Buying Property in Spain the Easy Way
Plenty of residents of the UK and Northern Europe are discovering that purchasing property overseas is an achievable and desirable goal. Because these properties offer a good level of capital growth, lower airfares and low European interest rates have made buying in countries like Spain more attractive. Spain has a quick flight time and a great climate, and much possible prosperity. purchasing in Spain may have gotten some bad press recently, but it can be safe if you follow some basic rules. Here is your basic buyers guide for purchasing real estate in Spain:
- Arrange your finances first.
Use an expert in Spanish mortgages to help you. Your Spanish Mortgage are a good example - Before you sign any binding contracts, seek expert legal advice.
- Take care not to reach beyond your financial limits.
- You should expect that time deadlines will be extended.
- Do not commit yourself to a private purchase contract until you have the funding that you need.
- Be prepared for the Spanish purchase process, which is different in Spain than in the UK and elsewhere in Europe.
- Fully understand the way taxes are accrued based on the specific ownership structure that you choose.
Before making any purchases in Spain, it would be advisable to first approach your lawyer with a series of questions to be answered. Many examples of people purchasing foreign property have negative results because they didn’t ask the right questions before they began the transaction. Before completing the transaction, you should get answers to the following questions:
- Is the site where the property is located listed as urban or rustic? What might happen when purchasing rustic land?
- What costs will have to be accounted for, including standard legal costs and tax costs?
- Are licenses already in place, for instance property contracts or first liens of residency?
- If the building is less than ten years old, is there a 10year building warranty in place?
- Is this a result of a foreclosure or direct sale?
- In this specific purchase, will any be under declaration?
- Are there any additional costs that you will be responsible for, like capital gains, inheritance, wealth taxes or income taxes?
- Do you need to pay any extra deposits? When in the procedure are refunds no longer possible?
- What will have to be paid to an attorney, along with other legal charges?