Hello friends how are you all? Today we are going to talk about How To Check Real Estate In Spain Before The Transaction. Before buying real estate in Spain, all buyers need up-to-date knowledge of the specifics of the market, the legal features of the transaction, laws, and rights, as well as the taxation system.
When the property is found, and the price suits the seller and the buyer, the most interesting thing begins: checking the property and the process of the transaction. Even before making a deposit and a visit to the notary, where the final contract of sale will be signed, you need to make sure that the selected option is legally clean.
How To Check Real Estate In Spain Before The Transaction
Study Cadastral Certificates
You must request an extract from the property register. According to this document, you can check:
- who is the owner;
- what is the burden of real estate;
- are there renters registered or unregistered;
- whether the housing is under the protection of the municipality, whether there are important restrictions and obligations.
Evaluate Tax Liabilities
The taxes you will pay will depend on what you are buying: a new property directly from the developer or a secondary housing. The local laws of the region in which the property is located also play a role.
Check The Construction Permits
You should check with the architecture department of the city Council that the building license is in order and that the property was built legally. This is especially true when buying real estate at the off-plan stage or directly from the developer. In the municipality, you can find out if there are all licenses for the building, and get a supporting document.
Be careful if you are buying a house in the village. The land may be intended exclusively for agricultural use. Take additional precautions: contact the relevant municipality to make sure that there are permits for the use of land for living.
Five years ago, the law was amended. The municipalities received the right to allow construction in some cases even 20 meters from the surf line. About 140,000 houses from the forced alienation zone were granted amnesty and received legal status. Details can be found on the page of the most frequently asked questions about the law on the website of the Ministry of Nature in Spain.
Request The Developer’s Documents
You must make sure that the developer has concluded a civil liability insurance contract and issued a ten-year insurance policy. This will allow you to receive compensation if defects in the building or soil are detected. Insurance must be included in the house register, signed by a notary and registered in the Land Registry. The developer is obliged to conclude an insurance contract to ensure payments against purchase and sale transactions. If the construction is frozen, the money will be refunded to you.
Study The Documents Of The HOA
If you are buying an apartment that is part of a building, it is advisable to check the rules and regulations of the internal order to avoid surprises with neighbors. These regulations may regulate aspects such as the use of swimming pools, terraces and common areas.
After carrying out all the checks, you can proceed to the most important thing – the act of purchase and sale. To do this, sign a contract for the right to purchase, make a deposit (10% of the cost) and notarize the documents.
Our Assistance In Buying Real Estate In Spain
More interesting real estate options from owners in Spain are posted on Spain-Real.Estate. You can get detailed information about buying real estate in Spain and moving to the country for permanent residence from the agent on the website.