The Book Fiend Info Center

Plenty of residents of the UK and Northern Europe are discovering that purchasing property overseas is an attainable and desirable goal. With a drop in the cost of air fares, interest rates in Europe becoming lower, and the property itself offering capital growth, countries like Spain have become more enticing to potential buyers. Spain offers short air travel time, outstanding sunshine and plenty of potential growth. buying in Spain may have gotten some bad press recently, but it can be safe if you follow some underlying rules. The following is a fundamental guide for those interested in purchasing real estate in Spain:

• When considering purchasing property first look to arrange your finances.
  Consider using a Spanish mortgage expert to guide you through the procedure.


• Seek out legal advice before signing any documents.
  


• To save yourself from becoming financially strapped, you should spend wisely and frugally.
• Be prepared for time deadlines to be protracted.
  
• Until you have the required funding, do not sign a contract to purchase anything.
  
• Be aware that the procedure for purchasing in Spain has its own idiosyncrasies and don’t assume that it will be the same as it is in other markets.
• Make sure you completely comprehend how taxes are incurred depending on the type of ownership status you choose If you don?t seek specialist advice

Before you make any purchases, it would be wise for you to approach the situation with a list of questions that for your Spanish Lawver. There have been many instances where international buyers have been unable to get the results they seek because they didn’t know what questions to ask. Before you sign a contract, you need to think about the next few questions, and others that you may have:

• Is the property’s land pastoral or urban? What might happen when purchasing rustic land?


• What costs will have to be accounted for, including standard legal costs and tax costs?


• Are there any licenses in place, such as building licenses or first licenses of occupancy?


• If the building is less than ten years old, is there a 10year building warranty in place?


• Is this a result of a foreclosure or direct sale?


• Will there be any under declaration in this purchase?


• Will further costs be incurred by you such as capital gains, inheritance, income or other taxes?


• Do you need to pay any extra deposits? At what point in the process are they considered nonrefundable?


• What other attorney fees and additional legal expenses will be incurred?

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