Investment approach
How to prepare a written offer to the seller of a flat in Barcelona
A good offer to the seller consists of a price with reasoning, conditions and a deadline. What to include at once so that no new haggling starts between agreement and the notary.
An offer to the seller of a flat is a short written document: a price with reasoning, conditions and deadlines. In Catalonia it is worth building it around two rules. The flat answers for debts to the comunidad de propietarios (owners' association) for the current year and the four previous ones (art. 553-5 of the Código Civil de Cataluña (CCCat, the Civil Code of Catalonia)). And the buyer can walk away if the bank refuses the mortgage, provided the financing is expressly provided for in the contract (art. 621-49 CCCat).
What three figures make up the offer
Before speaking to the seller, three figures are needed, and none is taken from the listing. The listing price reflects the seller's wish, sometimes backed by an agency that wants to win the mandate.
- Market reference: where the price sits according to closed transactions of similar flats nearby. The method is described in the article on valuation by real transactions.
- Opening offer: what the negotiation opens with.
- Ceiling: the buyer does not go above this price, even if the flat is liked. It is not told to the seller's agent, directly or by hint.
How to build the figure: a worked example
Worked example, not a forecast. The flat is listed at 450,000 €. Transactions of similar flats in the neighbourhood over the past year give a reference of about 420,000 €.
| Step | Amount |
|---|---|
| Reference from transactions | 420,000 € |
| Minus necessary works: wiring and windows per estimate | −25,000 € |
| Minus approved but unpaid community levy, if it falls on the buyer | −6,000 € |
| Adjusted value | 389,000 € |
| Opening offer | 380,000 € |
| Buyer's ceiling | 400,000 € |
The reasoning that goes to the seller repeats this table in words: nearby transactions, works per estimate, the community levy. Emotions such as "the flat needs a lot of work" do not persuade; verifiable figures do.
What to put in the offer
A good offer answers the seller's questions before the seller asks them. Then the seller compares buyers by the reliability of the deal, not only by the amount.
| Item | Why |
|---|---|
| Price and source of funds: own money, mortgage or both | The seller assesses the risk of the deal collapsing |
| What the price includes: parking, trastero (storage room), furniture, appliances | Everything discussed at the viewing must be in the text |
| Conditions: mortgage, results of the legal and technical checks, documents | They protect the buyer until the arras |
| Deadline for signing the arras (reservation deposit contract) and an indicative date at the notary | The seller plans their move |
| Validity period of the offer | The figure cannot be kept "in reserve" |
| Who is buying: in person, a couple, a company | The lawyer and notary need it |
Which conditions protect the buyer
Conditions go into the first text, not after the price is agreed: afterwards the seller takes any new question as an attempt to push the price down.
- Mortgage. If the purchase depends on a loan, it is written in expressly. Under art. 621-49 CCCat, if the contract provides for bank financing, the buyer, unless otherwise agreed, may withdraw from the deal by documenting the bank's refusal within the agreed period. The exception: the refusal is caused by the buyer's own negligence.
- Debts to the comunidad. The seller must declare that payments are up to date and present a certificate from the community secretary on debts and on approved levies that have not yet fallen due. Without it the escritura (notarial deed) is not signed, unless the parties expressly waive it (art. 553-5.2 CCCat). The certificate should be requested before the arras, not at the notary.
- Cédula de habitabilidad (habitation certificate). The dwelling must have it at the time of handover (Decret 141/2012, art. 9).
- Nota simple (land-registry extract) and building information. If the sum paid towards the price exceeds 1%, the agent must provide an extended information package before payment, including encumbrances and debts to the comunidad (art. 60 of Llei 18/2007).
The exact wording of the conditions is prepared by the buyer's abogado (lawyer). The task of the offer is that the conditions appear from the first letter.
How to submit the offer and answer a counteroffer
The offer is submitted in writing, by email or on the agency's form, not verbally after a viewing. A written text is harder to retell to the seller in someone's interest. If an agency is selling the flat, it works for the seller, more in the article on who represents whose interests.
It is sensible to set the validity period at a few days. A counteroffer is read in full: sometimes the price matches, but the seller moves the notary date or keeps the furniture, and that is also bargaining that gets converted into money. If the agency asks to back the offer with payment of a reserva (reservation payment), first check on what terms the money is returned: see the article on reserving a flat.
When the offer does not work and hurts the buyer
- Enthusiasm out loud at the viewing. The seller's agent passes the buyer's impression on to the owner as well.
- A stated budget. "We are looking up to such-and-such a sum" immediately becomes the floor.
- Price before documents. A price agreed before the checks is hard to revise later.
- Vague reservations. A long list of conditions without explanation is read by the seller as uncertainty.
- Petty haggling after agreement. Everything important must be in the first text.
If an independent figure for the flat is needed before the first letter, DNPI Capital does a property valuation based on closed transactions.
Questions and answers
Is a written offer needed when buying a flat in Spain?
The law does not require it, but a written text fixes the price, conditions and deadlines equally for both sides. It is harder to retell to the seller in a distorted form.
How far below the listing price should you offer?
There is no universal percentage. The starting point is the valuation from closed transactions of similar flats nearby, adjusted for works and community levies.
Can you withdraw from the deal if the bank does not grant the mortgage?
Under Catalan law you can, if the financing is provided for in the contract, the bank's refusal is documented within the agreed period and it is not caused by the buyer's negligence. The wording of the condition is prepared by the abogado.
Who is responsible for the flat's debts to the owners' association?
The flat answers for debts of the current year and the four previous ones, even if they were run up by the previous owner. That is why the debt certificate is requested before the arras.
Can a purchase offer be withdrawn?
It depends on what has been signed and whether money has been paid. If nothing is signed or paid, withdrawing is usually simpler, but it is better to give notice in writing.
