Plenty of residents of the UK and Northern Europe are discovering that purchasing property abroad is an attainable and desirable goal. With a drop in the cost of air fare, interest rates in Europe becoming lower, and the property itself offering capital growth, countries like Spain have become more enticing to potential buyers. Spain provides the advantage of brief air travel, plentiful sunshine and a thriving economy.
Buying in Spain may have gotten some bad press, but it can be safe if you follow some basic rules. Using an expert on purchasing Spanish Property such as International Mortgage Solutions, who are based in Marbella, can really simplify the process.
Here is your basic buyers guide for purchasing real estate in Spain:
If you are considering purchasing any real estate you should first look to arrange your finances.Go and see an expert on Mortgages Spain before committing to anything.
Seek out legal advice before signing any legal documents.
Avoid overstretching yourself financially.
Be ready in case time deadlines are stretched.
Wait until you have the funding before committing yourself to a private purchase contract.
Be prepared for the Spanish purchase process, which is different in Spain than in the UK and elsewhere.
Taxes vary depending on how your specific ownership structure is established and understanding how they affect you is important.
Don’t be persuaded to do anything you wouldn’t normally do.
Work with a lawyer independent of the sales agent that you are working with. You need an unbiased party to help make sure that your best interest is being considered at all times.
Before you make any purchases, it would be wise for you to approach the situation with a list of questions that your lawyer in Spain should have answered for you. There have been a lot of situations where buyers from abroad do not get the results they seek because they asked the wrong questions or did not ask questions at all before hand.
Before completing the transaction, you should get answers to the following questions, as well as any others may need answers for: Is this entire Spanish purchase legal?
The purchase sits on land that can be registered in what way, urbanized or rustic?
What might happen when purchasing pastoral land?
What costs will have to be accounted for, including standard legal costs and tax costs?
Are there any licenses in place, such as building licenses or first licenses of occupancy?
Do less than decade old buildings have decade long warranties?
Is this a result of a foreclosure or direct sale? What are the implications based on the structure of the purchase?
In this specific purchase, will there be under declaration?
Are you responsible for any additional costs such as, capital gains, inheritance, wealth or income taxes?
Do you need to pay any deposits? At what point in the process are they considered nonrefundable?
What will have to be paid to an attorney, along with other legal charges?
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