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Real Estate Lawyers in Marbella
Real Estate Lawyers in Marbella and the process of buying a property in spain: Once you have decided on the property that you want to buy, the process is this: Nota simple informativa With this document from the Property Registry (Registro de la Propiedad), you'll find out if the property is free of debt, if it really belongs to the seller, and if the description of the property matches what the buyer has been told (to avoid surprises about missing square meters).Real estate lawyers in marbella can provide advice on this process. The pre-agreement Between the seller and the buyer there has to be a contract in place until the public deed of purchase is ready. It's usually a simple document in which the seller expresses their intent to transfer the property to the buyer, and the buyer expresses their intent to buy at the price and conditions agreed upon. At this time, the buyer also gives to the seller a percentage of the agreed-upon price. The typical agreement in Spain (called arras) is if the buyer backs out of the contract, they lose the deposit; if the seller backs out, they have to pay double. Of course, the buyer and seller may choose another type of agreement if they prefer. It is advised that you consult directly with one of the qualified real estate lawyers in marbella. The mortgage The documents typically required by a bank are: Your DNI/NIE Your work contract Your last 3 paycheck stubs Your latest income tax return Your pre-agreement with the seller Proof that the property tax (IBI) on the house is paid up. Other mortgages or loans that you may have All property titles, both in Spain and overseas Certificate from work authorities (vida laboral), showing your past work history Records of your assets (bank/mutual fund statements, etc.) Prenuptial agreements, if any Nonresidents: A certificate of nonresidency (form available from the bank) If self-employed: Local tax on economic activities (IAE) If self-employed: VAT tax you paid for the last trimester and last year If you get a mortgage, you will become acquainted with an appraiser (tasador). The bank requires an appraiser to ensure that their loan to you is safe. You will need to pay for the appraiser's work, usually between 300-500 euros. Note that the tasador by law is a licensed architect, so even if you don't need a mortgage, but have doubts about the structural integrity of the house, you might want to hire an appraiser. Real state Lawyers in Marbella can help you ensure that this process runs smoothly and will be able to ensure all aspects are covered from the ground up. The closing The property transfer must be certified by a notary. The deed of purchase will be given to the buyer after the notary reads it and the parties present agree to the contents of the deed. The following must then be presented: proof of identity (or power of attorney) of both parties, the seller's title of property (a form that reports the investment to the Central Register), and the buyer's payment. The buyer and seller sign the contract; beneath their signature, the notary signs using his firma protocolizada and the deed is ready for taxes. Taxes For the buyer: transfer tax and stamp tax (Impuesto de transmisiones patrimoniales y actos jurídicos documentados). If the seller is an individual, the buyer pays a tax of 6% (7% in some regions) of the price specified in the deed. If the seller is a real estate developer and the building or land to be built on represents a first-time transfer, then the buyer pays VAT tax instead, meaning 7% for housing, 16% otherwise. If for housing, you have to add a stamp tax, in this case reduced to 0.5%, depending on the region (for Madrid it's 1.5%). Some special conditions apply for the Canary Islands. For the seller: a local tax called the plusvalia. With a copy of the deed in hand, the seller must go to the City Hall (or wherever local taxes are paid). After filling out the form, the seller will receive in the mail a notice of how much they have to pay. This amount is calculated based on the number of years the property was held, and on the property's valor catastral. Be aware that each town has a different procedure regarding payment of this plusvalia. It's best to ask at the notary's office about this payment. Property Registry If you want to be sure that your rights to the property are fully protected, you must register your title at the local office. (Some small towns don't have an office, some big cities have many -- check the original deed of the seller to find out which office corresponds to you). You will be charged a standard fee (about .4% of the first 6010 euros, going down to .02% for over 6,010,121 euros). It is sometimes wise to have real estate lawyers in Marbella on hand to guide you in this complicated process. What information should I get from my real estate agent? If it's a new construction, you should get: A registry listing (nota simple) of the full plot of land. The CIF and full name of the construction company. The construction permit (licencia de obra). If it's an existing house, you should get: A registry listing (nota simple) of the property. A copy of the deed (escritura). What are the pitfalls in buying a property in Spain? The property is not registered, most likely because it was illegally built. Many unregistered properties are being sold to foreigners, since foreigners are less likely to check the registration. If you find a bargain, chances are it's not registered. Solution: Get a registry listing (nota simple). Too many brokers are involved. We once had to speak to seven brokers to find out the actual facts about a house. Besides communication difficulties, each broker may be getting their percentage. Solution: Ask the broker for their contract with the owner. Real estate lawyers in marbella can source the main elements and paperwork of property purchase to ensure all is in order. What land can I build on? Spanish legislation classifies land as one of three types: suelo urbano, suelo urbanizable, and suelo rústico. This classification is listed in the Planes Generales de Ordenación Urbanística de cada ciudad. The possibilities of construction on each is very different. Suelo Urbano Land of this type has connections to the public networks of potable water, sewage, electricity, etc. The conditions regarding what type of construction can be done on this type of land depends on the regulations for each sector of the city. Suelo Urbanizable This land has the possibility of being reclassified as suelo urbano. For that to happen, a Plan Parcial must first be approved, followed by the approval and execution of a Proyecto de Urbanización. Suelo Rústico Land of this type may not be reclassified as suelo urbano. Construction is very restricted; normally only buildings relating to agriculture and livestock are permitted. A subclass called Suelo Especialmente Protegido, such as Natural Parks, has even more restrictive conditions. When I sell my house, are there any required inspections? No. Unlike the USA, in Spain, there are no required inspections, such as for excessive radon levels or termite damage. Is there any way to find out the actual market value of a property? See discussion of the appraiser. The appraiser takes all factors into account in order to calculate the market value of the property.
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