Buying Property In Spain
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Wednesday, 29 Oct 2008
 Buying Spanish Property
Generally speaking, purchasing a home is one of the most important financial decisions a family makes. It is thus crucial to be well informed and to seek out sound advice (where to go to find your new home, what precautionary steps to take to avoid unpleasant surprises, what taxes must be paid on home purchases, what type of financing best suits your needs, etc.).
How can I purchase my future home?
- Through a real estate agent (API) or real estate agency.
- Through a contractor or developer.
- Directly from the owner in a private transaction.
Precautionary steps to take prior to the purchase It is strongly recommended that you take a series of precautionary steps in order to stave off problems down the road:
Registry verification or certification: This is the query made at the Property Registry to make sure that the home you wish to purchase is not subject to any conditions that might hinder your free enjoyment thereof (to make sure that the seller is truly the owner, to determine whether the home is subject to any liens, back taxes, outstanding owner association expenses, leases, etc.).
Should any such circumstances exist, it is advisable to make sure that the purchase is made free of all manner of liens and encumbrances or, where this is not possible, that you are fully aware of the true extent thereof.
Certificate of zoning compliance: It is advisable to verify, at the town hall with jurisdiction over the home, whether it will be unfavourably affected by any upcoming urban planning projects and whether it complies with current zoning laws.
Analysis of the property's main aspects:
- Location: Determine whether the property is located in an area with a lot of noise, traffic, pollution, etc., whether it is well-connected in terms of transportation, how easy it is to find a parking space, how close it is to basic services such as schools, supermarkets, leisure areas, recreation centres, etc.
- Home's features: It is critical to check the quality of the building materials, which direction the home faces, whether it includes any shared services (garage, storage shed, garden, etc.), that all installations are in proper working order, etc.
- Price: Verify the price-quality ratio, the costs associated with the transaction (taxes, notary fees, registry fees, etc.) and all other costs involved in using the home (shared expenses, owner association fees, etc.).
Continued at: Buying Spanish Property (part 2) |
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