Plenty of residents of the UK and Northern Europe are discovering that purchasing property abroad is an achievable and desirable goal. With a drop in the cost of air fares, interest rates in Europe getting lower, and the property itself offering capital growth, countries like Spain have become more tempting to potential buyers. You will enjoy lots of sunshine and it’s just a short trip to Spain. If you’re willing to disregard bad press and follow some basic rules it can be very safe to buy in Spain. Here is your basic buyers guide for purchasing real estate in Spain:

• A good rule of thumb is to make sure to have your finances arranged first when buying real estate in Spain.
  An spanish mortgage can steer you through the complex process


• Seek out legal advice before signing any documents.
  


• Set yourself a maximum budget and stick to it
• Be ready in case deadlines are protracted.
  
• Don’t trap yourself into a contract until you have money ready.
  
• Be prepared for the Spanish purchase process, which is different in Spain than in the UK and elsewhere in Europe.
• Fully understand the way taxes are accrued based on the specific ownership structure that you choose.

There have been a lot of situations where buyers from overseas do not get the results they seek because they either asked the wrong questions or did not ask questions at all before hand. Before you sign on any dotted line, then, you should consider the following questions

• Is the site where the property is located listed as urban or rustic? What complications can come from buying land that is rustic.


• What costs will need to be taken into account, such as typical attorney’s fees and taxes?


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


• If the building is less than ten years old, is there a 10year building warranty in place?


• Did you purchase this product directly or was it a cessation of contract?


• In this specific purchase, will any be under declaration?


• Are you responsible for any additional costs such as, capital gains, inheritance, wealth or income taxes?


• At what point in the process are they considered nonrefundable?


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

This entry was posted on Wednesday, September 9th, 2009 at 12:32 am and is filed under Counsel, Real Estate, Regional Events etc.. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.