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When
you have decided on the business of your choice an offer should
be made through MALLORCA CONNECT which will be relayed to the
vendor. This can be done either on your visit, on any subsequent
visit, or indeed when you are back in the UK. Once negotiations
have been concluded and terms, conditions and a price agreed we
would accompany you to meet with an English speaking Abogado (the
Spanish equivalent to a Solicitor) where the terms and conditions
of the purchase will be discussed. The Abogado will ensure that
the business is totally legal, i.e.- that the lease and its terms
are valid and that the business has an opening licence and is
debt free, and that a complete inventory has been taken of the
assets of the business which accurately reflects what you have
been shown and what has been agreed.
IMPORTANT
INFORMATION-Every business in Spain must have two licenses to
be fully legal, firstly a valid Opening Licence must issued from
the local town hall for the correct activity of the business,
secondly, there must be a permission from the Government tourist
office for the business to trade legally. Without these licenses
the business is illegal and you can be fined, sometimes heavily,
and the business can be closed down by the police. Therefore,
it is imperative that before you part with any money that you
or your Abogado ensures that these licenses exist and that they
are valid and up to date. We are happy for our clients to use
the services of any Abogado which they chose, we have nothing
to hide, however, we will always recommend one firm of Abogados
with whom we work on a regular basis. The firm in question all
speak perfect English, and are one of only three firms of Abogados
on the island that are recommended by the British Embassy in Palma
de Mallorca.
Then
and only then will an Option to Purchase Agreement be drawn up
at which stage a deposit is paid which is usually 10% of the agreed
purchase price. This deposit payment is held in a client account,
usually by the Agency, who then becomes the legal guardian of
your deposit money. This deposit will be held on your behalf and
on behalf of the vendor and, is only paid to the vendor upon the
successful completion of the sale as per the terms of the Option
to Purchase Contract. Once the Option to Purchase Agreement has
been signed and the deposit paid the business is taken off the
market. The Abogado will have already discussed a completion date
for the purchase with you and will ensure that the new lease and
all other licenses and documentation are ready for the day of
completion. This is when the balance of the purchase price should
be made to the Abogado on behalf of the vendor.
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