Many residents of Britain and North Europe are finding the idea of buying foreign property a more desirable and realistic goal. Since sufficient capital growth is offered, lesser air prices and interest rates have made purchasing property in Spain more desirable. Spain offers short air time, excellent sunshine and plenty of growth.

If you’re willing to disregard bad press and follow some basic rules it can be very safe to buy in Spain. Using an expert on purchasing Spanish Property such as I.M.S., who are based in Marbella, can really simplify the process.

The following is a simple guide for those interested in buying Spanish Property:

A good rule of thumb is to make sure to have your finances arranged first when buying real estate in Spain.Go and see an expert on Spanish Mortgages before committing to anything.

Take expert legal advice before you sign on any dotted lines.

To save yourself from becoming financially strapped, you should spend wisely and frugally.

Stand by for time deadlines to be extended.

Wait until you have the funding before committing yourself to a private purchase contract.

Be prepared for the Spanish purchase process, which is different in Spain than in the UK and elsewhere.

Completely comprehend how taxes are incurred depending on the type of ownership status you select.

Be careful not to let yourself be persuaded to do anything you wouldn’t normally do.

Hire an attorney that is not involved with the sales agent you are using. You need an unbiased party to help make sure that your best interest is being considered at all times.

Prior to deciding to buy, you should present a list of questions for your attorney in Spain to provide answers to. 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 questions including where the entire sum of this Spanish purchase is legally register?

The purchase sits on land that can be registered in what way, urbanized or rustic?

What are the implications of purchasing on land that turns out to be rustic?

You need to know what costs will be including standard legal costs and taxes.

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

If the property is under a decade old, does it include a 10 year building warranty?

Did you purchase this product directly or was it a cessation of contract? What are the implications based on the structure of the purchase?

When completing this purchase, will there be any need for a declaration?

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

Do any deposits need to be paid? At which stage of the transaction is it deemed nonrefundable?

Are there any legal costs or fees to be paid?

Filed under: Real Estate

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