HANDY TIPS FOR BUYING A PROPERTY IN SPAIN

If you’re looking to buy Spanish real estate, it is essential that you do your research in order to ensure that you get what you really want.

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Despite the economic difficulties facing European countires, more people are buying a home in Spain in order to retire, enjoy extended holidays, or as a long-term investment.

When you purchase a property in Spain, you can expect to pay total fees of around 8 to 12 percent on top of the price of the property. This is for legal fees, Property Transfer Tax, Notary and Land Registry fee and Title Deed tax.

Consider the following when deciding who to use to help you purchase your new property:

– Anyone can set up as an estate agent in Spain, as there is little regulation. Choose a reputatable estate agent
– If need a mortgage, shop around and do not be rushed into making a decision. If you aren’t fluent in Spanish, make sure you deal with lenders who speak and present documents in English, or hire an independent translator who can give you honest advice.
– Find your own independent lawyer, rather than use the one suggested by your agent. Ensure they are experienced in property conveyancing and take your lawyer’s registration number so that you can check they are registered with the local Colegio de Abogados (www.abogacia.es). If you decide on a UK-based lawyer ensure that they are registered with the Law Society and that the company are specialists in international transactions.

If you are building your own property, ensure that your developers have a solid track record. Visit other sites operated by your builder in order the check the quality of the finished product. Ensure that your project has approval from the local Town Hall (Ayuntamiento) and, if required, the regional government. Insist on a bank guarantee (aval bancario) and pay funds only into a special Escrow account. When buying a house, only pay the deposit when you’re sure you’ve found the right property, or else you could lose it.

For help buying your ideal Spanish property, call the experts at The Leader TODAY on +34 96 897 1860.

Filed under: http://www.theleader.info/article/38308/

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