Many people dream of a life in Spain, not only pensioners, but also younger families who want to live in a warmer climate.<\/p>\n
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. <\/p>\n
Spain is divided into 17 regions with autonomy in many areas. Please note that tax rates vary between regions. <\/p>\n
In Spain, the same property may be listed for sale by several estate agents.<\/p>\n
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. <\/p>\n
Not all encumbrances appear on the “nota imple”, for example unpaid property tax or shared costs for joint ownership.<\/p>\n
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. <\/p>\n
Before signing the reservation contract or purchase contract, a registration “nota simple” should be available.<\/p>\n
Usually, you first sign a reservation contract where the buyer pays a deposit of \u20ac3,000 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. <\/p>\n
All contracts are in Spanish and governed by Spanish law, even if you have a translation.<\/p>\n
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. <\/p>\n
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. <\/p>\n
With the right advisors and helpers, everything related to buying a home will be safe and easy.<\/p>\n