Buying property in Spain can be very daunting for Expats wishing to relocate or purchase a holiday home.
We have put together a complete buying guide to help all our customers through the buying process, that can be downloaded from our website www.propertiesforsaleinspain.com
Here we will give a quick over view of the do´s and don´ts of buying a property in Spain.
· Do employ a Spanish lawyer – although you do not have to have a lawyer by law to purchase a property in Spain, it is highly advisable as they can assist with: Language – The sellers lawyer may not speak English and much of the paperwork may need to be translated from Spanish to English. Your Lawyer should complete all legal paperwork and property checks – which includes, urban and construction research of the property for sale, land registration, report and pay taxes for the purchase of the Spanish property, change of contracts to include water electric and local taxes etc.
· Do be aware of buying costs in Spain – You should budget between 10 – 12% of the value of the property as an additional buying cost. This covers Legal Fees, Notary fees and Taxes.
· Don´t pay in Cash – This will only benefit the buyer and you could be hit by a capital gains tax when coming to sell the Spanish property.
· Don’t commit to purchasing a property in Spain until you have secured a mortgage, if indeed you need a Spanish mortgage to proceed with the purchase of the Spanish property. If you pay a deposit on a property in Spain then cannot proceed with the purchase for financial reasons you will loose the deposit that you have paid.
Updated 9th June 2023