THE RIGHT ESTATE AGENCY
Choosing an effective Estate Agent can make property purchase a pleasure from the start. The agency should offer a good selection of properties and provide assistance to help you become familiar with the area. Selecting a professional agent, like Bahia Estates will save you time and money.
REAL ESTATE TAX RECEIPT
Once you have chosen your property, review the important legal details. Check the receipt for the paid IBI, the Impuestos sobre Bienes Inmuebles, the annual real estate tax. This receipt gives the all-important Valor Catastral, the official assessed value of the property, on which your property owner's income taxes will be based. Check with the local town hall that the receipts have been paid.
Any outstanding balance may be requested of the vendor. For new properties, ask the seller to show you the Declaration de Obra Nueva, the declaration of new construction, together with a copy of the Declaraci6n de Alteraci6n de bienes de naturaleza Urbana, the declaration of alteration of property of an urban nature, which both demonstrate that the property has been registered for eventual payment of I. B. I.
PROPERTY OWNERS COMMUNITY
The community of owners is the legally registered body, which administers the urbanisation or apartment building. Check the latest receipt for the payment of monthly or yearly maintenance charges - cuotas de comunidad - and discover how much you will have to pay. Ask the president or the administrator for a copy of the meeting minutes and the community regulations. The minutes should highlight problems, such as failing water supply and the regulations will confirm your rights.
INSTRUCT A LAWYER
A local lawyer must be instructed for your protection . Bahia Estates can provide a list of experienced lawyers fluent in the language of the client who will undertake all the necessary checks, carefully and swiftly. Most lawyers will tell you in advance what their fee will be. This could be about € 750 on a purchase of € 20.000, although more if things get complicated. Allow 1 % of the purchase price. Using a lawyer in your home country could double or treble the bill !
CHECK THE PROPERTY REGISTRY
The Registro de la Propiedad, the land registry office, is very important. The title owners of the property or land are registered here and are available to public inspection. Use it to find the name of the registered owner of the title deeds to the property. Any mortgages or claims against the titleholder will normally be registered in the Land Registry. Thus consult the registry to find out whether there exists a mortgage or embargo on the property. Do not buy a Spanish property until you have obtained a current Nota Simple (an extract from the title) from the Registro de la Propiedad.
CARE WITH CONTRACT
Within a month of securing your property with say a 10% deposit, you should be ready to make a conveyancing deed, called in Spanish Escritura de Compraventa. Ensure that it contains an assurance by the sellers that the property is sold free of charges, tenants and mortgages.
The buyer and seller, or their authorised representatives must sign this contract in the presence of a Spanish notario, who certifies that the contract is officially made. The notary does not certify that all statements are true, only that the parties have sworn to them.
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