INVESTING IN SPAIN: FIVE POINTS TO BEAR IN MIND.
Conveyancing: How to buy a property in Spain.
The process of conveyancing
, buying
a property
, in Spain
is not a complicated process, but there are some points that the buyer
must bear in mind, so as to be pretty sure that such process is duly delivered; in this article, we are going to detail some aspects that it is necessary to take into an account:
1. Pre-contract:
Once the buyer
has decided the property
that it is interested in, It is very usual in Spain
to sign a pre-agreement, so as to make a reservation of the property
.
According to such pre-agreement, the buyer
gives a certain amount of money to the seller (usually transferred to the bank account of the real estate
agency
), so as to state his interest in the property
, being necessary also, according to this pre-agreement, to transfer the rest of the amount to the seller
in a certain period of time.
In this stage, the seller
will show to the buyer
all the files and documents that the buyer
demands, so as to make a warranty of the transparency of the property and the operation also.
2. Public deed before the notary:
Later, once the buyer has decided to buy the property
(being acquired the fully knowledge of the real situation and legal state
of it), both parties (the buyer
and the seller
) will be appointed to sign
the public deed
of acquisition
of the property
before the public notary
(Important: it is a right of the buyer to choose the notary
).
3. Payment of taxes:
Besides, the next stage is the duly and mandatory payment of all the taxes
involved in the process, that must be paid in the term legally noticed, so as to avoid any penalties and damages, in the contrary (IBI, ITPYAJD, IIVTNU, etc.).
4. The Land Registry:
In Spain
, even though it is not mandatory, it is very usual to write the public deed
of acquisition
of the property
before the Land Registry
, so as to make proof against all that the buyer is the real owner
of the property
.
5. Payment of common expenses:
Finally, once the buyer
is the real owner of the property
, it will have to notice such situation of actual owner to the residents' association
. Such notice will arise to the owner
the right to participate on the annual meetings of the association
, as well as it will have to make monthly payments so as to contribute to the common expenses of the residents' association
.
📞 +34 615 071 074
📭 jorge@gonzalezluna.es
