Many UK and Northern European citizens are finding the idea of buying abroad more attractive and achievable. Since these properties have a good level of capital growth, coupled with low airfares and European interest rates, these Spanish properties are very attractive. Spain has a short flight times, a great climate and much prosperity.
Buying in Spain may have gotten some bad press, but it can be safe if you follow some basic rules. Marbella based I.M.S. can provide Mortgages Spain as well as expert advice on the whole purchasing process.
The following is a simple guide for those interested in buying Spanish Property:
If you are considering purchasing any real estate you should first look to arrange your finances.Go and see an expert on Mortgages Spain before committing to anything.
Take expert legal advice before you sign on any dotted lines.
You should be careful about frivolous purchases.
Be ready in case time deadlines are stretched.
Wait until you have the funding before committing yourself to a private purchase contract.
Be prepared for the Spanish purchase process, which is different in Spain than in the UK and elsewhere.
Tax accrual is based on the ownership structure you choose.
Never allow something to force you to do something to make you take action when you otherwise would not.
Work with a lawyer independent of the sales agent that you are working with. You should have an impartial representative to ensure that your best interests are always taken into consideration.
Before making any purchases in Spain, it would be advisable to first approach your lawyer with a series of questions to be answered. Foreign buyers can run into trouble when engaging in local business transactions, finding that they do not get the results they expected or wanted. Misunderstandings arise because the buyers failed to do their homework, or at least to ask the correct preliminary questions.
Before you sign a contract, you need to think about the next few questions, and others that you may have.
Is the complete Spanish purchase registered legally?
The purchase sits on land that can be registered in what way, urbanized or rustic?
What are the implications of purchasing on land that turns out to be rustic?
What costs will have to be accounted for, including standard legal costs and tax costs?
Are licenses already in place, for instance property contracts or first liens of residency?
Is there a 10year building warranty in place, if the building is less than ten years old?
Did you purchase this product directly or was it a cessation of contract? Based on the structure, are there any ramifications of this particular purchase?
In this specific purchase, will there be under declaration?
Will further costs be incurred by you such as capital gains, inheritance, income or other taxes?
Are there any deposits to pay? When in the process are refunds no longer possible?
What will have to be paid to an attorney, along with other legal charges?
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