It is getting increasingly popular to be an owner of property in Spain. You can search for a real estate agency in Spain through the Spain-Real.Estate website, and the specialists will help you find a home for your needs. Purchasing a property in Spain can be a lengthy process, but with the help of this guide, you will learn the main steps and be prepared.
Reasons for purchasing property in Spain
The purchase of real estate in Spain is becoming more and more popular among foreigners. According to experts, there are many reasons for this, but the main ones are three:
- Profitable investment of money in securing your future. Having worked all their lives, people dream of spending time in warm Spain after retirement.
- Working necessity. In economic integration, many specialists come for work and often have to stay in the country for a long time.
- Coastal real estate for a comfortable stay. The Pyrenean state attracts people with the opportunity to relax on the shores of the gentle Mediterranean Sea. By purchasing your own apartment, you can solve the problem of finding a suitable place to stay for the vacation period while saving on hotel fees. In addition, such real estate can become a good source of income if you rent it out to other tourists, which is allowed by the country’s tax laws.
Steps when preparing for a deal
Before signing the purchase agreement, the buyer needs to check whether the purchased object has financial or legal encumbrances. For this, it is necessary to know the intricacies of Spanish law. An experienced lawyer will help the future real estate owner to complete several stages of verification:
- Proof of the seller’s ownership of the acquired housing unit.
- Obtaining an extract from the state register of property (Nota Simple
- A receipt accompanies the extract for payment of the municipal immovable property tax (IBI)
Purchasing property steps
After choosing your housing in Spain and having completed all the necessary checks, you can buy it, which is carried out in two steps.
- A preliminary sales contract is the first step towards your own home. This document is drawn up after all the issues have been verbally agreed upon, both parties have agreed on all issues, and the check has shown that the seller has the right to alienate his property in Spain.
The agreement indicates the agreed price of the object, terms, and conditions of payment, special conditions, the availability of a mortgage, and other issues related to the transfer of housing to the buyer. The deposit amount is also stipulated here, which is usually at least 10% of the value of the real estate and is taken into account in the final calculations. After the deposit is posted, this object is removed from the sale.
- Signing. Within the agreed time frame, you can proceed to the second step – signing at a notary office of the Sales and Purchase Agreement of real estate in Spain and its notarization.
Only after the Spanish notary has certified the signed contract will the property’s ownership be passed to the buyer. Here, the property’s new owner pays the seller the remaining 90% of its value.
Purchasing real estate in Spain
Foreigners are interested in apartments, houses, and even villas on the coast, and the forecast for the next ten years indicates a further increase in demand for housing. Choose your perfect home with the help of Spain-Real.Estate and spend a nice time on the coast of the Mediterranean Sea.
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