Netlex, Your legal advisor in Marbella!
Buying a home in Spain is one of the most important procedures that a person faces throughout his life.
Since there are various procedures that must be carried out and to verify that the sale is carried out correctly, we always advise hiring the services of a professional expert in the field.
“Netlex” is an advisory firm for companies and individuals, who will be able to help you and advise you on the purchase and sale of a property in Spain.
We now present a brief summary of the steps and procedures that must be carried out:
BEFORE ACQUIRING THE PROPERTY IN SPAIN:
- Supervise that the property to be acquired complies with the local planning regulations in Spain . In the town hall of the town where the property is located in Spain, this information can be obtained from the urban planning delegation.
- Verify that the property in Spain has the energy efficiency certificate . The vendor must provide this certificate, which is usually done by an architect or expert for about € 150.
- Verify that the owner of the property has no debts with the community of owners. If it is not up to date with payments, the new acquirer will be liable for the payment of the outstanding debts of the previous owner.
- Verify that the owner of the property is up to date with the payment of the real estate tax . If it is not up to date, the property responds for the payment of arrears.
- Agree with the transferor, the way in which it will be subrogated in the existing supply contracts in the home (water, electricity, telephone, insurance).
- Request a simple note of the property in Spain in the Property Registry to know the charges that could exist on said home (example, mortgage)
AT THE TIME OF THE PURCHASE OF A PROPERTY IN SPAIN:
- Signature of the public deed before a notary public in Spain
- Payment of notary fees in Spain .
- If the home is new , in addition to the purchase price stipulated in the deed, you must pay the seller the value added tax (VAT -10% / on the sale price) and you must also pay the Tax Documented Legal Acts (AJD-1 , 5%) through model 600.
- If the home in Spain is a second transfer , in addition to the purchase price stipulated in the deed, you must pay the property transfer tax (ITP, between 8% – 10% depending on the value of the home) through model 600 and depending in which region the property is located..
- The model 600 is paid at the liquidation office, and the payment letter for the model 600 must be accompanied, and the property purchase deed.
- Subsequently, the public deed, once the model 600 has been paid, is presented in the Property Registry , so that it can be registered.
- Payment of Property Registry fees in Spain.
With all the above, the operation would have already finished.
AFTER THE PURCHASE AND REGISTRATION OF THE PROPERTY IN THE LAND REGISTRY IN SPAIN:
The owner must comply with the following obligations:
- a) Pay annually tax on real estate (IBI) and garbage.
- b) Annually declare the home in the personal income tax and / or wealth tax declaration (when the assets in Spain exceed € 700,000).
- c) Pay the community of owners monthly or quarterly.
- d) Pay monthly or yearly utility bills (water, electricity, telephone, insurance, etc.)
On certain occasions, it might be convenient to purchase a property through a commercial company in Spain , depending on the specific casuistry. To carry out an analysis of the existing situation, we advise you to go to experts in the field for specific advice.
