Spanish Mortgages – Discover The Reality About Them

The way to buy property in Spain has been a popular question for buyers for a few decades. Now investors are catching on. Spain has a magnetism that’s hard to describe and that few other nations possess. It’s not just the spectacular scenery, fantastic beaches and yearlong sunshine. It appears to be something about the easy, relaxed pace of life and the exuberance and joy of its people, which draws people back year after year and makes them reluctant to leave. Plus, of course, it’s the lowest cost of living in Europe! But of course, it’s just this magical quality that you will need to beware of when it comes to buying property! It is deceptively simple to fall in love with a house that is bathed in sunshine, with a sensational view, and allow all common sense fly out of the window as thousands of British buyers have discovered to their cost. Stranded with no property and no money, many are wishing they had never heard of Spain. So if you are serious, you need to understand how to buy property in Spain in a way that will enhance your lifestyle, and won’t leave you out of pocket. Below are some suggestions to point you in the ideal direction. As soon as you have decided on a place, book into a hotel for some days and explore. Ideally, do this at the least appealing time of year weatherwise. Pretend you’re a journalist and attempt to find as many drawbacks as you can. If it’s in a hotel area, do you fancy it if many vacationers have gone home? If it’s in a rural location, do you feel cut off in the winter season? If one of its attractions is that it is close to an airport, how would you feel if your airline stopped flying into that airport? This is a biggie. Employ an attorney whom you can really trust and who really understands all aspects of Spanish real estate law, such as planning and zoning laws. If you are looking for more information on spanish mortgages, click on this page.

Your consulate may be able to provide you with a list of recommended attorneys. Do you know how many individuals are left bankrupt, with their dreams in shreds, because they didn’t check planning regulations? Either they did not check that they had full title to the land, or they failed to ensure that the property they were buying was legally built on that land. If this happens, the authorities will simply demolish the property, leaving you with nothing. And this has happened to plenty of people. Remember also that in parts of Spain, even if the property is legally built on the land, the government can return the land if they decide they need it for municipal development. And there’s nothing you can do about it. This is known by English speakers as the “land-grab” and has occurred, for instance, in areas of Valencia such as the Costa Blanca. Though this was declared illegal under European law, many overseas property owners are still threatened with loss of their property. So do take quite clear and thorough legal counsel before proceeding. Before you begin your search for a property, write down your budget and keep looking at it. From the Spanish sunshine, after a couple of glasses of Rioja, it’s easy to be seduced by a gorgeous property that you really can not afford. Be cautious about your budget and stick with it. When you have begun in earnest in your property search, view the properties as frequently as you desire. If any owner would like to restrict you to a single screening, walk away. Take care to check such facts as phone connections, and broadband if this is valuable to you.

After your initial screening, plenty of questions will occur to you so write them down before next time. Try to visit in different weather conditions and at different times of the day. For financing, the simplest way to raise a mortgage is often by going to a Spanish bank. You can usually get up to 80 percent of the purchase price like that. As an alternative, you may prefer to refinance your current property. Don’t forget that in Spain there are first charges that have to be paid up front. These include transfer tax, stamp duty, fees to the notary public, and title changes to the deed. You need to allow about 10 percent of the purchase price to cover these. When you have finally got to the point of buying your property, the first thing you do is sign a “reservation” agreement. This means the vendor must withdraw the property from the market. Once the attorney’s search is finished, you and the seller sign the “sale and purchase” contract. This is legally binding and all of the particulars of the property have to be correctly entered. On completion day, you and the seller, both with your lawyers, attend the office of the notary public to sign the final contracts. The process is now complete. Relax with a glass of wine and enjoy your new property. These hints about how to get a property in Spain should make certain that the process goes smoothly and that you don’t fall into any of the pitfalls which many expatriates have struck. Just make sure you’ve covered all the legalities, which you can trust your lawyer or attorney, and that all the paperwork is correctly filed. It seems a hassle at the moment. But it will let you enjoy and profit from the new property for the rest of your life.

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