 |
|
| >Home > Practice Areas > Real Estate | |||||
|
|||||
REAL ESTATE - SPAIN SPAIN - An overview A land well-known for flamenco, bull fighting and siesta, Spain remains the destination of choice for many people planning on buying property abroad. Spain offers a pleasant climate and easy life style, coupled with unspoilt countryside, beautiful sandy beaches along with lower air fares which allows for frequent visits. Across its continent, Spain is made up of rugged and mountainous areas (including the Sierra Nevada), beautiful countryside to long stretches of sandy beaches. Most of the housing is built around these flatter strips of the Mediterranean coast. There is aplenty to absorb with its rich abundance for culture and style. From ancient ruins to Gothic cathedrals, there are many museums to soak in the delights of artists – Goya, Dali or Picasso. Renowned and bustling cities of Spain include Barcelona and the capital city of Madrid. Spain is built up of many regions including: Andalusia, Aragon, Asturias, Baleric Islands, basque Country, Cantabria, Castila La Mancha, Castilla y Leon, Catalonia, Extremadura, Galicia, Madrid, Murcia, Navarra, La Rioja, Valencia. What is an NIE? When buying or selling a property in Spain you will need something known as a numero de identidad de extranjero (NIE) which translates as identification number for foreigners. You will need this number by the time you come to sign the title deeds of purchase before a notary (known as the escritura). You can apply for an NIE in person in Spain at any Policia Nacional Station or via a Spanish Consulate. You will require the following documents when applying for an NIE: - Your passport including a photocopy - 2 recent passport sized photographs - A copy of the Contract of Sale (This is usually provided by the estate agent, vendor or developer when buying property) - 2 copies of the application form filled out and stamped (at the Consulate). *Do not sign the form if you decide to apply via a Spanish Consulate as it will need to be signed in the presence of a consular official. - A self addressed envelope. An envelope large enough to send all above documents addressed to: Comisaria General de Extranjeria y DocumntacionWhen buying or selling a property in Spain you will need something known as a numero de identidad de extranjero (NIE) which translates as identification number for foreigners. You will need this number by the time you come to sign the title deeds of purchase before a notary (known as the escritura). You can apply for an NIE in person in Spain at any Policia Nacional Station or via a Spanish Consulate. You will require the following documents when applying for an NIE: Your passport including a photocopy 2 recent passport sized photographs A copy of the Contract of Sale (This is usually provided by the estate agent, vendor or developer when buying property) 2 copies of the application form filled out and stamped (at the Consulate). *Do not sign the form if you decide to apply via a Spanish Consulate as it will need to be signed in the presence of a consular official. A self addressed envelope An envelope large enough to send all above documents addressed to: Comisaria General de Extranjeria y Documntacion Direccion General de Policia C/General Pardinas, 90 28006 Madrid You can obtain an NIE application form by clicking here. It is best to check with the Consulate over fees for obtaining a stamped NIE form.">clicking here. It is best to check with the Consulate over fees for obtaining a stamped NIE form. Buying Property in Spain
Purchasing a property in Spain is a highly regulated process. Many checks are necessary to ensure the property is free of debts and restrictive clauses. You wouldn’t want to purchase a property to find out later that the seller didn’t have the right to sell. It is therefore recommended that you instruct an independent lawyer from the start of your interest. Your lawyer can help provide you with something called a Nota Simple. A Nota Simple is a certificate that proves that the property you intend to purchase has been registered by the local property registry. A Nota Simple will prove that there are no outstanding debts on the property and that it is owned by the owner. With this in place and a price agreed, you (the buyer) and the vendor are advised to sign a preliminary contract (Contrato privado de compraventa). Although this preliminary contract is not mandatory, it is recommended incase unforeseen circumstances arise later in the sale. The preliminary contract (sales agreement) will specify all the details surrounding the property including a description, contents, purchase price and any agreed date for completion. With this document signed by yourself and the vendor, it will protect you should the vendor suddenly decide to pull out of the sale. A deposit of between 5-10% is usually paid to the estate agent who holds your funds in a private client account. An arres agreement will protect you further if you are intending to raise finances to purchase the property. An arres agreement will bind the vendor to the terms of the contract and an agreed date for completion should be stated within. If the vendor pulls out of the sale prior to completion, you will be compensated by twice their deposit paid in full. The final contract takes place in front of a Notary Public (Notario) who is required to witness the deed of sale. At this stage all outstanding fees will be paid by the purchaser including the Notario fee and property sales tax including Plusvalia (a tax applied by local town hall based on the size of the land and location). The escritura de compraventa is similar in relation to the property deeds. This contract will be signed by the Vendor and Buyer in front of a Notario who once given you the deed of conveyance, will register the property in your name. If you would like our assistance in obtaining either a NIE, Power of Attorney or would simply like our legal assistance in your purchase, please contact our Client Services Department at info@giambronelaw.com |
|||||
REAL ESTATE |
|||||
