Spain offers something to suit all tastes and pockets ... luxury villas with gorgeous swimming pools ... modern ticos (penthouses) possessing spectacular sea views ... pretty bungalows on new urbanizations, some with private golf course.
Perhaps it is the sleepy villages, cobbled streets and open, rural settings that call to you. Should that be the case, bargains abound, for rural Spain is bursting with forgotten properties in need of renovation.
Old fincas (farmhouses) surrounded by hectares of land ... large goat houses desperate to be made into habitable dwellings ... ruined cortijos (cottages) in need of renovation ... abandoned town houses in quaint medieval towns ... empty hunting lodges awaiting rebirth as hostals.
Whichever Spanish style houses and buildings appeal, do be cautious when buying! Perhaps the following guide will help you ...
Although safer to buy property than it used to be, there is no actual law regulating real estate agents so, if you come-a-cropper, remember it is difficult to get money back.
Hire your own lawyer to check papers are in order but, whether you do this or just leave it to the estate agent, make sure of the following:
BUYING SPANISH STYLE HOUSES AND BUILDINGS - CHECK-LIST
1. Check the seller s escritura p blica - deeds to the property.
2. Obtain a nota simple from the Property Registry to ensure
3. Check the referencia catastral/certificado catastral. Is the
4. For new properties on urbanizations, view the plan parcial at
5. For plots of land, check building permits.
6. Ensure all past bills have been paid, including:
- Impuesto Sobre Bienes Inmuebles (IBI) on a resale
BUYING SPANISH STYLE HOUSES AND BUILDINGS - COSTS
Costs will amount to approximately 10% of the value of the property, hopefully less. They include:
1. Fee of notario - fixed by an official scale.
2. Registro de la Propiedad - fee to register property in your
3. Impuesto de Transmisiones Patrimoniales or Transfer Tax. This
4. Plus Val a - a tax on increase in land value since previous
No law exists stating which party must pay which particular tax. Nowadays, the purchaser tends to pay all the above costs, with the seller solely responsible for the estate agent s commission - usually about 5%.
BUYING SPANISH STYLE HOUSES AND BUILDINGS - MISCELLANEOUS
1. The buyer often gives a deposit to reserve the property. This
2. Should the seller withdraw from the sale, the buyer can claim
3. The Sales Contract - Escritura de Compraventa - takes place
4. After signing the Sales Contract, your title will be
5. If you buy a property from a non-resident, you will be asked
And ... hey presto! You are now the proud owners of some splendid Spanish style houses and buildings!