Buying Spanish Property (part 2)
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Wednesday, 29 Oct 2008
Continued from Buying Property In Spain (part 1)
Notary public: This is the ideal person to orient you with regard to current law. He or she will explain the different circumstances that might affect your purchase agreement and how to solve them, as well as ensure the appropriateness and precision of the content of your agreements.
Property developers: They must provide the buyer with the building specifications and answer all questions concerning the home's construction, the payment schedule and available financing options.
The seller: He or she is responsible for supplying all information you need to make the purchase and, specifically:
- The title to the property.
- A blueprint of the home.
- The certificate of occupancy.
- Proof of the last property tax payment.
- Proof of the last payment of ownership association expenses
- Proof of payment of the real estate capital gains tax (subsequent to the conveyance).
The down payment: By means of a down payment or deposit you can reserve the right to purchase a property. To this end, you will need to hand over a given amount in advance against the rest of the payment.
Should you subsequently choose not to purchase the property under the agreed conditions, you will lose this payment.
Should the seller breach the agreed terms, he or she will be bound to reimburse you for twice the amount received.
Purchase agreement: Sometimes, prior to signing the deed, a private document is signed by the seller and the buyer stating the agreement reached (identification of the parties, description of the property, price, payment method, who will be liable for the relevant costs and taxes, the amount of the down payment, etc.).
The title: The seller must furnish the title to the home that he or she is going to sell. When the purchase is made, the notary will issue a new deed of sale between the buyer and the seller stating all the agreed terms and conditions (price, payment method, etc.).
A home's national ID card A title deed operates like a home's “ID card”, as it is what ensures ownership. It must always be issued by a notary and recorded at the Property Registry. |
