Buying Property in Spain -
Plus 10% fees etc.

When considering the asking price, bear in mind that you can expect to pay around 10% on top of that in fees, taxes etc. Different taxes are applied to resale and new properties but the end resulting amount is much the same.

Buying Property in Spain -
Exchanging Contracts & Completion

• Once the decision to buy has been made and conditons agreed, a legal contract will be drawn up by your solicitor including all agreed conditions, clauses and penalties. At this time a deposit is normally paid - 10% of agreed price.
• The final transaction has to take place in front of a Public Notary who will declare that, to the best of his knowledge, the amount stipulated in the deeds has been paid either at that time in Spain or at an earlier date outside Spain. The Notary's office will provide a Copia Simple (a copy) of the deeds (escritura). The original documents will de lodged with the Land Registry for the transfer of ownership to be registered and will be available for you at a later date. The Notary will have to be paid at the same time for his services and for any taxes calculated on the sale of the property. Your lawyer, or the person assisting you with the completion formalities, will be able to give you an idea of what you can expect to pay.
• It should be noted that, although trends are now changing, throughout the years it has been common practice to show a property at a reduced value in the deeds. There is now an official table of values for properties whithin which the declared value has to fall. In the case of properties which have in the past been grossly undervalued in the deeds, to set matters right involves the vendor and purchaser in having to pay higher taxes on the transaction because of the greater difference in declared values. Another reason to employ the services of a legal professional.

Buying Property in Spain -
Inheritance Problems

Sometimes land and/or property is owned by more than one person as a result of a complicated inheritance situation and, if not sorted out, can cause problems.

Buying Property in Spain -
New Buildings

New Properties have to be inspected and granted a certificate called Cedula de Habitación, which confirms that the property has been built in accordance with the plans and complies with the regulations and bylaws in force. Until this certificate has been granted the property cannot be connected to the utilities and has to rely on builder's supplies. There should not be a delay in applying for this certificate.

Buying Property in Spain - Offplan

Buying off plan can often be an attractive financial proposition but can be a risky business

Buying Property in Spain -
Shared Facilities (Communities)

When considering a property which has shared areas and/or facilties, as in the case of an apartment or housing complex, be sure to find out how much has to be paid each year in community fees. These fees vary greatly and it is something which you are legally bound to pay. You will also be liable to pay any amounts unpaid by the previous owners. It is also worthwhile checking up on the regulations governing such communities e.g. the keeping of pets, rules governing use of pools/gardens, installation of satallite dishes, washing lines etc.
If you are involved right from the beginning with a new property then you can become involved with the initial decision making on these rules. Rules governing such communities are normally quite strictly enforced.