THE PROPERTY PURCHASE PROCESS IN SPAIN
Our specialists offer a full range of services related to the selection of property purchase, the construction of "turnkey" registration of all the documents necessary for the Spanish authorities, the payment of taxes and all services relating to the purchase of a property. .
Upon arrival in Spain, our employee meets directly at the airport. Organize the meeting at the facility of your interest. Once the decision has been made to conclude a sale transaction, a pledge agreement (contrato de Arras) is drawn up with the seller, which specifies the methods of payment, the price, the need for credit, and a deposit of 10% of the value of the property.
From that moment, having secured the exclusive right to purchase this property, the object is removed from the sale. On the basis of the pledge agreement (contrato de Arras), the Buyer is required to open a personal current account in a Spanish bank, into which the money to pay for the purchased property is transferred.
As a rule, after making the first payment, the transaction is concluded within 45/60 days. During this period, the transfer of the necessary money is recorded in the new Spanish checking account. Then begins the payment of the additional costs associated with the registration of the property (taxes, notary fees, registration fees).
After completing the transaction for the purchase of the property, the two parties (seller and buyer) sign a purchase-sale contract (Escritura Publica), which is authenticated. Upon signing this contract, the buyer receives the keys of a certified copy of the purchase-sale contract. The original contract (Escritura Publica) is sent to the property registry, where 20-30 days pass to make the state registration. After the registration of the sales contract (Escritura Publica), the buyer gets his hands on another document, the extract from the property register where it is stated that the buyer has become the full owner of the purchased property.
TAXES
Taxes when buying a property of a house or a private apartment:
1. Transfer property tax for the purchase of residential property (Impuesto de Transmisiones Patrimonial ITP) - 8%,
2. Notary 0,8% - 1,3%
3. Register Property 0.5% - 1.0%
Taxes when buying land for construction
1. Property transfer tax (Impuesto de Transmisiones Patrimonial ITP) -. 8%, if the owner of the site is a legal person - 18% VAT (IVA)
2. Notary 0,8% - 1,1%
3. Register Property 0.5% - 1.0%
All taxes are paid by the notary at the time of signing the contract.
On the sale of properties, approximately 0.5-2% of the cadastral value, to be paid once a year. The cadastral value is about 10/15 times lower than the market value.
ARCHITECTURE AND CONSTRUCTION IN SPAIN
Studio Baldantoni has an office in Spain, which is engaged in the construction of turnkey villas, apartments and hotels, in Catalonia, Costa Brava and Costa del Meresme. For our clients, we offer a complete range of services, from the purchase of land to the design of the property in compliance with all legal regulations, up to the completion of the construction and the registration of all documents necessary for the transfer of ownership. In the realization of a design project with visualization in 3D technology, the planning of every detail is included, obtaining all the necessary permits from the Spanish authorities.
Including we also offer assistance in obtaining a loan for the construction of the house and the complete organization of the construction process, including supervision of the architect who carries out a regular check on the subject throughout the building.
Adjustments for work on drawings, consultation and monitoring of construction compliance performed work in the project documentation, at the same time, in the course of construction accessories, curtains, paintings, ornamental objects, custom-made decorative elements necessary for the decoration of the interior. Finally, a lighting company was hired for the assembly of the same system.
In the supervision directly in the field, suppliers, private masters (furniture, cabinets, etc.), designers also participate.
Finally, all positions of the selected products are approved:
- Finishing materials
- Furniture
- Shades of paint (by trial and error painted on separate surfaces).
CREDIT FOR CONSTRUCTION
Credit for the construction of the house and the purchase of property in Spain
Our specialists who use connections rich in experience and work accumulated over time offer full assistance in obtaining a loan for the construction of a house or the purchase of a "turnkey" property. Baldantoni Group works with the main Spanish banks (Caja Madrid, Bancaja, Banco Sabadell). At the moment, thanks to the development of mortgage loans in Spain, for non-Spanish citizens, the deciding factor in your relationship with the bank is the extent of your ability to guarantee and ultimately make the payment. Today, in Spain, the credit system is a very convenient form. The loan can offer 3-4% per annum for 20-30 years in the form of a monthly or quarterly repayment. To apply for the loan, a statement and earnings are required, in English or Spanish. Once the request has been approved by the banking system, the credit is released within 15/20 days.
A loan of approximately 70/80% of the appraised value of the property, or of the project to build a house, is granted if you own the land. Baldantoni Group deals with all activities relating to the construction, documentation and control of the project financing. The financing for the construction of a property is carried out in stages, after the completion of the pre-construction phase and the signing of the purchase contract, a representative of the bank transfers the money to the pre-established account.
After completing the above steps, our experts help you take out fire and other risk insurance and property insurance. Banking institutions usually require you to take out insurance against damage to the dwelling, such as its security where the economic value of the mortgage of the value of the real estate is contained, so, in the event of a state of emergency, the distribution of credit for the amount corresponding to the damages, which in these cases must be paid to the owner.
