Made Moon Blog

Many residents of Britain and North Europe are finding the idea of purchasing foreign property a more desirable and realistic goal. Since sufficient capital growth is offered, lower air prices and interest rates have made purchasing property in Spain more desirable. Spain has a quick flight time and a great climate, and much possible prosperity. purchasing 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:

• Arrange your finances first.
  Consider using a Spanish mortgage expert to guide you through the procedure.


• Seek out legal advice before signing any documents.
  


• Avoid overstretching yourself financially.
• Be ready in case deadlines are protracted.
  
• Do not commit yourself to a private purchase contract until you have the funding that you need.
  
• Be aware that the procedure for buying in Spain has its own idiosyncrasies and don’t assume that it will be the same as it is in other markets.
• Fully understand the way taxes are accrued based on the specific ownership structure that you choose.

Prior to deciding to buy, you should get answers to a list of vital questions from your attorney in Spain. Foreign buyers can run into trouble when engaging in local business transactions, finding that they do not get the results they expected or wanted. Misunderstandings arise because the buyers failed to do their homework, or at least to ask the correct preliminary questions. Before you sign on any dotted line, then, you should consider the following questions

• Is the land that the purchase sits on registered as urbanized or rustic? What complications can come from buying land that is rustic.


• What costs will need to be taken into account, such as typical attorney’s fees and taxes?


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




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


• Will there be any under declaration in this purchase?


• Are you responsible for any additional costs such as, capital gains, inheritance, wealth or income taxes?


• Are there any unforeseen deposits to pay? When in the procedure are refunds no longer possible?


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