Murcia Golf Homes.Com

LEGAL

golf ball Question:
Is there a difference between buying in the UK and buying in Spain?

golf ball Answer:
Yes, Spain uses a completely different legal process to the UK and that is why we recommend that all of our clients use the services of a good independent local solicitor to brief you and assist with the purchase.

Below is a guide to the terms and phrases that are used during the buying process in Spain.
golf ball New Property
Property that is owned by a developer/builder. All properties are sold freehold and carry a minimum 10 years structural guarantee. We have many contracts with local developers and we will show you around a range of developments best suited to your needs.
golf ball Resale Property
A resale property is owned by a private individual, family etc. We have a wide selection of resale properties available to view for a variety of tastes and budgets. However, the golden rule is that before you make an offer you should be in a position to buy. Therefore, you need to be certain that you can raise the finances before making the offer.
golf ball Placing a Holding Deposit
Once you have found a suitable property a holding deposit is required to reserve a property and remove it from the market. While the amount can vary from purchase to purchase, it is normally in the region of Euros 3,000. If you are interested in a property, you have to open a Spanish bank account and lodge this sum. This Euros 3,000 is paid to the vendor of the property on signing a reservation/holding contract. The remainder of the purchase price together with all fees has to paid on completion (see below).
golf ball Signing a Reservation/Holding Agreement
When putting a deposit on a property you must sign a reservation/holding agreement thereby reserving the property. This agreement will also act as a receipt for monies paid. 
golf ball Appointing Your Abogado
An Abogado is a Spanish solicitor who carries out all the necessary searches & handles all payments on behalf of the purchasers. It is generally advisable to engage the services of a Spanish solicitor to look after your purchase. We have a relationship with an experienced bilingual solicitor. He will ensure that the property has no debts attaching to it and that it is properly registered.
golf ball Completion Date
This is the date on which the balance of the purchase price must be paid together with all fees and the title deeds are signed over to the new owner(s). This date should be set when signing the reservation/holding agreement. (note that with a new property 40% of the purchase price must be paid four weeks after signing the reservation contract and the balance on completion)
golf ball Signing of the Escritura (Title Deed)
This is done on completion in front of the Notary in Spain by you or by someone (usually your solicitor) with power of attorney from you to sign on your behalf. Full payment less the deposit given earlier together with all fees (see below) is required before the title deed can be transferred into the name(s) of the new owner(s).
golf ball Notary
The Notary is a lawyer appointed by the Spanish government to ensure that the change of title is properly executed. It is the Notary’s job to make sure that the seller is legally entitled to sell and the taxes are paid. The notary will register the change of ownership in the Land Registry Office (see below).
golf ball Land Registry Office
This is where all Escrituras (title deeds) relating to property transfers are registered after taxes have been paid and where the title and any charges against the property can be checked

golf ball Fees
All fees are due on completion and are as follows:
7% of the value of the property for IVA (Spanish equivalent of VAT) for new properties or for transfer tax for resale properties
1% of the value of the property for legal fees
1-2% of the value of the property for Notary fee, Land Registry, changing of water & electricity, wills and NIE numbers
golf ball Taking Possession
The handing over of the property and the keys will normally take place only when the full purchase price and all fees have been paid on the completion date.
golf ball Transfer of Services
Having completed the purchase, it is necessary to connect or transfer services. For example, electricity and water need to be in your name.
golf ball Building and Contents Insurance
This is your responsibility upon taking possession of your property, however, we can advise you on this matter.
golf ball Community Fees
If you purchase a property within an apartment block or complex, you are obliged to join its resident association which administers the general maintenance of the areas of common ownership, such as gardens, hallways, lifts swimming pools, exterior lighting etc. An annual budget is calculated to cover these costs, which is divided between all the owners according to the size of their properties. All owners have a vote to agree the budget at the annual general meeting.
golf ball Property Guarantees
Spanish law states that all new properties must be guaranteed for 10 years, the architect and the builder being legally responsible for same. Most new developments also include a bank bond within the terms of their contract, guaranteeing each stage-payment and frequently a no-later than completion date.
golf ball Making a Will
As Spanish inheritance-laws are different from the UK or Ireland, it is generally recommended that you instruct the solicitor to draw up a Spanish will covering the succession rights to your property.
golf ball NIE Number
This is the “foreigners identity card” given to all non-residents purchasing a property in Spain. This should be obtained by all non-residents preferably prior to purchasing a property.
golf ball Note: As the terms and conditions governing property purchase in Spain are subject to periodic changes, all points of information included in this buyers guide are intended as a guideline only .

While every effort has been made to make this information accurate and a help in buying property on new developments of golf homes, we can take no responsibility for any errors or omissions. The laws regarding all aspects of property purchase vary from country to country. It is important that you make legal and financial checks when you buy property abroad. The exchange rate was 1.47 Euro’s to the Pound when these prices were calculated.