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Guidelines to buying a property in Spain
Buying your first property, would possibly rate as one of the biggest decisions and personal financial commitments you will make in your life, as it will influence your life/lives for many years to come. So it is natural that you take your time to reach that decision and seek professional assistance from someone who can explain every aspect to you, in a clear and simple manner before you actually make that commitment and sign on the dotted line.
Buying a property abroad will be an even bigger decision, as there will be many more questions you want the answers to. The first of which will probably be, where do we go to get the information and do we know that a company is serious and professional?
On your home ground, you would no doubt be able to spot at a glance the difference between the professional estate agents and the cowboy agents. But how are you expected to know the difference in a foreign country?
In Spain, registered professional estate agents (Inmobiliarias) can be recognised by their particular registered college letters i.e.: A.P.I , A.E.P.I. or similar, followed by their registered number. This ensures you that the actual owner of that registered number has passed exams and has been qualified by their particular college as being fully competent and conversant with current laws and associated documentation in the field of Real Estate.
Although it is generally recommended that you use a solicitor, your A.P.I. , A.E.P.I or registered Spanish agent should give you all the assistance and advice you require. Before you commit yourself to anything, your agent should proceed to ensure that the property has the correct title deeds which are registered in the property registry office in the name of the vendor and that the property has no debts or charges registered against it.
You should ask the agent to make you a written breakdown of the approximate fixed running costs for the property. Also the total purchase costs, including the purchase tax , Notary and Registry fees.
There could also be a local council tax to pay, called the Plus valia. This is a tax based on the rateable value of the land and can sometimes be a considerable amount. The plus valia should be paid by the vendor, although it is becoming common practice to try to put this onto the purchaser.
Once you are happy with everything to date, your agent should draw up a private Sales/Purchase contract and a complete inventory for the property, even if the property is sold unfurnished, there will be certain items in a resale property that will be left, ie: the hot water boiler, Gas bottles. kitchen and bathroom fittings, fitted wardrobes etc.
If the property has a mortgage, this should be stated in the private contract, then the agent should arrange with the bank and the Notary for the settlement and cancellation of that mortgage before you sign the public deeds of sale/purchase. Your agent should also check that all outstanding bills are paid to date and issue you with copies of the receipts.
Once you have made the purchase your agent should offer to take care of all the after sales work on your behalf, i.e.: The paying of the notary and registry fees, preparation and presentation of the purchase tax, changing of the rates, electricity, water, rubbish and community (if any,) into your name. He will also advise you on property insurance matters and annual tax returns. In short an A.P.I., A.E.P.I or your college-registered agent should offer you every assistance you would possible need
Although Zenit 85 S.L. believe all details and information on this site to be accurate, they are given as a general outline for guidance only and could be subject to change.
Prospective purchasers should not rely on these details as statements or representations of fact, but must satisfy themselves by physical inspection of the property in question or otherwise as to their accuracy. Consequently, no information displayed on this site (or any linked site) can be used to constitute, or form part of a contract.
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