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Many residents of Britain and North Europe are finding the idea of buying foreign property a more desirable and realistic goal. With a drop in the cost of air fares, interest rates in Europe becoming lower, and the property itself offering capital growth, countries like Spain have become more enticing to potential buyers. Spain has a quick flight time and a great climate, and much possible prosperity. Although buying property in Spain has received a bad rap, you can get a great deal if you follow a few underlying guidelines. Here is your underlying buyers guide for purchasing real estate in Spain:

• Get your finances together before you do anything else.
  Use an expert in Spanish mortgages to help you.


• Before you sign any binding contracts, seek expert legal advice.
  


• Take care not to reach beyond your financial limits.
• You should expect that time deadlines will be protracted.
  
• Wait until you have the funding in place before committing yourself to a private purchase contract.
  
• Be prepared for the Spanish purchase process, which is different in Spain than in the UK and elsewhere in Europe.
• Fully understand the way taxes are accrued based on the specific ownership structure that you choose.

Before making any purchases in Spain, it would be advisable to first approach your lawyer with a series of questions to be answered. There have been a lot of situations where buyers from abroad do not get the results they seek because they either asked the wrong questions or did not ask questions at all before hand. Before completing the transaction, you should get answers to the following questions:

• Is the property’s land pastoral or urban? What complications can come from buying land that is rustic.


• What costs will have to be accounted for, including standard legal costs and tax costs?


• Are licenses already in place, for instance property contracts or first liens of residency?


• If the property is under a decade old, does it include a 10 year building warranty?


• Is this purchase being bought direct or as part of a cessation of contract?


• In this specific purchase, will any be under declaration?


• Are you responsible for any additional costs such as, capital gains, inheritance, wealth or income taxes?


• Do any deposits need to be paid? At which stage of the transaction are they deemed nonrefundable?


• What lawyer costs and other legal fees will need to be paid?

This entry was posted on Sunday, September 20th, 2009 at 5:55 am and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.