Help with Buying

 

New buildings require the execution of a declaration of new building – Declaracion de Obra Nueva – you must check their details. When buying off plan you must obtain certificate of first occupation off the surveyor to ensure that the property is free from all encumbrances.

You will need to be provided with a certificate from the local planning office confirming compliance with plans and that the property is fit for human habitation. Also check the planning use because this may be limited to residential occupancy only and you may not be permitted to use the property for holiday lettings (Investor beware!). If there is one, then you should speak to the association of owners who will almost certainly have appointed a Chairman, Secretary and committee.

If you are buying a property on the coast then you should ensure that you are supplied with a certificate of Ley de Costas – Coastal Protection Law – to ensure that there has been no breach of local rules.

Fees and Taxes

Generally, you need to budget for approximately 10% (11% if arranging finance) of the agreed purchase price to cover the cost of your taxes and legal fees.

Those fees can be broken down into the following:

  • IVA (VAT) @ 7% for new residential properties
  • Stamp Duty of 1% if new property (builder usually pays this)
  • Transfer Tax @ 7% for resale properties
  • Payment of this tax is due within 30 days of execution.

It is also advisable to allow a further 3 % for your legal charges and this will cover all registration fees, Notary fees and an application for your foreigner’s identification number or NIE.

Exchange of Contracts

You will have to exchange written contracts before signing the Escritura de Compraventa. This Deed is signed simultaneously before an independent Notary and will then be registered at the Land Registry. Once registration is completed, the original will be retained by the Notary and “the first copy” is issued to you.

Property Purchase Checklist

  1. Ensure that you receive advice from a Spanish lawyer or property consultant

  2. If you are buying an existing property you will require sight of the seller’s Escritura Publica as registered in the Registro de la Propriedad. If buying off plan you will require sight of the Escritua from the builder. Evidence that there are no mortgages registered against the property by way of a Nota Simple from the Property Registry.

  3. Referencia Catastral - the number will appear on the Impuesto sobre Bienes (IBI) receipt although you should review the Certificado Catastral if you want the full certification document.

  4. Check the plan partial if buying on an urbanization (or estate) or the building permit (licence) if buying a plot

  5. You will require a paid up receipt for the IBI or the Declaracion de Obra Nueva.

  6. Receipted confirmation that all of the community charges have been paid.

  7. Obtain copies of utility invoices including the telephone.

  8. A Spanish and English translated contract.

  9. Confirmation of the method of payment. Always declare the full amount.

  10. An Escritura de Compraventa signed before a notary.

  11. Payment of fees and taxes and, if buying from a non-resident, a 5% deposit payment to the Hacienda.

  12. Notifiation of the likely date that you will receive the final Escritura Publica from the land registry.

  13. A Spanish will.


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