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Financial and Legal Advise
Buying a property abroad is a significant investment and you must always be in expert hands. Once clients decide to buy a property they should find a financial advisor and a solicitor, freely chosen or from our multilingual directories. They will be in charge of supervising the whole purchase process and provide all the information about similarities and differences in Spanish law and banking in clients language.
The financial advisor will help you examine your current financial status and establish together the first step before acquiring any commitment: the purchase budget. Once you find the property you want he will double check all figures and conditions of the purchase before introducing to a local bank or your preferred one in or out your country when a mortgage or an equity release is needed. He guides you for all needs related to money transfers or introduce an agent for the due.
The solicitor will contact your home country tax advisor and explains you the main differences of Spanish laws. They can confirm that there are no restrictions on non-residents owning a property in Spain and that it is usually better to buy in a personal capacity and not via a company. He must take care of every aspect on the legal and commercial paperwork required for the purchase: NIE, residence permissions, contracts and release of funds transferred to the owner or builder, etc.
The buying process is usually relatively simple and involves payment of a holding deposit to take the property out of the market, payment of a percentage of agreed purchase price via a Private Purchase Contract, and payment of outstanding balance on completion. Completion involves signing an Escritura de Compraventa (Exchange of Title Deeds) at the Notary and subsequent steps and costs for the new owner, that normally represent an additional 10% over the nominal purchase price of the property, including all taxes and fees. If needed we also have the best contacts for complementary services to the purchase as money transfers and insurances.
On top of every page of this web site there are useful tools to analyze, in privacy, all aspects of your purchase based on your current financial and economical situation and make all kind of projections. The Currency Converter gives you instantly up to date equivalent in your money of any local price, including historical trends and forecasts. The Mortgage Calculator offers you not only the usual mortgage monthly payment calculation but several approaches to help you take the difficult decisions while buying a property or making an investment: principal and interest only calculations, rent or buy, variable payment vs fixed payment, income required to qualify, simulations depending on your income, tax deductions and comparisons, etc., a really powerful set of tools to analyze your financial status with illustrated examples and explanations of every case. These tools pop up in new windows to remain available during your visit to this web site but, coming from third parties we can't be legally responsible of their accuracy.
