In Spain It Is Your Lawyer Who Will Assay The Boundaries
Many people like the idea of buying property in Spain
. It will either be a holiday home or they'll live there. Buying real estate in Spain is different, and there have been reports in the past of illegal real estate being bulldozed under using the 'land grab law.' What are the real estate laws in Spain? Before you enter into any agreement regarding properties, you should enquire about the buying process. The country of Spain requires that a notary and Abogados (lawyers) be involved.
When you've found the perfect property, you need to have your Abogado thoroughly investigate the background. Don't trust the estate agent. Your Abogado (lawyer) will check that the seller owns your prospective real estate. In Spain it is your lawyer who will assay the boundaries and measurements, that they match the deeds.
The Abogados will see that the background checks are done; this is not the job of the notary. For recommendations sign onto some Internet forums and discussion boards. In Spain a notary writes up the property deeds, checks that everyone understands them, and witnesses the signatures of the buyer and seller. The notary will further ascertain that all relevant taxes are paid.
When you meet with the estate agent, they may suggest you sign a "documento de reserve." This contract will take the property off the market. The next meeting is where you sign the "contrato privado de compraventa," (the purchase contract). You'll be asked for a non-refundable deposit. Compel your Abogado to thoroughly check any reservations you have about the purchase. Hand and over your money only if, it's going to be held in escrow account.
At this time, your Abogado will make sure the purchase is processed legally and you'll receive the "escritura de compraventa." That's the final contract or deed. Properties are sold each day Spain. The contract papers will be prepared for you to sign with the seller present of the notary at the notary's office. The notary will read the deed (an interpreter may be required) and then you and the seller will sign it in front of witnesses. At this time, any monies in an escrow account will be released and you will pay the balance.
At this time, the notary will transfer the real estate into your name by signing a Registro de la Propiedad. There will be fees, such as notary fees, property registry fees, transfer tax and 'Valia tax'. Usually, the seller pays the notary and 'Plus Valia Tax'. You the buyer will pay the registry fee and transfer taxes, but it's up to you both to agree on this. That's the way to buy property in Spain. The best tip we can give you is to use a professional.
by: Albert Sperk
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