How to buy property in Spain has been a favorite question for buyers for some decades. Now investors are catching on. Spain has a magnetism that is hard to explain and that few other countries possess. It’s not only the spectacular scenery, fantastic beaches and yearlong sunshine. It appears to be something about the easy, relaxed pace of life and the exuberance and happiness of its people, which draws people back year after year and makes them reluctant to leave. Plus, of course, it has the lowest cost of living in Europe! But of course, it’s just this magical quality that you need to beware of when it comes to purchasing property! It is deceptively simple to fall in love with a house that’s bathed in sunshine, with a sensational view, and let all common sense fly out of the window as thousands of British buyers have discovered to their cost. Stranded with no property and no money, many are wishing they had never heard of Spain. So if you are serious, you want to understand how to buy property in Spain in a way that will improve your lifestyle, and won’t leave you out of pocket. Here are a few suggestions to guide you in the right direction. Once you have decided on a place, book into a hotel for a number of days and explore. Ideally, do this in the least attractive time of year weatherwise. Pretend you are a journalist and attempt to find as many drawbacks as you can. When it’s in a hotel area, would you fancy it when most vacationers have gone home? If it’s in a rural location, would you feel cut off in the winter months? If one of its attractions is that it’s near an airport, how would you feel if your airline stopped flying to that airport? This one’s a biggie. Hire an attorney whom you can really trust and who really understands all aspects of Spanish real estate law, such as planning and zoning laws. Visit my link, if you are seeking for additional information about murcia property.
Your consulate may be able to provide you with a list of recommended attorneys. Do you know how many individuals are left bankrupt, with their dreams in shreds, because they did not check planning regulations? Either they didn’t check that they had full title to the land, or they failed to ensure that the property they were purchasing was legally built on that land. If this occurs, the authorities will just demolish the property, leaving you with nothing. And this has happened to plenty of people. Remember also that in parts of Spain, even if the property is legally built on the land, the authorities can take back the land if they decide they need it for municipal development. And there is nothing you can do about it. This is known by English speakers as the “land-grab” and has occurred, for example, in areas of Valencia such as the Costa Blanca. Though this was declared illegal under European law, many foreign property owners continue to be threatened with loss of the property. So do take quite clear and thorough legal advice before proceeding. Before you begin your search for a property, write down your budget and keep looking at it. From the Spanish sunshine, after a couple of glasses of Rioja, it’s easy to be seduced by a gorgeous property that you really can not afford. Be cautious about your budget and stick with it. When you have started in earnest on your property search, view the properties as frequently as you wish. If any owner would like to restrict you to a single screening, walk away. Be careful to check such details as phone connections, and broadband if this is valuable to you. Following your initial viewing, plenty of questions will happen to you so write them down before next time.
Try to visit in different weather conditions and at different times of the day. For financing, the simplest way to increase a mortgage is often by visiting a Spanish bank. You can usually get around 80 percent of the purchase price like that. Alternatively, you might prefer to refinance your existing property. Do not forget that in Spain there are first charges which need to be paid up front. These include transfer tax, stamp duty, fees to the notary public, and name changes to the deed. You should allow about 10 percent of the purchase price to pay for them. When you have finally got to the point of buying your property, the first thing you do is sign a “reservation” agreement. In other words, the vendor has to withdraw the property from the market. Once the lawyer’s search is complete, you and the seller sign the “sale and purchase” contract. This is legally binding and all the details of the property have to be correctly entered. On completion day, you and the vendor, both with your lawyers, attend the office of the notary public to sign the final contracts. The process is now complete. Relax with a glass of wine and enjoy your new property. These hints about how to buy a property in Spain should ensure that the process goes smoothly and that you don’t fall into some of the drawbacks which many expatriates have struck. Just ensure you have covered all of the legalities, that you could trust your lawyer or lawyer, and that all of the paperwork is correctly filed. It appears a hassle at the time. But it will let you enjoy and profit from your new property for the rest of your life.