Do your homework when buying in Spain

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Do your homework when buying in Spain
www.mylawyerinspain.com

LAST time, My Lawyer In Spain gave readers some advice and information on the costs involved in purchasing a property and the relevant taxes and fees you can expect to pay.

This week, with many having numerous questions when wanting to buy a Spanish property, My Lawyer In Spain give their top tips for a safe, simple and hassle-free purchase.

Do you homework. Make sure you research the area you want to buy in and then consider renting in this area before you buy to get a real feel for the place and the new lifestyle.

Source a good estate agent as it is important to find a reputable and well-established company that will guide you through the process smoothly.

Their next tip is to seek specialist legal advice. Choosing a lawyer who can understand your language as well as the Spanish law is vital when purchasing a property so you can be kept up to date with your purchase as it proceeds.

Also research all legal issues and find a good solicitor (abogado) who will represent you and explain the process and costs involved. Always check the property and carry out a survey to ensure there are no nasty surprises later down the line. With these, it is important to ask about the boundaries of the plot, is all the property registered on the Land Registry and ask for a copy of a land search known as a ‘nota simple.’ Other questions you need to ask your solicitor to check are if the property has a licence of first occupation, this proves it was inspected once built and has been completed in line with the planning permission, if it is registered with the Town Hall for local rates known as IBI, if there are any charges or mortgages against the property and ask to see copies of the water and electricity bills.

They also advise to be cautious when buying off plan and said: “As a result of the Spanish economic downturn, buying off plan can be risky so make sure that your builder has a long verifiable history.” Open a bank account as soon as you can as it will help funds and transfers run smoothly, prepare a Spanish will to cover your assets in Spain and consider the tax implications. If you live in Spain for more than 183 days a year, then legally you will have to become a tax resident and should present annual tax returns to the Hacienda tax office.

My Lawyer in Spain can give you more help and advice on purchasing a property in Spain. For more information contact the experts now. Call 951 203 094, visit mylawyerinspain.com or email enquiries@mylawyerinspain.com

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