{"id":397,"date":"2009-01-20T16:28:00","date_gmt":"2009-01-20T16:28:00","guid":{"rendered":"http:\/\/decotta.wpsine-dev.com\/buying-a-property-in-spain\/"},"modified":"2009-01-20T16:28:00","modified_gmt":"2009-01-20T16:28:00","slug":"buying-a-property-in-spain","status":"publish","type":"post","link":"https:\/\/decottalaw.com\/da\/buying-a-property-in-spain\/","title":{"rendered":"Buying A Property In Spain"},"content":{"rendered":"

<\/o:smarttagtype><\/o:smarttagtype><\/p>\n

The second home concept never ceases to be popular with us
\nBrits. Even when the property market may be slowing, Spain is one of the most popular choices for Uk property buyers.  Not just for investment reasons, but because they want a property to enjoy.  This is a lifestyle choice.<\/p>\n

Many are unlocking some of the equity in their homes or using their
\nhard-earned cash, or taking a tax free lump sum from their pension and buying their dream home in the sun. <\/st1:place><\/st1:country-region>Spain is the most popular destination in Europe for retirement
\nand that second home. If you have decided to buy a property in Spain there are important factors to be considered. <\/o:p>\n<\/p>\n

<\/o:p>Price. You have probably found a property to meet your
\nneeds, within your price range and almost certainly cheaper than a similar
\nproperty in the <\/st1:place><\/st1:country-region>UK.
\nAs enthusiastic as you may be, do not act hastily. Often buyers get carried
\naway and believe everything the seller says. Before you sign any documents or
\npay any money, ask for a copy of the Escritura also known as the Land
\nCertificate, which will confirm that the owners do own and can sell the
\nproperty, and then seek advice. <\/o:p>\n<\/p>\n

<\/o:p>In some instances the seller will insist that to speed up the
\ntransaction the buyer and seller use the same lawyer.  <\/span>However, good advice to all prospective
\nbuyers is that independent legal advice should always be sought. <\/o:p><\/p>\n

<\/o:p>Once you have found a lawyer ask him to explain the
\nprocedure for buying\/selling in <\/st1:place><\/st1:country-region>Spain and to provide a breakdown of the costs that you will incur in the purchase.
\nLegal, Notary and land registry charges and transfer taxes can add up to 15% of
\nthe cost of the property.<\/o:p>\n<\/p>\n

<\/o:p>The first thing that a lawyer acting for the buyer will do
\nis carry out a land registry search also known as a nota simple. The search
\nresult will reveal who owns the property, if there are any charges on the
\nproperty and its dimensions. Whereas in the <\/st1:place><\/st1:country-region>UK a local search will reveal details of planning permissions, adopted roads, etc
\na \u2018nota simple\u2019 will not and if you are concerned about your views then
\nadditional enquiries should be made. <\/o:p>\n<\/p>\n

<\/o:p>Although you may have agreed the purchase price you then
\nhave to agree the amount to declare in the Escritura with the seller. Based on
\nthis amount you will be liable to pay transfer tax if the property is already
\nregistered or VAT if you are buying a plot of land or new build. The seller
\nwill be liable to pay capital gains tax and if they are a non-resident this
\ncould be as high as 35%. Therefore it is likely that the seller will ask you to
\nunder declare the purchase price in the Escritura. Try to avoid this if
\npossible. Further if you are buying fixtures and fittings consider if part of
\nthe purchase price can be apportioned to these. <\/o:p><\/p>\n

<\/o:p>With the purchase and declared price agreed the seller will
\neither instruct a lawyer or agent to assist them in preparing a contract of
\nsale. The contract of sale will be followed by the signing of the Escritura in
\nfront of the local notary who is an important official in <\/st1:place><\/st1:country-region>Spain as he collects taxes and authenticates sales and purchases. <\/o:p>\n<\/p>\n

<\/o:p>Assuming that all is in order and depending on whether or
\nnot the property is built the parties will either proceed directly to the
\nsigning of the Escritura and completion or agree a contract of sale. The
\ncontract is frequently used where the property is yet to be constructed. <\/o:p><\/p>\n

<\/o:p>Spanish Law does not require a contract however it is
\nrecommended as if a deposit is paid it can provide for its return in the event
\nof a breach by the seller. Or where a property is in the early stages of
\nconstruction, the contract will stipulate when payments are to be made.<\/o:p><\/p>\n

<\/o:p>Once the contract is agreed, a deposit will be paid with the
\nbalance payable at the signing of the Escritura. If the property is being
\nconstructed, stage payments will be made over the subsequent months with the
\nfinal payment being made at the signing of the Escritura.<\/o:p><\/p>\n

<\/o:p>The Escritura once drafted will state who the new legal
\nowners are. Therefore it is important to consider in whose name the property
\nwill be held. This will usually depend on whether or not you intend to hold
\nonto the property long term or you have purchased the property as an investment
\nwith a view to selling it in the medium term. Professional advice should be obtained
\nas this could have an effect on your capital gains and inheritance tax
\nliabilities at a later date.<\/o:p><\/p>\n

<\/o:p>The signing of the Escritura will take place after the
\nsigning of the contract although it is not unusual to proceed directly to the
\nsigning of the Escritura and forgo the contract. If it is unlikely that you
\nwill be present for the signing of the Escritura, a deed can be prepared, also
\nknown as a Power of Attorney, authorising someone to sign and act on your
\nbehalf.<\/o:p><\/p>\n

<\/o:p>Unless obtained already it is essential you obtain your NIE
\nnumbers. These are your Spanish Fiscal Numbers which can be obtained using a
\nPower of Attorney, so that transmission taxes can be paid on completion.
\nWithout these completion or registration of the property in the buyers\u00b4 names could
\nbe delayed. <\/o:p><\/p>\n

<\/o:p>Once the Escritura is signed before the Notary the lawyer
\nthe property is yours! CONGRATULATIONS!<\/o:p><\/p>\n

<\/o:p>Your lawyer will then deal with payment of the transfer of
\nownership taxes and notary fees and arrange registration of the property in the
\nbuyers\u2019 names.<\/o:p><\/p>\n

<\/o:p>Two final recommendations: Spanish wills, which you will
\nneed to sign in front of a Notary, should be prepared as in the event of death
\nof one of the owners, title does not automatically revert to the survivor. If
\nyou intend to live in <\/st1:country-region>Spain for more than 182 days a year, a foreign national residency permit is required.
\n<\/o:p>\n<\/p>\n

For more information on this subject, or to make an appointment for a
\nprivate consultation, please contact us at De Cotta Law, <\/span><\/span>De
\nCotta McKenna & Santaf\u00e9<\/a> on:<\/o:p><\/p>\n

Tel.: +34 952 931 781
\nFax: +34 952 933 547 <\/o:p><\/p>\n

<\/a> <\/o:p><\/p>\n","protected":false},"excerpt":{"rendered":"

The second home concept never ceases to be popular with us Brits. Even when the property market may be slowing, Spain is one of the most popular choices for Uk property buyers.  Not just for investment reasons, but because they … Forts\u00e6ttes<\/a><\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23],"tags":[],"office-cat":[],"service-cat":[],"yoast_head":"\nBuying A Property In Spain - De Cotta Law<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/decottalaw.com\/da\/buying-a-property-in-spain\/\" \/>\n<meta property=\"og:locale\" content=\"da_DK\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Buying A Property In Spain - De Cotta Law\" \/>\n<meta property=\"og:description\" content=\"The second home concept never ceases to be popular with us Brits. 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