Real estate Counseling

To the future buyer or seller of real estate it is recommended before you start a transaction to consider some of the complex factors: such as the legality of construction, urban planning, legal, tax and financial difficulties. To avoid problems in all related situations, we recommend you deal with specialized professionals who have relevant knowledge and experience, to help prompt the correct decision.

We will give you qualified advice that will help you make an important decision in a purchase or sale of a property.

PROPERTY OWNERSHIP

First, the potential buyer should make sure the seller´s ownership is of a legal property status, existence of repossession, debts, mortgages, etc.

The registration authority of each area is the best legal instrument of the guaranteed information. Only the registration of the transaction in the registry enables third parties to ensure that there are no other potential owners and encumbrances.

The registration authority is public, so you can request a certificate of the owner, which is the complete information of the property including debt encumbrances and charges in the particular property.

To further assure the buyer, it is advisable to formalize the act of a purchase and then proceed to register in the Property Register.

URBAN REQUIREMENTS

The buyer of the property must verify that it has been built in compliance with all planning regulations and municipal ordinances especially that they have obtained the corresponding municipal permit.

If the seller does not provide the appropriate supporting documentation, you can obtain the appropriate certification belonging to the property from the city council.

PURCHASE DOCUMENTS

It can be formalized in two ways: private document or public document:

Private document: it must be signed both by the seller who is registered as an owner and the buyer, or persons legally representing them with a power of attorney. In the case of housing, which is under official protection, a contract must be approved by the competent authorities of the Autonomous Community. If you want to buy a house in the form of the project under construction or completed form, advance payments should be provided with a contract or a bank document and presented to the buyer as security accreditation. All this has a value until the notary deed is signed, because a private document has a value only between the parties and not the third parties.

Public Document: Known as a public document, of which you sign at a notary, who, in addition to advising the parties, guarantees the legitimacy of signatures and publicly attests to the date and contents of the sale. This public document is necessary to register the transaction in the Land Registry. To further guarantee it is advisable to formalize the acquisition deed and then proceed to the registration in the Register.

RECOMMENDATIONS

a) The Property Registry, is intended to ensure that the property you buy matches the one inscribed; is desirable, therefore take note of the location data, ownership, area, community quota allocated for the purposes of participation in maintenance expenses and property services, etc.

b) The seller, in the case of new construction, must provide the documents required by the provisions of the Consumer Protection Act and the license must be shown, as well as municipal permit of use of the building; in the absence of a certificate, a document certifying the suitability of housing for habitation must be shown.

c) When we talk about real estate which is under official protection for conventional and permanent residence, it is necessary to require the seller promissory note, which contains the maximum approved cost, effective area, etc.

d) It is very important that the buyer contact the administrator of the community fees which can provide a document certifying the monthly payment status of the property. The public document should be provided with a certificate from the community fees and of the last payments of I.B.I., because unpaid ones fall on the second owner.

e) For a foreign customer, the notarial deed require the submission of a bank certificate proving that payment is made on foreign exchange from abroad. It will help you as well in case you would like to sell the property one day and to transfer the money from the sale out of Spain.

As you know any real estate transaction involves the payment of expenses and taxes to the government.

COST

a) Fees to the real estate agency, lawyer, etc.

b) Notary fees.

c) Payment to the Property Register.

TAXES

a) The buyer is obligated within 30 days after the purchase to pay tax, which currently stands at 10% of the value declared on the document for the acquisition of property. A higher percentage charged in case of commercial property, garages or a new property.

b) The seller pays council tax on the sale, the amount of which depends on the housing area, as well as the number of years that have passed since the date of its acquisition.