Good Advice when BuyingSpanish Property
Plenty of residents of the UK and Northern Europe are discovering that purchasing property abroad is an achievable and desirable goal. With a drop in the cost of air fares, interest rates in Europe becoming lower, and the property itself offering capital growth, countries like Spain have become more alluring to prospective buyers. Spain offers short air travel time, outstanding sunshine and plenty of potential growth. If you’re willing to disregard bad press and follow some basic rules it can be very safe to buy in Spain. Here is your underlying buyers guide for purchasing real estate in Spain:
- Arrange your finances first.
Consider using a mortgages in Spain expert like Your Spanish Mortgage to guide you through the process. - Seek out legal advice before signing any documents.
- Avoid overstretching yourself financially.
- You should expect that time deadlines will be extended.
- Until you have the required funding, do not sign a contract to purchase anything.
- The Spanish purchase process is not the same as it is in the UK and other places
- Fully understand the way taxes are accrued based on the specific ownership structure that you choose.
Before you make any purchases, it would be wise for you to approach the situation with a list of questions that for your Spanish Lawver. There have been many instances where international buyers have been unable to get the results they seek because they didn’t know what questions to ask. Before you sign a contract, you need to think about the next few questions, and others that you may have:
- Is the land that the purchase sits on registered as urbanized or rustic? What are possible consequences of buying on property that is listed as rural?
- What costs will have to be accounted for, including standard legal costs and tax costs?
- Are there any licenses in place, such as building licenses or first licenses of occupancy?
- If the building is less than ten years old, is there a 10year building warranty in place?
- Did you purchase this product directly or was it a cessation of contract?
- Will there be any under declaration in this purchase?
- Will further costs be incurred by you such as capital gains, inheritance, income or other taxes?
- Do any deposits need to be paid? When in the procedure are refunds no longer possible?
- What lawyer costs and other legal fees will need to be paid?
