Buying a property in Spain

So you have been dreaming of a place where you feel right at home… a place where you can sip margaritas, watch the sun set over the ocean, and dance the night away to the sounds of flamenco guitars. Yes, you have been dreaming of Spain. Now the next step would be buying a property in Spain, but first there are a few things that need to be considered.

It is important to remember that because the Spanish property market is so successful, there will be many chancers trying to con you out of your hard-earned cash. When you come across a property you would like to buy, the most important thing to do is to find out whether the seller is actually the owner, or whether they are trying to pull a fast one. To find this information you can get a document called “Nota simple informativa” from the Property Registry. This document will also provide you with other valuable information regarding a description of the property, to ensure that it matches what the seller has told you about it, as well as the debt status of the property.

Once you have established that the seller is legitimate and the presented property is in the state it should be, the next step in buying a property in Spain is to set up an agreement with the seller, which will stand until the public deed of purchase is prepared. This contract basically serves as a written record of the seller’s intent to sell, and your intent to buy the property, having agreed to the price as well as the terms and conditions. You will then pay a deposit for the property, which you will forfeit if you decide to back out of the deal. However, if it is the seller that backs out, he/she will have to pay double.

As far as the mortgage goes, there are certain documents you should present to the bank. This will include your pre-agreement with the seller, your work contract, all property titles, whether it be in Spain or overseas as well as a record of your assets. Once you get the mortgage, the bank will require that you hire an appraiser to verify the structural integrity of the property to make sure that their loan to you is secure.

As soon as the deed of purchase is ready, it needs to be read and certified by a notary. If both you and the seller are satisfied with the contents of the deed and agree to the terms stated therein, you will both sign, having presented proof of identity, the seller's title of property and your payment. The notary then has to sign the deed, rendering the deed ready for taxes. The tax will differ depending on the region, and whether the seller is an individual or a real estate developer.

The final step is to enjoy your newly acquired asset. Buying a property in Spain need not be a hassle, just follow your dream.

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