This protects your payments in the event the developer fails to complete the property or goes bust. Finally, make sure that you have insurance for your property, ensure all service contracts are in your name telephone, water, electrics etc. Just as in the UK, you can authorise someone normally your lawyer to act on your behalf with regard to your legal matters in Spain.
This is often wise, as travelling to Spain to sign documents can become inconvenient or mean that you miss an essential signing date through ill-health or travel disruption.
A Power of Attorney can be either general or limited to a specific function for example, the signing on your behalf of the escritura Deeds to your intended property. So, apply for this as soon as you start looking for a property. Currently, you must apply for your NIE number in person although the rules on this tend to change from time to time; your estate agent or lawyer, who should help you.
You can purchase Spanish property very quickly, if you are a cash buyer and you have an NIE number. Certainly, it is not unknown for the Spanish in particular to see a property and be the owner with full access later on the following day. However, this is not the way to proceed for any foreign buyer and you should never rush to buy — or be rushed.
Rather, you must always allow your lawyer and building surveyor ample time to do their proper investigations. A good estate agent will help you in your search for a property but it is important to remember that just like in the UK, they represent the seller.
You need your own representation in the form of an independent lawyer that you choose. Needless to say there are many estate agents operating in Spain, of all nationalities, with British agents or agents with English language ability common in most coastal areas.
So, finding an agent with whom you can communicate is rarely a problem. But finding a good one is key to your success. Throughout many areas of Spain registration of an agent is not compulsory and, even in the areas in which it is obligatory, the industry is considered unreliable. Does the agent belong to a professional association such as the AIPP aipp. Under no circumstances should you ever sign any document from an agent without your lawyer present or having reviewed it first.
So what should you expect of your agent? They should be proactive, know the local market thoroughly and be prepared to spend extra time with you offering all sorts of general advice and assistance. Anyone who takes ages to get back to you on your first inquiry does not bode well for the search ahead. Estate agency commissions vary widely across Spain but tend to be high as the agent does do a lot more for the overseas buyer than a typical UK agent.
In general, it's common for sellers to pay an agent commission, but this percentage can vary depending on where you're looking to purchase. Once you have narrowed down the area within which you want to buy, you should find a lawyer who can act for you. This is a vitally important move, with the services of an excellent lawyer critical to the success of any purchase of a fully legal, sound, Spanish property, devoid of any potential liabilities.
Furthermore, always insist that all advice from your lawyer is put in writing, something that many Spanish lawyers are reluctant to do. This concentrates the mind of any lawyer and helps to ensure a higher standard of professionalism. Finally, always get your lawyer to inspect any paperwork or contract before you sign it, whether it relates to a property or other services i.
When you're close to finalising the exchange you will need to apply for NIE Numero de Identidad de Extranjeros — your Spanish tax number. How this is used will be explained in the next section of our Spanish property legal guide. The tax you pay when you buy a property in Spain will normally depend on whether you are a tax resident there or not.
Tax residence is determined by a number of factors — including how long you spend in that country, if your main home is there and if your main economic interest is there. If you become a tax resident in Spain, then you would normally stop paying taxes in your home country and pay there instead.
Stamp duty is payable at the rate of 1. This will need to be paid to the Spanish Treasury within 30 days of the date the title deed is signed. You may also need to pay Plusvalia, which is a tax based on the increase in the value of the land since the last transfer, although this is not normally a huge amount. More Details. Where to Buy Property in Spain As always, location is key. How to Buy Property in Spain Buying an overseas property is an exciting thing to do and Spain is a great place to choose.
The lure of the dream villa in Spain is still as strong as ever with more Brits having bought property in Spain in order to regularly holiday there or relocate permanently. With villas, fincas, apartments and larger houses for sale, there is a great range of property in Spain and Rightmoveoverseas. Property in Costa Blanca is some of the most well-liked property in Spain as the Costa Blanca is one of the most popular destinations for Brits, whether it is for a summer holiday or a destination for a second home, property in Costa Blanca is first choice for many.
Property in Costa Blanca is well liked for its close proximity to the major tourist destinations of Benidorm and Alicante; and Costa Blanca itself is made up of over kilometres of coastline within the Province of Alicante in Spain.
A popular Costa for tourists looking for beautiful beaches, sun kissed villas in Costa Blanca and great food; the Costa Blanca extends from the towns of Denia from the north to Torrevieja in the south and has a well developed tourism industry. Property in Costa del Sol Property in Costa del Sol is becoming increasingly popular as golf properties in the Costa del Sol and golf resorts in the Costa del Sol have become hot picks for both investors and holidaymakers.
Recently, the Costa del Sol has become known as the 'Costa del Golf' due to the growing number of high quality golf courses and resorts; many of which are centred around Marbella. The Costa del Sol, which, translated means 'sunny' or 'sunshine' coast, was once made up of many small, quiet fishing villages; the region now, however, has transformed into a world renowned tourist destination with high-rise settlements and chic villa resorts running the length of the coastline.
If your dream overseas property lies in Spain, head south and invest in property in The Costa Tropical. Framed by the Sierra Nevada national park, fringed by beautiful seas and nestled between Almeria's desert-like coast to the East and the thriving beaches of the Costa del Sol to the west, lies the 'secret coast' of the Costa Tropical!
Property in The Costa Tropical is relatively inexpensive as mass tourism has yet to hit the Spanish Costa; so if you want to purchase property in The Costa Tropical, venture southwards to pick up bargain properties while they're there to be had! The Costa Tropical, with more than years if history and historic sites such as the world famous Alhambra, lush gardens and breathtaking castles; is the next Spanish property hotspot with one of the healthiest climate in Europe and second in the world!
Property in the Canary Islands The Canary Islands, all of volcanic origin, are much closer to the coast of Africa than to mainland Spain and those who purchase property on the Canary Islands benefit from the remarkably mild climate the islands have; thanks to their mid-Atlantic location.
While the Canaries are best known for their pristine beaches, property in the Canaries offer views of strikingly diverse landscapes. Whether you invest in property in Gran Canaria, property in Fuerteventura, property in Lanzarote, property in Tenerife, property in La Palma, property in Gomera or property in Hierro, you will be surrounded by either sub-tropical rainforests, arid plains, pine woods, sand dunes, mountain peaks or remarkable flora. The main tourist resorts are excellent for water sports, windsurfing, sailing, fishing, tennis, golf and so on.
The local people take great pride in their folklore traditions and the carnival festivities are famous throughout Spain. The Balearic Islands; Minorca, Majorca and Ibiza; are amongst the most popular holiday destinations in the whole of Europe and their excellent climate, beaches and natural beauty attracts visitors and investors form around the world. Property in Majorca is attractive to investors as Majorca is the largest and most commercial of the island.
Since , when package holidays were first available on the island, it has been a well liked holiday destination. Many return for holidays each year and so have invested in property in Majorca. Buying a property in Majorca will always be a good investment as property in the Balearics remains highly rentable.
Apartments in Majorca and villas in Majorca will rent to both families and young holidaymakers when you are not using the Majorca property yourself and be a fantastic retreat when you do want to get away. Though it has a reputation for being a party island, Ibiza also has a quieter side and attracts families and couples to its white sands and clear waters, away from the revellers and busy club resorts. And property in Ibiza is some of the loveliest property in the Balearics.
Apartments in Ibiza and villas in Ibiza are rentable throughout the year thanks to the islands days of sunshine; so purchasing property in Ibiza whether for investment purposes or personal use will guarantee you returns on your Ibiza property.
The charm of Spain's village homes.