This is a great time to be buying in Spain. The prices generally are extremely low and many sellers are still open to offers
Doing the right things right the first time…
Buying your Spanish Home is a very pleasant activity and of course an important step in your life. We help you through all the steps to allow you to purchase with complete peace of mind. When buying a property in Spain you should always use the services of an Estete Agncy right from the outset to protect your interests.
Before purchasing it is important to know the complexities of the procedure and the importance of such matters. There are many pitfalls to buying a property in Spain, and it can be all too easy to fall into one if you’re rushing into buying that dream project in Spain. Yet with a little time and patience, buying a property in Spain should be as system operates very differently to YOUR COUNTRY system, and the only way to avoid frustration, misunderstanding or even fraud is to secure the crucial services of an expert.
Requirements to be an owner of a property in Spain:
Having a Fiscal Identification Number (NIE), which must be requested to the police authorities, and opening a Bank Account with a Spanish Bank for paying all including suppliers of the property (water, electricity, telephone, community rates,etc).
Taxes to be paid for the transaction:
VAT 10% on the purchase for new properties, Transfer Tax 7% on the purchase price for second hand properties.
Notary Escritura and Register.
Real estate tax (IBI), Deed Income Tax and Wealth Tax.
The main outlays and costs to be paid in the transaction:
Notary fees, Land Registry fees.
Step One – Prior to Departure
Decide on which area you would prefer to buy your property either inland or coast and wich kind of property. Deal with a reputable, knowledgeable and friendly agency. Don’t be tempted to “go it alone”, use professionals. You will need expert advice and the services of an Estate Agency.
This is a major investment, don’t put your money at risk!
Step Two – Know Us A Visit
Contact Rural Sun Properties if you require help with flights, hotels, car hire, etc. Give us notice of your visit so we can prepare and discuss with you your options prior to your visit. This means better use of your time during your visit in Spain.
Make a list of any questions and issues that you have, and ensure that when we start to view properties you give us some feedback -even if it’s negative-. If you don’t like something say so! Remember that the more we understand your requirements the sooner and easier it will be for us to find the perfect property for you.
When looking at prices please remember to add approximately 12% to cover your expenses. This comprises either VAT on a new property (10%) or Property Transfer Tax on a re-sale property (also 7%); and other minor items as stamp duty, notary fees, etc.
Step Three – Buying!
You have found the property you want! Now let’s make sure the necessary legal issues are covered and commission a local, independent Estate AgencyY to look after your interests.
You may need a mortgage. Let us introduce you to an independent broker that can offer you impartial advise on mortgage availability, rates , etc.
Be prepared to provide a reservation (initial deposit) in order to secure your purchase – usually 10,000 – 20,000 euros.
Your reservation does two important things:
firstly, it fixes the price avoiding “gazumping” and secondly, it takes your selected property off the market.
If you are a foreigner you’ll need a identification number, Rural Sun do it free for you.
Rural Sun will guide you through the necessary steps to contractual completion, arranging the appropriate paperwork and financial issues