Buying Property In Spain
In some situations, it is the children who push for this arrangement. Katherine and Elisa have inherited an apartment from their mother, Adelfa, an 88-year-old woman who enjoys watching the planes landing from the windows of her home in Arturo Soria. They do not want to live in there when their mother dies, and dividing it isn’t an option. That’s why they have decided to sell their mother’s place ahead of time for €860,000. Elisa, 59, plans to use the money on a business project with a friend, while her sister is a top executive and is not interested in living in the apartment. Elisa understands that they will be selling the property for less than it is worth, but argues that it means they will have money now.
The amount due depends on the price of the property and on a sliding scale. For example, if you’re buying a new-build villa in Marbella that costs €950,000, you are liable for the payment of €95,000 for VAT. Get monthly informed analysis on world property markets and exclusive, early access to investment opportunities delivered right to your inbox.
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Then chances are you’ll find it more difficult to get a mortgage. You can do some research online, but it usually helps to take a trip to Spain to get a feel for the area and view properties in person. Construction standards in Spain have improved greatly over recent years, and new builds are erected to the same standard as anywhere else in Europe or North America. Older homes, however, may not have been built to quite the same meticulous standard.
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Angela has over 20 years experience as a practising lawyer in Spain. She has assisted English-speaking clients throughout her career in property matters, business law, immigration as we as the areas that so often touch on foreign residents' lives such as family law and inheritance matters. Oscar is a lawyer based in Barcelona who obtained his degree at the Barcelona University 20 years ago. He leads a law firm highly experienced in Real Estate law, Inheritance, Rental Agreements, Family Law, Debt Recovery, Litigation, Breach of Contracts and Immigration. Besides Spanish and Catalan, his firm is also able to provide legal advice and representation in Russian. You can just contact him to arrange an appointment locally in his office, by telephone or Skype.
Mortgage lenders will not complete a mortgage agreement until you own a property. It’s important to include a clause in the property’s purchase contract allowing you to pull out if you cannot acquire a mortgage. Some overseas buyers purchase without a mortgage, but it is possible to obtain finance to buy a home. vender casa madrid Spanish banks and international banks offer mortgages; some also offer specific deals for expats from certain countries. Before the pandemic, regional governments were looking to introduce stronger rules around people buying holiday lets, after rent prices increased significantly in areas popular with investors.
As a non-resident, you may also buy land and have a property built yourself. In this case, good legal advice is even more important as you will need to ensure that contracts with builders are appropriate and watertight. Waste disposal is managed at a municipal level, with annual fees for rubbish collection. With other utilities, such as gas, electricity, and water, you’ll be able to compare deals before settling on a provider. Many governments provide lists of lawyers and translators who speak both Spanish and another language.
We’ve put together an essential guide on buying property in Spain for foreigners, including all the important info you need to know. A 2% increase in Madrid sounds reasonable, whilst a 26% increase in Miami sounds frothy. Sotheby's International Realty® and the Sotheby’s International Realty Logo are service marks licensed to Sotheby’s International Realty Affiliates LLC and used with permission. Sotheby's International Realty® fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Any services or products provided by independently owned and operated franchisees are not provided by, affiliated with or related to Sotheby’s International Realty Affiliates LLC nor any of its affiliated companies. All information provided herein has been obtained from sources believed reliable, but may be subject to errors, omissions, change of price, prior sale, or withdrawal without notice.
House buyers of re-sale property are required to pay the Property transfer tax, which varies from 6% to 10% depending on the autonomous region. When both parties have agreed on a price, you must ask proof that the seller owns the property and that it is free of charges. As a buyer, you are advised to check the deeds in the Registro de la Propriedad and to check for any outstanding mortgages.