Many UK and North European citizens are finding the idea of buying abroad more attractive and achievable. Since sufficient capital growth is offered, lower air prices and interest rates have made purchasing property in Spain more desirable. You will enjoy lots of sunshine and it’s just a short trip to Spain. Buying in Spain may have gotten some bad press recently, but it can be safe if you follow some basic rules. The following is a fundamental guide for those interested in buying real estate in Spain:

When considering purchasing property first look to arrange your finances.

Use an expert in Spanish mortgages to help you.

Take expert legal advice before you sign on any dotted lines.

Avoid overstretching yourself financially.

Be prepared for time deadlines to be stretched.

Until you have the required funding, do not sign a contract to purchase anything.

Be aware that the procedure for buying in Spain has its own idiosyncrasies and don’t assume that it will be the same as it is in other markets.

Fully understand the way taxes are accrued based on the specific ownership structure that you choose.

Don’t be persuaded to do anything you wouldn’t normally do.

You should work with a lawyer that isn’t affiliated with your current sales agent.

In order to keep your best interests a priority the counsel of neutral third party is required.

Prior to deciding to buy, you should get answers to a list of vital questions from your attorney in Spain. Many examples of people buying foreign property have negative results because they didn’t ask the right questions before they began the transaction. Before signing on the dotted line you should get answers to some of the following:

Is the property’s land pastoral or urban? What are the implications of purchasing on land that turns out to be rustic?

What costs will have to be accounted for, including standard legal costs and tax costs?

Are there any licenses in place, such as building licenses or first licenses of occupancy?

If the property is under a decade old, does it include a 10 year building warranty?

Did you purchase this product directly or was it a cessation of contract?

In this specific purchase, will any be under declaration?
Be sure to ask what extra costs you might be liable for, such as taxes on capital gains, inheritance taxes or income tax.

When in the process are refunds no longer possible?

Are there any additional legal costs or fees to be paid?