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last update:
10-09-2010 16:00uur
Buy a property (object, villa,
home/house) in Spain
A (second) home in Spain is also affordable for you.
For the first orientation befor you buy of a home/house, apartment,
finca or studio in Spain you will find below a nationwide survey of real
estate agents in Spain as well as some concerns that you assist in the
buy of a property in Spain.
In Spain, a home/house for sale can be offered by several brokers
simultaneously.
A home/house for sale in Spain is off the market only when a deposit is
paid and a agreement has been signed.
Until that time, the home/house for sale is officially still for sale
and can therefore be sold to another bidder.
This deposit for the purchase for a home/house for sale in Spain (usually
about 3.000euro) is lost if the buy of the property fales.
The broker in Spain, who accompanied you during the buy of a home/house
in Spain is officialy only a salesman. So if there are hidden defects or
outstanding debts or something similar, the broker in Spain is (usually)
not responsible . This applies also to the notary in Spain involved in
the buy.
Please refer to the need for a good lawyer in Spain, which accompanies
you during the buy of a home/house for sale in Spain.
Key documents and regulations
concerning the buy of a home/house in Spain.
Escritura Pública. This is the registered document of the property /
home/house. The Escritura is registered in the Registro de la Propiedad
and it is in Spain is the only proof of ownership. This document
contains a description of the home/house for sale in Spain and if there
is a mortgage or a judicial seizure on the home/house. Therefore it's
essential in Spain.
The Impuesto sobre Bienes Inmuebles (IBI) is the payment of the annual
Property Tax. This document indicates that there are no taxes left on
the property / home/house for sale in Spain. In this document the
cadastral number of the home/house for sale, and the Valor Catastral,
the official assessed value of the property / home/house is written. The
amount of the various taxes for your home/house depend on the value in
this document. Therefore it's essential in Spain.
The cadastral certificate (the Catastro) focuses on the location and the
exact boundaries of your home/house. The catastro describes your
home/house in both text and in the form of a map. Therefore it's
essential in Spain.
Costs associated with the purchase
of your home/house for sale in Spain
in addition to the purchase price of your home/house.
Taxes and fees are usually less than 10% of the purchase price, but can
be as much as 15%.
Mortgage options for the purchase of your home/house for sale in Spain.
Normally you must emanate from the fact that residents of Spain can
borrow to 80% of the assessed value of a home/house and non-residents to
70%. Under certain circumstances, this can be respectively 95% and 80%.
Be careful: These are percentages of the valuation price and not of the
selling price.
According to the banks in Spain maximum 35% of your net income can be
used to pay of (all) loans. It's included loans and mortgages in your
own country. If you buy the home/house for sale together with your
partner then both incomes can be counted.
Mortgages in Spain have a normal term of 5 to 15 years and must be
repaid befor your 65th or 70th birthday. However, recently mortgages up
to 30 years are offered.
It's in Spain allowed to cooperate with one or more of your children or
other family members to buy a home/house and the mortgage may be based
on the lower age.
In Spain cenilcev be directives to be issued by the authorities. A low
valuation is used to temper the heat up of the market price and extreme
debts. Valuation may consist of no more than a fixed price per m2 of the
home/house. View from the home/house for sale, the condition of the
home/house or the location of the home/house and other Cases are not
always taken into account in the valuation of your home/house.
Valuedation at 80% of the price is not unusual.
However, there are also examples of valuedation reaching more than 150%
of the purchase price. Your maximum mortgage is, as previously stated,
based on the valuation of the home/house for sale in Spain.
Documents required for the application of the mortgage for your
home/house in Spain include statements of the bank, a copy of the
passport, and prove of payment for mortgage or rent.
The costs amounts to between 0.75% and 2.0% of the approved loan. The
interest rates may vary. A penalty for early repayment is usually around
1%. A broker can often get special and more favourable terms and
conditions.
Black money and the mortgage in
Spain
It is customary in Spain, but not officially permitted during the buy of
an existing home. Although black money is illegal it's widely used.
Consultation with the lawyer is important before agreeing to this. It
can be financially attractive, the transaction fee will be based on a
lower value. But if you are caught, or if you want to sell later, you
risk substantial tax and / or a fine to pay on the appreciation.
A lot of
real estate agencies in Spain offer not only opportunities to buy a
home/house for sale in Spain but also the possibility of renting a
home/house in Spain.
Buy / sell home / home/house
in the north of Spain
Barcelona region
costa brava
Buy / sell home / home/house
in the east of Spain,
Alicante region
costa blanca
Buy / sell home / home/house
in the south of Spain,
Andalucia region
costa del sol / de la
luz
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Sunnyalmeria.com office in Roquetas de Mar and our partners are throughout the Province of Almería
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Inland property for sale andalucia Spain - Andalucian Rural Estates
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Sunenterprise Properties in Andalucía Spain are a well established Estate Agency. Tried & trusted since 2001
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Andalucia Premier Estates Properties throughout Andalucia, they also have their own country hotel
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Property Andalusia Properties Andalusia and Algarve properties for sale.
Buy / sell home / home/house
in the east of Spain
Valencia region
costa valencia
Buy / sell home / home/house
in the south-east of Spain,
Murcia region
costa calida
Buy / sell home / home/house
in other parts of Spain,
other regions
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StudioArea Spain The Italian network was born 20 years ago, and it is specialized in "holiday homes" located along the Italian and Spanish coasts.
