The Process of Buying Property in Spain.
In the past buying property in Spain hasn’t come without risks. For a very long time, Spain has been popular with foreigners looking for vacation homes. Occasionally, the seemingly great deals and naïve purchasers have actually provided an opportunity for unscrupulous developers and estate representatives to offer homes that are not genuine. Sometimes, planning permission has not been legally acquired prior to structure, and homes are eventually torn down by the regional government or shells or houses are left without being hooked up to mains supplies.
As estate agents are typically paid by the seller, there is a strong advantage to using them for purchasing property – especially our website fineluxuryproperties.com as we only work with the top and most reputable agents. Estate representatives provide a wealth of details about the regional area, are multilingual, and are very experienced with helping foreign purchasers. However, regulation is relatively low and deceitful estate agents do exist, so be cautious of anyone who requests payments in advance or recommends cutting corners. Some top tips include: Do not sign an agreement you don’t understand. Enlist an independent party for any translations. Request proof that any sums paid (e.g., a deposit) are being held or spent appropriately. Get evidence that you’ll get a refund of your money if the property is not constructed. As a non-resident, you might likewise buy land and have the house architecturally designed for you.
In Spain, any mortgage or debt connected to a residential or commercial property is transferred to the new owner when the home is sold. It’s hence seriously essential to guarantee that there are no financial obligations connected to the property when it is sold, or that if there are, they are covered by the regards to the contract.
The process of buying property in Spain generally runs as follows. Initially, the purchaser makes a deal, normally through the seller’s estate representative. If this is accepted, then the buyer and seller sign an initial contract (contrato privado de compravento) and the purchaser pays a deposit, usually 10% of the purchase rate. The agreement of sale (escritura de compravento) is generally checked in front of a notary, at which point the complete price, taxes and other expenses become due. The services of a notary are not legally essential to complete the sale but it is recommended and needed by lots of home loans.
There is a form of financier’s visa if you invest more than €500,000 in a Spanish home or buying several homes. It means you will typically be immediately qualified for a residency visa. This is not a work license however, but it will enable you to reside in the country. It’s mainly aimed at retirees and holiday home purchasers.