Option to buy gains ground

Wednesday, 01 September 2010 10:25

Written by Editor

With mortgages out of most people's reach these days, would-be home-owners are turning to renting with the option to buy. This suits property owners who are finding it difficult to sell – in addition to the monthly income, they know the tenants will look after the property they eventually hope to own. However, the president of Malaga's Estate Agents Association, Cayetano Rengel, advises people to read the small print before they enter into an option to buy contract.

“Everything has to be well tied down – the price, the period of time for the sale and who pays the notary fees.”