A Solution to Difficulty Renting-out Property in Spain

buying property in spain to rent

Check out the most complete guide available in English on Spanish Property Law.

Article pdate: The public body SPA has been dissolved by virtue of a decision of the Council of Ministers on 16/03/12. If you need to contact the authority regarding exisiting leases, you should contact: liquidacionspa@spaviv.es.

The public body in Spain set-up to revitalise the rental sector has reported an increase in the number of rental contracts it has processed to 1,378 in the first four months of 2011. This marks an increase of 2.3% on a similar period in 2010.

Known by it’s initials SPA, more than 1950 new homes have been added to its website in the first four months of the year.

The average rental value of the properties administered by the SPA is €558 spread over almost 18,000 rental contracts since it’s inception. This means that the average rental value is 15% lower than the equivalent market average – a not inconsiderable saving for prospective tenants.

The benefits for the prospective landlords who decide to give the SPA their property to administer include: multi-risk home insurance, monthly rental income, legal advice and a guarantee from SPA that they will resolve any adverse incidents in relation to the rental as well as returning the property in perfect condition.

The SPA acts as an administrator to facilitate the brokerage of rental agreements. It analyses all of the documentation regarding the property to be let belonging to the owner and carries out an evaluation to agree the amount of rent to be charged. It signs an agreement with the owner to manage the rental of the property as well as a lease agreement with the tenants.

Of additional interest to those who have problems in commercializing their property is the fact that the SPA will handle all of the advertising as well as day to day dealing with the tenants. So,  signing a document to agree the initial condition and contents of the property as well as such matters as collecting the rent are dealt with exclusively by the agency who set-up a monthly standing order to send the rental funds obtained direct to your bank account.

Useful Tip: Always make sure to get information on a Spanish lawyer’s professional background as well as the legal fees they will charge before you commit to using their services. If you do need a Spanish lawyer consider this free service from Advocate Abroad – Lawyer Finder Spain

 

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