The Net’s Most Wanteds

Many UK and North European citizens are finding the idea of buying overseas more attractive and achievable. With a drop in the cost of air fares, interest rates in Europe becoming lower, and the property itself offering capital growth, countries like Spain have become more tempting to potential buyers. You will enjoy lots of sunshine and it’s just a short trip to Spain. buying in Spain may have gotten some bad press recently, but it can be safe if you follow some basic rules. Here is your underlying buyers guide for purchasing real estate in Spain:

• Arrange your finances first.
  An spanish mortgage can steer you through the complex procedure


• Before you sign any binding contracts, seek expert legal advice.
  


• Take care not to reach beyond your financial limits.
• You should expect that time deadlines will be protracted.
  
• Until you have the required funding, do not sign a contract to purchase anything.
  
• The Spanish purchase process is not the same as it is in the UK and other places
• Fully realize the way taxes are accrued based on the specific ownership structure that you choose.

Prior to deciding to buy, you should get answers to a list of vital questions from your attorney in Spain. There have been many instances where international buyers have been unable to get the results they seek because they didn’t know what questions to ask. Before you sign a contract, you need to think about the next few questions, and others that you may have:

• Is the site where the property is located listed as urban or rustic? What are possible consequences of purchasing on property that is listed as rural?


• What costs will need to be taken into account, such as typical attorney’s fees and taxes?


• Are there any licenses in place, such as building licenses or first licenses of occupancy?


• If the property is under a decade old, does it include a 10 year building warranty?


• Is this purchase being bought direct or as part of a cessation of contract?


• Will there be any under declaration in this purchase?


• Will further costs be incurred by you such as capital gains, inheritance, income or other taxes?


• Are there any unforeseen deposits to pay? At which stage of the transaction are they deemed nonrefundable?


• What will have to be paid to an attorney, along with other legal charges?