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Buying property in Spain Top 10 tips

The following are good tips for buying a property in Spain:

1. Never sign a contract or any other documen that you do not understand in Spain when buying a property.

2. Always give yourself a cooling off period if you see a must have property and are tempted to put down a deposit there and then

3. If you are arranging finance on the property ensure that this is stated in the contract and that you have an opt-out clause if the loan is not agreed (which should ensure that any deposit paid is refunded).

4. Try to arrange your mortgage finance in principle before agreeing to purchase the property or before signing any contracts and paying over a deposit. Its often best to arrange your mortgage in the same currency as your mair sources of income. This will limit your exposure to fluctuating exchange rates.

5. Always ensure that you seek specialist advice from independent solicitors, accountants, architects and surveyors before considering a purchase overseas. They should be proficient in your chosen countrys laws and processes and also know the specifics involved in buying a property there.

6. Acquaint yourself with local tax laws. If you intend to rent out the property, be sure you are clear on all the local taxes payable. Inheritance tax for example buying a property in Spain.

7. Ensure that you are not inheriting a debt on the property before you purchase, which your solicitor should be able to check.

8. Open a bank account in your chosen country and ensure you get a Certificate of Importation for the money you bring in from your home country. Set up standing orders in a local bank account to meet bills and taxes. Non payment of taxes in some countries such as Spain can lead to court action and possible seizure of your property.

9. Check with the Estate Agent or vendor that you are aware of all the costs levied by the legal and government authorities for purchasing and owning a property in Spain.

10. Remember that bills do not end at the asking price. Lawyers and notaries fees, taxes, insurance etc must all be met in your host country and can often be more expensive than you expected.