Know Velocity

Many Europeans now embrace the concept of purchasing a home in a different country. Because these properties offer a good level of capital growth, lower airfares and low European interest rates have made buying in countries like Spain more attractive. Spain has a quick flight time and a great climate, and much achievable prosperity. If you’re willing to disregard bad press and follow some basic rules it can be very safe to buy in Spain. Here is your basic buyers guide for purchasing real estate in Spain:

• When considering purchasing property first look to arrange your finances.
  Use an expert in Spanish mortgages to help you.


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


• Set yourself a maximum budget and stick to it
• Be prepared for time deadlines to be protracted.
  
• Do not commit yourself to a private purchase contract until you have the funding that you need.
  
• The Spanish purchase process is not the same as it is in the UK and other places
• Fully realize 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 overseas do not get the results they seek because they either asked the wrong questions or did not ask questions at all before hand. Before you sign a contract, you need to think about the next few questions, and others that you may have:

• Is the site where the property is located listed as urban or rustic? What are possible consequences of buying on property that is listed as rural?


• What costs will need to be taken into account, such as typical attorney’s fees and taxes?


• 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 a result of a foreclosure or direct sale?


• Will there be any under declaration in this purchase?


• Will further costs be incurred by you such as capital gains, inheritance, income or other taxes?


• Do you need to pay any extra deposits? At what point in the procedure are they considered nonrefundable?


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

Filed at 8:12 am under Counseling, My Region, Real Estate Profits
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