Do I have to register my house with the land registry or Registro de la Propiedad?
No you don’t. However if you do not you leave yourself and the property being challenge about its legality. It contains information about boundaries and ownership and makes it official. This has happened where people have not registered and almost lost their home.
Is purchasing a house in Spain a good investment for the future?
Yes it is, whether for the long run or the short. Spain has improved many aspects modernising almost everything over the years and it can only get better. It offers various outcomes for property investment, for example you may decide to purchase a home now for holiday lets and then in the future retire to Spain.
Should I buy a new or a second hand property?
That will be completely up to you. New does not always mean better. The purchasing process will be similar other than each one requiring different certificates. However re-sales tend to have most documentation in order and the only thing to look out for is pending debt. With new build the most important thing is to check its registry and documents to make sure the property was legally built.
What do I have to do if I want to buy a home in Spain?
It is very advisable to contract a Lawyer upon making a decision and even before to help understand the process before you take it on. A consultation will also give you options. If you intend to buy in Spain then you will have to obtain Spanish paper work and go through its legal system, which can be easy if you know how. Another option is giving a Spanish Lawyer a power of attorney and everything will be taken care and before you know it you have a wonderful house in Spain.
What is the difference when buying a new build or off plan property?
The main difference is the type of contracts you need in the pre-purchase agreement. With new builds, as long as all the paper work is correct and the house is properly registered and built then it’s a matter of paying and signing.
With an off plan you initially buy the promise to a new property. The long period that can pass from the deposit to completion makes it very important to have representation nearby to keep an eye on the project and make sure it goes to plan.
What is the land registry or Registro de la Propiedad?
It is the official list of properties in Spain stating all the properties background information, including size, owners and debt. It also secures your right to the property making sure that no one can contest it in the future.
What taxes do I have to pay when buying a new property in Spain?
The taxes will depend on the type of property you purchase. It is estimated that you should add an additional 10% of the total price on top of the purchase price, and any extra fees such as agent fees.
Should I buy/view through a real state or a private vendor?
Usually, people looking to buy a property in Spain tend to go through estate agents. This is because they have a range of properties and they will do the property search for you. When going through a private vendor it means you did the search yourself through the internet of other means. When collaborating with a Lawyer both sources will be checked, however when doing it individually it is import to ensure that you clear very detail.
While an estate agent should be legal sound, you may end up paying a lot of fees and some that you shouldn’t be. With a private vendor is good to get the house surveyed and find out why they are selling.