| Use
the following legal check list to help you through the process
of buying a property in Spain. We should stress that the list
is not exhaustive, but covers most of the issues that concern
property buyers. Before embarking on the purchase of a property
in Spain we strongly recommend that you take the advice of
a Spanish solicitor.
Does the property have a building licence?
Your purchase contracts should include the
details of the planning approval.
Confirm that the certificates, from the Architect
and the Town Hall, have been obtained for the completion of
the building (Certificado de Fin de Obra) and the Licence
of the first occupation (Licencia de Primer Ocupacion).
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Ensure that your purchase contract refers
to all the above licenses and that all necessary fees have
been paid and that this fact is reflected in your contracts.
Also make sure that all the registration details are included,
the especially the Finca number.
Your purchase contract should include the
total size of the plot and the total constructed area of the
property plus terraces (all in square meters).
If you are buying a property off-plan then
make sure that Developer/Promoter has a bank guarantee in
place (this is actually an insurance policy paid by the Developer/Promoter
in your favour). This protects the funds that you have paid
in the event that the Developer/Promoter cannot complete the
construction. In this situation, the insurance company will
pay for their completion or refund your payments.
Confirm the details of your share of the costs
of participation in the Community of Owners Maintenance and
ensure that these are included in your contract.
The Developer/Promoter or current owner is
responsible for all debts on the property, up until the date
of the signing of the deeds (Escritura) and handing over the
keys.
If you don't wish to use the mortgage facility
offered by the Developer/Promoter, you must obtain confirmation
in writing that you will not incur any costs associated with
this.
Make sure that it is clearly stated in the
Contracts that you are only responsible for the costs of preparing
and registering the title deeds (The Escritura) for the Sale
& Purchase of the property, and that you are not liable
for the costs of the segregation of the land or the declaration
of the new building.
Before signing the purchase contract you must
obtain a copy of the 'Nota Simple', a document from Land Registry
proving that the person you are buying from is the registered
legal owner of the property and that there are no mortgages
or encumbrances on the property from any third party.
Obtain a list of costs of for preparing and
registering the Title deeds (The Escritura) and the calculation
and amount of property transfer tax (Plus Valia Tax).
Buy-to-Let
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Check List for Buying a Property in Spain |
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