Four things you need to consider when buying a property in Spain
Buying a house is no easy task, let aside completing the transaction in an unknown country. Here are some tips to help handle the situation correctly:
1. Expenses: You need to take into account unavoidable extra expenses when buying a house in Spain. These include the services of legal advisors, translators, taxes, possible mortgage expenses and, most importantly, the services of a notary. The notario is the person responsible for drawing up the deeds (escritura), the tax due (registro catastral) and the registration of the names of the new owners in the Spanish property register (registro de la propiedad). and tax register (registro catastral); he charges fees to the vendor and purchaser, according to a fee schedule set by the government.
2. Translators: Contact a local translation company and pay for your own translator.
3. Exchange rate: If you want to avoid having to check exchange rates daily, consider paying for the services of a professional exchange company that can get the best deal for you however you want to pay.
4. Legal advice: Take care and get legal advice before signing any documents. In the case the construction of the property has not been started at the moment you buy it, you will need to get proof of planning permission and plans of the property itself.
