Buying a resale property
The first step is to check that the owners are in fact the legal and registered owners of the property (done by your solicitor at the Land Registry Office).
Check that all utility bills, community fees and local property taxes (SUMA bill) are all paid up to date.
A deposit of 3.000 € is required to reserve the property and contracts are drawn up between SPD and you with the payment schedules and completion date for signing at the Notary.
Taxes and expenses involved in purchasing a resale property in Spain:
On top of purchase price of the property you must add the following:-
7% stamp duty whichis paid to the regional government
2% solicitor fees, from which the notary fees and land registry fees are paid, as well as
N.I.E. numbers – foreign persons identity number. Also includes changing utility contracts into your name.
PN: Notary - is where a representative of the Spanish Government checks that all the documents are correct and legal before any signings take place.
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back to topBuying a newbuild property
Check that the builder is registered (done by your solicitor), i.e. that he owns the land he is building on and that he has a licence for building the property(s).
A deposit of 3.000 € is required to reserve the property and contracts are signed. Please note that you will have to sign each page of the Spanish contract, which you will receive a copy of along with an English translation.
One month after reservation, the first payment is due and then the remainder on completion of your property, when it will be signed for at the Notary.
Your contract will have the completion date and payment schedules stated on it.
Taxes and expenses involved in purchasing a new property in Spain:
On top of the purchase price of the property you must add 1% new property tax which is paid to the regional government.
7% stamp duty which is paid to the regional government
2% solicitor fees, from which the notary fees and land registry fees are paid, as well as
N.I.E. numbers – foreign persons identity number. Also includes changing utility contracts, into your name.
PN: Notary - is where a representative of the Spanish government checks that all the documents are correct and legal before any signings take place.
back to topImportant facts
Important facts to keep in mind when purchasing a property in Spain:
It is necessary when purchasing a new property in Spain to use the services ofa Spanish solicitor as Spanish law is very different to English or Irish law. Your solicitor is trained and educated in the sphere of conveyancing, and will make all the legal checks necessary. If any problems arise in the future you have the security that your solicitor can work on your behalf to resolve any legal discrepancies.
At the same time it is advisable to buy through an agent as they will follow your purchase through to the end, keeping at all times your best interests in mind. They will ask the right questions, saving you time and money.
Between 8 and 10 weeks after signing for your property at the Notary, you will receive back the Title Deeds to your property, as the appropriate taxes have to be paid and then the property is registered in your name at the land registry office.
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