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Many UK and North European citizens are finding the idea of buying overseas more attractive and achievable. Since adequate capital growth is offered, lower air prices and interest rates have made buying property in Spain more desirable. The country of Spain provides the advantage of brief air travel, plentiful sunshine and a thriving economy. buying in Spain may have gotten some bad press recently, but it can be safe if you follow some underlying rules. The following is a fundamental guide for those interested in buying real estate in Spain:

• Get your finances together before you do anything else.
  Use an expert in Spanish mortgages to help you.


• Seek out legal advice before signing any documents.
  


• To save yourself from becoming financially strapped, you should spend wisely and frugally.
• Be prepared for time deadlines to be stretched.
  
• Do not commit yourself to a private purchase contract until you have the funding that you need.
  
• The Spanish purchase process is not the same as it is in the UK and other places
• Fully realize the way taxes are accrued based on the specific ownership structure that you choose.

Foreign buyers can run into trouble when engaging in local business transactions, finding that they do not get the results they expected or wanted. Misunderstandings arise because the buyers failed to do their homework, or at least to ask the correct preliminary questions. Before signing on the dotted line you should get answers to some of the following:

• Is the land that the purchase sits on registered as urbanized or rustic? What might happen when purchasing rustic land?


• What costs will have to be accounted for, including standard legal costs and tax costs?


• Are licenses already in place, for instance property contracts or first liens of residency?


• Is there be a ten year warranty on the building, if the building was constructed less than ten years ago?


• Is this a result of a foreclosure or direct sale?


• Will there be any under declaration in this purchase?


• Will further costs be incurred by you such as capital gains, inheritance, income or other taxes?


• Do you need to pay any extra deposits? At which stage of the transaction are they deemed nonrefundable?


• What lawyer costs and other legal fees will need to be paid?

This entry was posted on Sunday, September 6th, 2009 at 12:24 am and is filed under Assistance, Property, Regional Hubs. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.