Follow these easy steps to buy the Spanish property that you always wanted
To buy property in Spain, the procedure may be different from your country of origin, therefore we prepared these tips to guide you through the steps to acquire the property and follow the guidelines of the Spanish legal system.
Some general tips:
– Perform a general check of all laws in Spain both buying and selling properties
– Each time you perform a procedure or a deposit, preferably should require physical proof of all operations carried out there.
– Note that the person who is doing business owes to deliver the deeds to the property, and verify that this is not collateral for a loan made by the previous owner. In case the property is new, must ensure that the property has all the documentation.
– Check that the person you’re buying is legit, that has a good record in terms of loans, which has met all and does not have legal claims.
– Verify that the property basic services operate in order, also, if possible consult with neighbors about failures or certain situations which should be aware.
– For new homes, try to see past projects of the same manufacturer and ask the owners which is the condition of their homes and the quality of services.
After completing these steps, you can make a decision whether or not made the purchase. If you are not satisfied with the answers and the conditions got more checks need to be sustained until it reaches a final decision.
Having chosen the property of your choice, follow these steps to buy the house:
Seek legal advice for your paperwork
Hire a real estate lawyer working procedures only for you and always try to get the best terms for you as a foreigner buying a property in Spain. Many of the problems that occur during the purchase of the property occur because the lawyer is recommended by the real estate agency or works for both parties, so nape priority will be to their advantage.
If you choose to work with an attorney of your country, find they own experience in real estate transactions carried out in Spain, which conduct transactions in both countries and, if possible, be fluent in Spanish.
You are not fluent in Spanish? Hire a translator
If your knowledge of Spanish is not the best, it is preferable to save trouble and hire a translator that besides help during meetings and procedures, it will help when translating all documents in the purchase of the property.
Choose well your mortgage
This decision must be made solely by you, according to your capability and to the best conditions to suit you and see all the options available from different providers. Do not go only by the recommendations that make sellers or real estate agencies.
Take into account interest rates and the time it will take to pay off your debt; parameters must take into account to sign his contract. Any questions you have, the must consult with the lender or bank. Also check that the lender is listed as authorised to operate in Spain with the Bank of Spain
Another important point is there between the currency of their country and the euro, trying to make major changes will not occur in this gap difference.
Other expenses you must consider
Buying a property typically includes other expenses that are related to taxes and other payments to be made by commissions and many may be included in the mortgage payment. Some of these expenses are:
- Fees for accountants and persons handling the respective taxes both in their home country and in Spain, some of which will be required to purchase the hose.
- Fees to a chartered surveyor or surveyor
- Fees for mortgage, which are included, payment to the broker, opening and other fees to the bank, in addition to the registration of property registration.
- Payment by international bank transfers, checks, etc.
- Payment for the power of attorney if your attorney to be your representative.
- Cost of ownership furniture, insurance and other associated expenses.
- Costs of translation of documents.
- Costs to establish drinking water, electricity, etc.
In addition to taxes and fees for the purchase of the property, there are others that are for the maintenance of the same, among them are:
- Annual tax on the grounds of the property.
- Income tax for non-residents.
- Tax relating to the community.
- Company urban sanitation and drainage network.
For new developments follow these tips
If you are interested in purchasing a property that belongs to a new development, should know that this entails a greater risk in terms of completion of the project, therefore should consider the following:
- Each deposit you make must have a bank guarantee.
- You should check each bank guarantee prior to each payment.
- Verify that the institution that is issuing the guarantee has the legal backing to perform this function before each payment. The best way to do this is with the advice of a lawyer or financial adviser.
- The obligations of the builder must be clearly defined in the contract, so, if the deadlines are not met, may require repayment of all deposits made more buyer interest.
- Keep saved receipts for all deposits made at each stage.
- Keep all documents relating to the purchase of the property and obligations of the builder if necessary use the bank guarantee.
What if the conditions are not met?
– If you were a victim of fraud you should…
If you are not happy or the developer did not complied with the terms of the contract, you must execute the bank guarantee. If the bank does not commit on this, you must establish a claim in court, always advised legally.
Written by: CAPD
Contribution to reader: Provide important advices to those readers who wish to buy a property in Spain, especially in terms of taxes and legal. This way, every person that read this will have a wide vision fo the documentation necessary for buying properties in Spain.