Are you planning to settle here for a longer period of time?
Many people dream of a life in Spain, not only pensioners, but also younger families who want to live in a warmer climate.
The first thing you need to decide is whether to rent or buy. If you only intend to stay in Spain for a year, it is not profitable to buy because the costs are relatively high. In the Valencia region, the transfer tax is 10% of the purchase price. In addition to this, there are notary fees and registration fees.
Spain is divided into 17 regions with autonomy in many areas. Please note that tax rates vary between regions.
The buying process in Spain differs from the UK in several respects.
In Spain, the same property may be listed for sale by several estate agents.
Once you have found a property that meets all your requirements, you should first check that the legal and financial conditions are in order. A “nota simple” from the property register will tell you who owns the property. It will also provide information about the property’s boundaries and any encumbrances.
Not all encumbrances appear on the “nota imple”, for example unpaid property tax or shared costs for joint ownership.
If the property is part of a co-ownership, we recommend that you request the statutes of association and minutes from the last general meeting, which will include the co-ownership’s budget. Before the title is transferred, the co-ownership’s manager must provide confirmation that the property is up to date with its shared expenses and provide information about any planned major repairs.
Before signing the reservation contract or purchase contract, a registration “nota simple” should be available.
Usually, you first sign a reservation contract where the buyer pays a deposit of €3,000 to take the property off the market. The next step is to sign the actual purchase contract. You then pay the difference so that you have paid a total of 10% of the purchase price.
All contracts are in Spanish and governed by Spanish law, even if you have a translation.
We recommend to use a lawyer when buying property in Spain. Very few buyers are in a position to assess the risks and problems that may arise in connection with the purchase of real estate in Spain.
Buying a property in Spain is different from buying a property in UK. In addition, questions often arise regarding taxes, inheritance and other legal matters.
With the right advisors and helpers, everything related to buying a home will be safe and easy.
Read more about the costs here
If you have any questions or require assistance, please call +47 46517901 or + 34 646435700. If you prefer to contact us by email, please write to: marit@dinhjelper.com
