While buying a new house or apartment is not a complicated process, things are quite different when you want to buy property in another country. Therefore, it is very important to learn more about the market in that country and meet the legal requirements. Spain is one of the most popular countries in Europe, and there are people from all over the world who are interested in buying property there. If you are interested in buying property in this country, check out javeaestateagent.com.
There are many reasons why people are interested in buying houses and apartments in Spain. It is a popular destination for tourists and has a lot to offer. Younger people will buy a house there to spend a vacation in Spain every year, or to rent it over Airbnb and other services. Also, it is a popular option for retirement as well. One of the most important factors when choosing a property is to learn more about the offers, prices in different areas, and legality. Here are some tips that will help you to understand the process of buying a house in this country.
1. Find an Experienced Lawyer
While any lawyer can assist you with the requirements for finalizing the process, the best solution is to get one with proper experience in similar cases. Also, you should look for one who knows the Spanish language since it will be even easier to find the best option and comply with legal demands. On the other side, we don’t recommend you to search for lawyers online, especially not Spanish lawyers because getting one who is more reliable and trustworthy can help you to finish the process faster and even save some money.
2. Get a Special Number
As we already mentioned, each country has some set of rules and laws related to the sales of property. When it comes to Spain, it is necessary to get a special number that will provide you with the ability to comply with tax requirements. Avoiding getting this number can lead to legal issues. Also, prices and taxes are quite different when compared to the United States. There is a standard tax of 10%, fees of legal procedure that is 1%, registration another 1% less than 1% for documentation, and 1% for stamp duty.
3. Complete the Reservation
There is also another requirement related to foreigners who are interested in buying property in this country. You will have to make a reservation where you need to deposit around $5,000 as a guarantee for any signed contract you make. Be sure to comply with the rules here so you don’t lose that money if you decide not to buy any property. Besides that, you will need papers like the registry of the land, permission, and documents related to the house or apartment that are proof that it is legal.
4. Private Contract
When you decide which house to buy, you will need a private contract, which is one of the last steps in the process. When it comes to requirements to get this paper, you will need to deposit 10% of the value of the house you are buying. After that, the officials will check both you and the sellers, and if everything is ok, you will be able to proceed with the process and complete the purchase. In the end, you and your lawyer will need to visit the official notary with the seller and complete the process, along with all of the demands related to taxes and documentation.
5. Plan Buying in Time
You should start with planning for at least six months. The reason is that certain documents and other requirements might require a longer period for approval. Also, that will provide you with enough time to explore the market, find the right lawyer, and find the best option for your budget. Besides the lawyer, we suggest you to hire an estate agent as well, and that person should also have proper experience when it comes to the real estate market in Spain. When you finish with that part of the process, you can start looking for available property for sale. When it comes to special numbers and other documents, you can start getting those three months before you complete the buying. Moreover, there is no reason to sign for a reservation too soon since there are some potential issues that might cause additional expenses.
6. Determine the Type of Property
Before you even start collecting any documents, hiring lawyers and estate agents, you should learn more about this country and what you can expect there. Also, learn about urbanism regulations in different parts of the country, taxes, utilities, and other things that can affect the final cost of the property. Also, since there are different parts and states, the price might vary a lot. For example, a house in an area that is not so popular among tourists is much cheaper than a small apartment in Barcelona or some other coastal city.
One of the main advantages of buying a house or apartment in Spain is that it has significantly cheaper prices of real estate when compared to the United Kingdom and France. Also, even if you are planning to use it only for a vacation, the excellent solution is to rent it when you are not there. When it comes to prices, there is a huge difference between cities. For example, you can buy a house of over 100 m2 for the same price as a smaller apartment in Barcelona or Madrid, which are the most popular spots.
The most important is to learn more about the market and the legal process to avoid issues. For instance, not getting a licensed number for purchase can lead to legal issues or even jail. Therefore, always hire a lawyer with proper experience who will lead you through the whole process and help you to comply with legal requirements.