Documents and specialities in buying property in Spain
Spanish law clearly defines all aspects in the sale of real estate, with the maximum law protection the rights and interests of each party involved in the transaction.
So, the buying process begins with the selection of suitable real estate. Once an object is found, begins the collection and preparation of all necessary documents. The most important of these documents is a Nota simple informativa del Registro de la Propiedad, with this document, you can find the "history" of real estate, to whom it belonged to, hang out at this property any debts, in addition, the document lists all the characteristics of real estate: footage , type of property (residential or commercial), the number of rooms, etc. The authenticity of the document is checked by qualified lawyers.
Once the document is analyzed, it is necessary to check whether there is information about the property in the Registry of property, if so, you can safely proceed to the next stage of the transaction, which is the opening of an account in one of the Spanish banks. In this respect the buyer pays or transfers the money.
Another document, without which there can not be a deal - a contract sale. This Agreement is made in triplicate. In the agreement, both sides have expressed their intention to buy / sell property. In addition, the contract of sale indicated price of the object, as well as the conditions under which the transaction is carried out. Dispatched Deposit-typically 10 - 20% of the total cost. Once the money is received, the seller has no right to abandon the deal and sell to someone else object.
Once the necessary documents the customer can choose one of the following forms of payment:
Pay the entire cost of the project immediately, plus 6-11% (price + tax, notary costs). Payment should be made by bank transfer.
Pay 30-40% of the property value plus 6-11% (price + tax, notary costs). Contacts with the Spanish banks, which we have, allow to get a loan for non-residents of Spain. Typically, the loan amount is 50-70% of the purchase price and features, it can be for a period of 5 to 30 years at 2.5-4.5% per annum. The contract of sale is recorded if a mortgage loan, and in this case, the registered original bill of sale you get your hands on at the time of the final repayment of the loan. Up to this point Original bill of sale shall be deposited in the bank, which gave kredit.Na a mortgage takes about a month. This method of home buying is becoming increasingly popular with our fellow citizens, particularly because of the availability of such services.
What is "Escritura de Compraventa"?
The main official document of the transaction is Escritura Publica or "Escritura", this document must be signed within a month after the preparation of the contract of sale.
Once the Escritura is signed, the seller is given to the rest of the money, the buyer becomes the rightful owner of the property. Escritura Publica is mandatory to be signed by the notary in the presence of a notary. The new owner, after signing the contract must be registered in the Registry of property ownership.
Time of registration of real estate in the Register and lasts from one to three months. After this period ends, the property owner receives the original deed, this document is a major, and it was he who affirms the right of ownership.
The costs associated with buying property
While buying real estate you need to pay certain expenses, their amount depends on whether you are buying a new property or secondary.
They also include notary fees, which are paid according to a special scale, which the progression, depending on the value of the property.
In addition, it will have to pay costs associated with the registration in the Register. These expenses are paid in the moment when your name is entered in the Registry database. costs amount depends on the value of the property. In that case, if the value of the property ranges from 100,000 and up to 200,000 euros, the amount of tax to be in the range of 1-2%. Services of private lawyer who may register a property for you, will cost about 1%.
And the following taxes:
Value Added Tax (I. V. A.). For residential homes and apartments, this tax is as follows: From 1 September 2012 on the secondary housing tax is 10%. The new housing is temporarily lowered to 4% until the end of 2012. For commercial properties - 21% of the total cost. This tax is payable in any municipal tax office reception.
Tax on registration of legal acts is about 1.2% of the value of the property, which is listed in the Escritura.
For those who wish to buy a property in Mallorca, we offer the following services:
- Consultation and specify search criteria
- Offer facilities throughout Mallorca
- View the most favorite objects
- Coordination of the final cost
- Book analyzing processes
- Preparation of financial and legal documents
- Registration of the transaction of purchase and sale at the notary
- Re-registration of property documents
- Aid in the regeneration of life on Mallorca
- Information on the acquisition of a residence permit
- Information about additional zatratahcheskih acts is about 1.2% of the value of the property, which is listed in the Escritura.