Buying property in Spain is an excellent opportunity to become the owner of a home that will bring a lot of positive emotions. Firstly, it is important that you start living in a beautiful country, where the climate, nature, high standard of living, beauty of cities and coasts, exotic national holidays and many attractions are unique and attract the attention of many people from different countries of the world. Apartments in Spain are your path to a happy, comfortable life.
Wherever you turn your gaze, every corner of Spain has many attractive features: be it a large city or a small town in the outback of the country, you can find excellent apartments for sale in Spain. You just need to be determined, collect enough money, and you can begin the process of buying Spanish real estate.
However, a barrier to purchase for many potential buyers is the fear that investing in foreign real estate can be a daunting, if not insurmountable, task. Lack of sufficient language proficiency, knowledge in the field of legal regulation of the real estate market, legal and financial subtleties of the transaction process often lead to refusal to purchase. Therefore, it is very important to try, before giving up your dream, to understand the legal aspects of the Spanish real estate market and understand that there is nothing too complicated.
The country’s government fully encourages the investment of foreign capital in Spanish real estate, and Spanish legislation regulating the purchase of housing by foreigners is reliable and aimed at comprehensively protecting the interests of both buyers and sellers. If you plan to independently search for suitable apartments in Spain and then purchase them, then you need to carefully familiarize yourself with the legal processes and rules that you will encounter at all stages of the purchase.
A brief overview of the legal aspects when purchasing apartments in Spain
The most important component of any Spanish real estate transaction is the legal verification of the selected property, which includes:
- studying documents;
- certification of legal ownership of apartments;
- checking for debts and other burdensome circumstances, etc.
Once you have made your choice, you need to enter into a pre-booking agreement with the seller, which should include:
- terms of a transaction;
- agreed price of the property;
- the amount of the deposit;
- timing of the purchase;
- force majeure clauses;
- conditions for termination of the transaction.
Once the preliminary agreement is signed, a deposit will be required, which is generally non-refundable in the event of termination unless agreed otherwise. The deposit will be taken into account when full payment of the cost of the property is made.
The completion of the purchase takes place in the presence of a notary on a pre-agreed date. The purchase and sale agreement is signed at the notary’s office, after which the buyer is given ownership of the property. The notary will also register the purchased apartments in your name in the Land Registry. It is necessary to pay in full for the purchase, as well as all associated taxes and fees such as value added tax or transfer tax, notary, registration fees, commission, etc.
It should be noted that even if you plan to independently carry out all the necessary procedures for searching for apartments for sale in Spain and their subsequent acquisition, you need to engage the services of a qualified lawyer to provide some, firstly, professional advice. A specialist will explain to you the intricacies of the process, help you study documents and check them, and ensure compliance with legal requirements. The participation of an experienced lawyer will protect you from unforeseen circumstances and minimize risks.
As a result, the legal aspects of purchasing apartments in Spain are not an insurmountable obstacle to overcome. If you have the necessary knowledge and the help of experienced specialists, purchasing Spanish real estate will be easy and unhindered. Therefore, it is certainly worth making your cherished desire come true, and soon you will become the owner of a beautiful, comfortable apartment in beautiful Spain.
