Property For Sale in Spain
Our last Best Places to Live visit was to Spain and it raised quite a stir! Perhaps it's the time of year but many people are interested in Spain and almost all of them want to know how to buy property in Spain. You may be looking at cheap property in Spain, a retirement home or even a rental property in Spain. Regardless of the type of properties in Spain you are considering the buying process is pretty much the same.First you need a - Nota simple informativa
This is a document you get from the Registro de la Propiedad - Property Registry. Basically it's like doing a title search. This document will tell you about the property and if it has any financial encumbrances - mortgages or loans against it. It's also your way of making sure the title and description of the property is exactly what the seller has told you. Next comes -
Pre-Agreement
Sometimes this is referred to as a 'Buy-Sell Agreement'. The public deed for purchase cannot be prepared until this contract of sorts is made between you and the seller. It's a pretty simple document which outlines what may seem like the obvious - the buyer wishes to buy and the seller wishes to sell at a specified price and also with any conditions both have agreed to. Once you've settled these matters you may need to arrange -
A Spanish Mortgage
You will need to visit a bank in Spain and get a list of all the things they require. Allow some time to prepare - it's not a simple matter of dropping into the bank and walking out an hour later. Banks in Spain have quite a lengthy list of things you need to do and provide. Be prepared to pay some fees too - you will need to pay to have your property appraised and by law in Spain the appraiser has to be a licensed architect. Now, the title and registry is clean and clear; you have an agreement; the property has been appraised and your mortgage money is ready to go, you are ready to -
Close
At this stage the title to your property Spain is ready to be transferred and certified by a notary. The property is now yours but your not quite done yet! There are a few more items to take care of. You will need to pay Transfer Taxes and make sure the seller pays the local taxes, known as 'plusvalia'. You need to have the deed with you for both of these. Finally as a safety precaution just to make certain you are protected and your deed is valid it's a good idea to register your title at the local registry office.
Because Spain is so popular a discussion we will continue to cover some other things to help if you're considering a Move to Spain. OR as it's commonly called - Removals to Spain - Funny term, huh?