Fincas For Sale In Spain - A Guide on How To Choose The Right One
People who love a peaceful life in a serene rural atmosphere fall in love with fincas for sale in Spain. But, you will have to put in a lot of effort in finding right fincas in Spain for sale. If you are a foreigner then you will have to be even more vigilant while searching for cheap fincas for sale in Spain. Here are few guidelines that are to be followed while hunting for fincas for sale in Spain.
Be clear about why you are buying a finca for sale in Spain
Fincas are the preferred rural property in Spain for various reasons. Some people prefer to own the fincas so as to lead life in a pleasant rural atmosphere free of noise. Others love to own the fincas so they can rear animals in the open or to grow a big garden full of fruits and vegetables. If you are planning to rear animals or grow trees then make sure that it has all the essential requisites.
Find out if it is a new or old construction
Spanish law has imposed certain new restrictions so as to improve the standards of the properties in Spain. So, while looking for fincas for sale in Spain find out if it is a new or old construction. If it is an old construction then there is a small chance that it has been constructed illegally. Even a few new constructions are illegal and are not as per the latest standards given by Spanish property laws. Hence, before choosing cheap fincas for sale in Spain verify the documents and take it up further only if the property is legal. Few vendors offer illegal real estate for sale in Spain at very low price so as to lure the buyers in purchasing the property. Never get hooked by such a property even if the vendor says that owning the property without registration would save the tax. | Click On Image For More Information |
Ensure the documents of the fincas for sale in Spain are to hand
Some existing fincas owners do not have the papers required to effect a legal sale and they ask the buyers to make the payment saying that the documents will be given later. The majority of such owners do not have the legal documents pertaining to the real estate for sale in Spain. Without legal documents pertaining to the property it would be impossible for you to obtain utility services such as electricity and water. By owning such illegal real estate in Spain for sale you will be only left with the option of obtaining illegal utility connections or going through all the hassle of getting the property legalized (if you can). Hence, before making deposit have a look at the original documents pertaining to the property.
Know the building license information before purchasing new fincas for sale in Spain
If you have found new fincas in Spain for sale that are legal then you have to ask the vendor a few questions before taking ownership of the property. Know if the vendor possesses the copy of building project license, the final sign off given by local council and the pictures taken at the time of construction etc. These documents will ensure that the construction is as per the new standards and is completely legal.
Use the services of a solicitor
Never purchase fincas for sale in Spain in the absence of a solicitor experienced in dealing real estate transactions, preferably in the locality in which you want to buy. It is often the cast that fincas in Spain for sale are owned by multiple family members as they span a very large area. In such cases, all the family members possessing ownership of the fincas for sale in Spain should be willing to sell the property. To find out all these details appoint a lawyer who can speak English and can explain the implications of all the documents in English for your convenience. The lawyer will get a document named Nota simple that states the ownership of the property. Do not make any big decision of making the deposits or payments before obtaining this document as it is very important and must be checked by your solicitor.
Get the NIE number
If you are a foreigner then before obtaining ownership of any of the real estate for sale in Spain you need to get an NIE (Numero de Identification de Extranjeros) which is a tax identification number for foreigners. This number is essential to undertake any transaction in Spain that has tax implications. This number can be obtained at the foreign department of majority of police stations in Spain.
Try for mortgage before paying the deposit
If you are not in a position to afford the entire amount it is good to try for mortgage before paying the reserve deposit to take the fincas for sale in Spain off the market. The mortgage lender will evaluate your financial status and ability to repay the mortgage and presents a report to you. The report will let you know any of the unforeseen troubles in getting the required amount of mortgage for purchasing the real estate for sale in Spain. Make sure that the mortgage interest rates are comfortable to repay and within your limits. Do not overstretch yourself expecting increase in pay or expecting money from other sources.
Deal with foreign exchange experts
If you are a foreigner planning to own fincas for sale in Spain then you might be transferring certain amount from your country to bank account in Spain. In this transfer the exchange rates can vary from trader to trader. To get best exchange rates, do required research to find foreign trade experts offering th best rates. For safe trading make sure that they are licensed traders. Never put your money at stake by dealing with new online foreign exchange traders.
Make the commitment to own the fincas for sale in Spain by signing the contract
Make arrangements for signing the title deed
You can obtain the ownership of the fincas for sale in Spain only after signing the title deed in front of the notary. The title deed clearly states the measures of the real estate for sale in Spain, features, price, surrounding spaces, the payment plan and the action plan to be taken in case of delay of payment. Before signing this public deed it is essential to make the remaining payment as per the agreed payment plan stated in the contract. After signing the title deed in front of the notary, the buyer will be the owner of the property.
The final registration of the property at land registry
This is the last step in purchasing the fincas for sale in Spain. After signing the title deed the notary will send a copy of it to the local land registry. In the mean while, the solicitor will make arrangements for paying the transfer taxes and other miscellaneous payments. This entire registration process takes about four months to complete. The local utility suppliers will also transfer the accounts and make arrangements for payments directly from your local bank account. During this transfer process you may have to bear additional costs such as the stamp duty. However, the prices vary with the dimensions of the real estate for sale in Spain and also the region in which the property is being purchased. Hence, it is recommended to consider these extra prices while making the budget estimations to avoid unforeseen troubles at the end.
Lastly, after obtaining ownership of the fincas for sale in Spain mark or fence the property boundaries to prevent possible future problems with neighbors.