Buying Spanish Property? Essential Questions for Your Lawyer

Plenty of residents of the UK and Northern Europe are discovering that purchasing property abroad is an attainable and desirable goal. Since these properties have a good level of capital growth, coupled with low airfares and European interest rates, these Spanish properties are very attractive. Spain has a lesser air time, great climate, and much prosperity. Although buying property in Spain has received a bad rap, you can get a great deal if you follow a few guidelines. A good rule of thumb is to make sure to have your finances arranged first when buying real estate in Spain.

It is important that you obtain professional help before venturing into any unfamiliar territory.
To save yourself from becoming financially strapped, you should spend wisely and frugally.
You should expect that time deadlines will be stretched.
Don’t trap your self into a contract until you have money

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.
Tax accrual is based on the ownership structure you choose.
Be careful not to let yourself be persuaded to do anything you wouldn’t normally do.
Hire an attorney that is not involved with the sales agent you are using. To ensure that your own best interest considered at all times, you must seek the opinion of an unbiased party.

Enter into the situation with a list of questions that your attorney in Spain has answered for you before you buy anything. Many examples of people buying foreign property have negative results because they didn’t ask the right questions before they consummated the transaction. Before completing the transaction, you should get answers to the following questions, as well as any others may need answers for: Is this entire Spanish purchase legal?

The purchase sits on land that can be registered in what way, urbanized or rustic? What might happen when purchasing pastoral land?
We bet you’re wondering what’s going to be covered, especially legal fees and taxes.
Are licenses already in place, for instance property contracts or first liens of residency?
Do less than decade old buildings have decade long warranties?
Is this a result of a foreclosure or direct sale? Based on the structure, are there any ramifications of this particular purchase?
Will there be anything that is in the process of declaration for this transaction?
Will you incur further costs such as capital gains, inheritance, income or other taxes?
Are there any deposits to pay? At which stage of the transaction is it deemed non-refundable?
What are the attorney’s fees and additional legal expenses that will be incurred?