. I am inheriting the house which I am immediately selling on (I have a buyer already and we are just waiting for the inheritance deed to be finalised).
So much has been going on that I have only belatedly turned my thoughts to how I am actually going to be paid. My lawyer does not seem to want to discuss the issue at all and is basically saying you are getting a bankers draft and that's that. I had assumed it would be similar to the uk where the money is paid to the lawyer and transferred on.
I am a U.K. Resident and have no accounts in Spain nor a euro account in the U.K. (Although I think I could set up a Euro account in the uk). Initial research suggests that a bankers draft is not attractive, at best leading to long delays and at worst being rejected by uk banks.

The buyer is Irish so I assume wants to pay in euros. I am ok with receiving euros per se but wil need to set up an account to do this.

My question really is what is typical in these circumstances ? And what am I within my rights to ask for ? If anyone has any experience of this I would be most grateful to hear your thoughts

All the best

northandsouth
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Re: Selling a house - bankers draft

Postby northandsouth » Thu Mar 16, 2017 9:00 am

Will you be here in Spain at the time of completion?
What happened with us is at the Notary the separate bankers drafts are passed from the buyers lawyer to your conveyancing lawyer, then you get your draft, your lawyer gets theirs for their fees, and anyone elses fees (agents etc) and so on. Then the keys are handed over.
So you should walk out of the notary with your bankers draft made out in your name for whatever the balance due to you is, to deposit at your bank pronto. We have a Spanish account but as far as I am aware you should be able to pay this to a UK account but someone else will surely advise you on here.

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costakid
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Re: Selling a house - bankers draft

Postby costakid » Thu Mar 16, 2017 9:54 am

We paid for our house with a draft. Spanish seller happy to accept it at the notary. If i was you i would set up a Euro account with your UK bank now and once you have your draft fly home and deposit it immediately. As long as its signed off at the notary you will be ok.

Miro
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Re: Selling a house - bankers draft

Postby Miro » Thu Mar 16, 2017 10:15 am

It is normal to be paid with a euro banker's draft drawn on a Spanish bank.
It may be worth while getting in touch with one of the currency transfer companies. Spanish banks (if you open an account with one just for this) will charge a small fortune for transferring your money overseas, in addition to giving you a lousy exchange rate. Currencies Direct for example offer a service whereby they go with you after signing at the notary to deposit your draft directly into their client account at Caixa bank, and can then exchange into £ and transfer to your UK bank. I think this would avoid the need for you to open a Spanish bank account. http://www.currenciesdirect.com/en/es/p ... s-property
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bernipops3
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Re: Selling a house - bankers draft

Postby bernipops3 » Fri Mar 17, 2017 7:15 pm

Have sent you a PM


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