Buying Property in Spain the Easy Way
Many Europeans now embrace the concept of buying a home in a different country. Because these properties offer a good level of capital growth, lower airfares and low European interest rates have made purchasing in countries like Spain more attractive. Spain has a quick flight time and a great climate, and much potential prosperity. purchasing in Spain may have gotten some bad press recently, but it can be safe if you follow some basic rules. The following is a fundamental guide for those interested in buying real estate in Spain:
- Get your finances together before you do anything else.
An spanish mortgage can steer you through the complex procedure - Before you sign any binding contracts, seek expert legal advice.
- Avoid overstretching yourself financially.
- Stand by for time deadlines to be extended.
- Don’t trap yourself into a contract until you have money ready.
- Be aware that the procedure for buying in Spain has its own idiosyncrasies and don’t assume that it will be the same as it is in other markets.
- 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 a lot of situations where buyers from overseas do not get the results they seek because they either asked the wrong questions or did not ask questions at all before hand. Before signing on the dotted line you should get answers to some of the following:
- Is the property’s land pastoral or urban? What are the implications of purchasing on land that turns out to be rustic?
- 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?
- Is there be a ten year warranty on the building, if the building was constructed less than ten years ago?
- Is this transaction being made with a direct purchase or is it part of a termination of deed?
- Will there be any under declaration in this purchase?
- Be sure to ask what extra costs you might be liable for, such as taxes on capital gains, inheritance taxes or income tax.
- Do any deposits need to be paid? When in the process are refunds no longer possible?
- What other attorney fees and additional legal expenses will be incurred?