10 important points to take into consideration when buying a real estate property in Spain
We assist many foreign clients that, at the beginning, his or her real estate operation was being handled by a real estate agent, just to come to us after that experience. In most cases, the real estate agent is not a lawyer.
OTIS Advocaten strongly recommends to be assisted and receive advice by a lawyer, regardless of the complexity of the case. It is very important that you count with a lawyer from the very beginning, way before the purchase itself.
If you are considering the purchase of a real estate in Spain, what should you keep in mind? Below is a list of 10 important points (not exhaustive):
– You need to handle certain matters before you can buy the property, as well as request a NIE (tax identification number) and open a Spanish bank account.
– You must bear in mind that there is a 10% transfer tax (which may vary, depending on the region), as well as additional expenses; around 3-4% of the purchase price
– If you finance the home with your own resources, the lawyer and the bank will have to verify the origin of those funds. This due to the strict existing European legislation and its mandatory.
– There may be a lien, a mortgage or any other burden on the home.
– It is also necessary to check if the seller is really the owner of the house. Therefore, it is essential to control the beneficial ownership of the property.
– It should be investigated if the whole house or any part of it must face a legalization process.
– It is also necessary to check if the real surface corresponds to the agreed one.
– Check if you are buying what you really think.
– It is essential that the pre-contract is duly legally verified, so that you are not in a disadvantaged position.
– Finally, it is important that you are well guided throughout the process, because many practical matters need to be organized and work differently than you may be used to.
In conclusion, an expert legal advice from an experienced lawyer is essential in any real estate operation. We recommend that you hire one before signing any contract with the other party. The specialist lawyers at OTIS Advocaten will be happy to help you.