Buying Spain Property For Sale – What Are The Mechanics
By: Dale Campbell
Submitted: 2008-11-22 13:25:28 | Word Count: 618
Buying Spain property for sale has always been a popular choice with UK buyers. Spain is a beautiful country but that’s not the only reason making the region popular. A pleasing climatic zone, compatible lifestyle and affordable property options together attract continual attention to the area.
As we spend our hard earned cash on Spanish property, especially in the present credit crunch period, it has become increasingly important to be well apprised of the purchase schema and associated nitty gritty details associated with buying property. The following information provides pertinent details on the subject, thereby assisting with the purchase options.
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The buying purchase process starts by finalising your budget and working out the reason as to why the property is to be purchased. Both these facets will assist with the location and property type decision. Costa del Sol for instance is an accessible winter gateway and destination offering exciting nightlife. Regions like Gran Canaria and La Palma, on the other hand, present a warm climate all year round.
There are many different types of property available for purchase; it all depends on your needs, likes and dislikes. If you want a property that is easy to maintain, needs no DIY, and is easily accessible, then a new build in an apartment block located in one of the big towns or cities could be an option. The quality and size of the apartments range from tiny studio apartments to spacious living quarters as big as a football pitch. An interesting point here is that under Spanish law all owners of apartments are members of the community of owners and therefore must abide by the community’s rules and regulations and pay community fees. Other property options are town houses, properties located in urbanisations, or country properties.
The next step requires selecting an agent and working out the visit itinerary. While checking out the property in Spain options, be very clear on what you are looking for and remember that there are abundant choices. The property should be visited by you and somebody else who specialises in property law. Once the inspection has been completed and you are satisfied with the terms, a deposit needs to be made. The deposit is usually non refundable and thus before paying, be sure of your property choice.
There are various taxes applicable, which if calculated at this stage, will help you to plan accordingly. There is a tax on purchase, registration charges, notary charges, after purchase charges such as local council tax, etc. It is suggested that hereafter, services of an experienced Spanish solicitor are sought. The hired lawyer is expected to assist during the buying process and should not only be clear on the Spanish property law, but must be able to communicate in your language. And make sure that your selected lawyer is not directly or indirectly employed with the vendor or any of the concerned estate agents. Purchasing property for sale in Spain will also require an NIE number. NIE or the foreigners’ identification number can be obtained from a national police station.
Last but not least is the signing, which will officially make you the owner of your selected Spain property. Known as Escritura in Spain, the property contract or deed is signed at the Notary office. In case you cannot be physically present to sign, a Power of Attorney will solve the purpose. Your solicitor plays an important role in the signing as they scrutinise the legal documents to ensure that the property is free of debt and legally owned. Bank guarantees are also to be verified, and then it is time to make the payments and enjoy your property in Spain that you’ve just bought.
