{"id":4138,"date":"2015-02-03T08:00:08","date_gmt":"2015-02-03T08:00:08","guid":{"rendered":"http:\/\/www.asociacion-eurojuris.es\/en\/?p=4138"},"modified":"2020-04-11T07:23:00","modified_gmt":"2020-04-11T07:23:00","slug":"practical-aspects-of-the-purchase-of-property-in-spain","status":"publish","type":"post","link":"https:\/\/www.asociacion-eurojuris.es\/en\/practical-aspects-of-the-purchase-of-property-in-spain\/","title":{"rendered":"Practical Aspects of the Purchase of Property in Spain"},"content":{"rendered":"

The acquisition of property in Spain is a simple process within a legal system that grants substantial security to the parties involved if all steps occur correctly.\u00a0 There are no restrictions on foreign investors who may count on freely investing\u00a0 in Spain.<\/p>\n

Below we include the fundamental steps to follow to acquire property in Spain.<\/p>\n

<\/p>\n

Previous steps<\/strong><\/em><\/span><\/h2>\n

The first step is to verify the ownership of the property as well as any encumbrances it may have. \u00a0We recommend that you analyse the situation of the property featured in the Registry of Ownership as well as the name of the seller. \u00a0Spain uses a system that gives substantial protection to registered names of property, and this practice establishes a more secure system.<\/p>\n

Equally important is the urban ranking of the property.\u00a0 An interested buyer should also check the urban ranking of the property as well as any licences associated with it depending on the activity intended for the property and other potential issues such as if the property is up-to-date with the paying of its taxes.<\/p>\n

A lawyer with real-estate expertise with the Spanish property system is valuable to perform these steps when acquiring property.<\/p>\n

Deposit contract<\/strong><\/em><\/span><\/h2>\n

It is usual to sign a contract with a reserve or deposit; the finality of this means that the buyer can block\u00a0 the possible sale of the property, and the seller can secure the purchase.\u00a0 If, at the end, one of these parties fails to complete its obligation to sign the buying\/selling of the property, the corresponding penalties apply. \u00a0In this case, the parties will have agreed to the penalties, and, if appropriate, the buyer would lose its deposit.<\/p>\n

To ensure the best interests of the signing party, it is recommended to have a lawyer review the contract.<\/p>\n

Public writing<\/span><\/em><\/strong><\/h2>\n

For the transmission of the property to have access to the Registry of Ownership and enjoy the protection that the Registry permits, a public writing is a requirement to feature the buying and selling of the property. \u00a0For this, it is obligatory that the signatures involved in the buying and selling process occur before a Spanish notary who, among other matters, will give a certificate of identity and authentication to the signing parties.<\/p>\n

Normally, a buyer\u2019s and seller\u2019s lawyers coordinate and revise the preparation of the public writing with the notary. \u00a0The signatures within the public writing can occur personally by the parties or by the correspondent to have the necessary formalities.<\/p>\n

The signature before a notary generates corresponding tariffs or costs.<\/p>\n

Matters following the signing<\/strong><\/em><\/span><\/h2>\n

Following the signing of the document, the buyer must pay the following taxes, depending on if the property is new or has been previously owned (\u201csecond-hand properties\u201d):<\/p>\n

i. New properties:\u00a0 The buyer must pay the IVA (Added Value Tax), which is 10%, except in some autonomous communities where it may be less. \u00a0The buyer also has to pay the tax of Documented Legal Acts, which depends on each autonomous community, ranging from a minimum of 0.1% to a maximum of 1.5%. \u00a0The maximum that the buyer will pay is therefore 11.5%.<\/p>\n

ii. Taxes on second-hand properties:\u00a0 The buyer must pay the Tax of Asset Transmissions, which can vary between 6% and 10% depending on the autonomous community.<\/p>\n

In addition, the seller must pay the tax of \u201cPlusval\u00eda,\u201d which taxes the rise in the value of the property. \u00a0Each local government can apply its own rules to determine the cost of this tax, but the maximum rate is 30%. \u00a0The parties can agree that the buyer pays this tax. \u00a0In exceptional circumstances, if the seller is not a resident where the local government applies regulations, the seller may be obligated to pay the tax. \u00a0For this reason, it is especially important to regulate this issue.<\/p>\n

After the buyer and seller have paid applicable taxes, we recommend recording the writing in the Real Estate Registry. \u00a0This will generate the corresponding fees or registry costs.<\/p>\n

If the buyer or seller is a foreign national, the corresponding communication should be made with the Ministry of Economy. \u00a0The Ministry exercises a control over the investments and disinvestments only to statistical effects. \u00a0However, the incompletion of this communication could create a great nuisance.<\/p>\n

Marina Bugallal<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

The acquisition of property in Spain is a simple process within a legal system that grants substantial security to the parties involved if all steps occur correctly.\u00a0 There are no restrictions on foreign investors who may count on freely investing\u00a0 in Spain. Below we include the fundamental steps to follow to acquire property in Spain.<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1064],"tags":[],"class_list":["post-4138","post","type-post","status-publish","format-standard","hentry","category-pubications"],"yoast_head":"\nPurchase of Property in Spain<\/title>\n<meta name=\"description\" content=\"With proper legal advice it is a simple process for foreign nationals to acquire a property in Spain.The spanish legal system grants substantial security,\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.mariscal-abogados.com\/practical-aspects-of-the-purchase-of-property-in-spain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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