MY SERVICES WHEN BUYING A PROPERTY IN SPAIN WILL INCLUDE:
1.- LEGAL ASSESSMENT PREVIOUS TO EXCHANGING CONTRACTS.
You have to be sure that the property that your buying has the same information an description as is in the deed, and it is free of loads, charges, taxes and tenants, therefore, it is VERY IMPORTANT to contact a lawyer before signing a private contract to secure the property or pay the deposit. If you contact a lawyer before signing the private contract, he would be able to advice you about including some clauses to protect you and save you money.
Due to the new Laws on money laundering, the non residents are not able to pay in cash more than 10.000€ without filling the form S1. The best way to pay the seller is a bankers draft from your Spanish bank at his/her name; this way you will be able to prove where the money comes from.
2.ASSISTANCE AND TRANSLATION IN THE SIGNING OF THE DEED.
f you do not speak Spanish you will need a translation service to sign the deed, and I will be there to sort out any last time problem and act as a translator.
3.- PAYMENT OF TAXES, (7% OF THE DECLARED VALUE)
If you want to have your deed registered at your name you have to pay this tax. It’s paid in the land registries and it is 7% of the declared value.
If you are buying a new property or a second hand restored property sold by a company, you will pay VAT. The VAT you will have to pay will be 7% of the declared value, but also you will have to pay 1% of the declared value as the stamp duty.
I usually ask the client on the completion date for financial cover to pay all the legal fees and taxes. This financial cover will depend on the property value.
4.- PAYMENT OF THE NOTARY AND LAND REGISTRY’S FEES.
The final amount that you will be paying to the notary and land registry will depend on the declared value, the number of sellers and buyers, it is not a fixed price, but the notaries and land registries have their prices legally established.
5.- COLLECTION OF THE DEED FROM THE LAND REGISTRY.
It will take one or two months to have the deed and your ownership right on your property registered at the land registry.
6.- CHANGE OF THE OWNERSHIP AT THE INLAND REVENUE OFFICE (CATASTRO).
The “Catastro” is the Inland Revenue office, and if the deed does not include the last receipt paid, it is important to fill in a form to communicate to the tax department (Catastro) that you are the new owner of the property. The tax you have to pay for owning a property in Spain is not very high, depending of the price of the property and are paid once per year, between September and November.
7.- IF THE PROPERTY IS NOT REGISTERED AT THE LAND REGISTRY.
The first thing to do will be to research why it has not been registered and whether it will be possible to registry it or not, and what documentation will be necessary. Normally a certificate from an architect and a survey (maps and plans) of the property are required. |