4.6 Post completion
After completion,the appropriate taxes need to be filed
with the Inland Revenue or Government Tax Office
and the Title Deed (Escritura)submitted to the Land
Registry to have the transfer of the property registered.
Registration of the title is completed,normally some month later.
Most Spanish properties have freehold title,which means
an owner is entitled to absolute possession of the property
for an indefinite time.
The change of ownership should be informed to the City
Hall and to the community of owners.Also utility contracts
need to be changed into the new owner īs name.
Once the Title Deed (Escritura)has been registered,keep
a receipt of all the payments and request a completion
statement of accounts.
5. Buying a new built property
This has become a very popular choice when deciding
to buy and invest in Spain,as new properties may have
more potential for re-sale,rental and living purposes.
Terms of payment are more flexible and there are often
mortgages already in place for buyers. Furthermore,new
Spanish laws exist to protect the rights of the buyer of
new built properties.
5.1 The law
The purchase of a new built property is, by nature, a more complex transaction than
the purchase of an existing one.
However,today,buying a new built
property in Spain is,legally speaking,
safer than ever.The Spanish law
has established certain rights and
guarantees to protect the interest
of those buying a new built property
whether under construction,off-plan
or newly completed.
Buyers should be aware of the rights
and guarantees available to them
under the Spanish law and take advantage of them.
Unfortunately,
the increased demand of new built
properties in Spain has placed
developers in a stronger position than ever
and this can be seen in
the way standard purchase contracts are drafted by
developers.
Before committing yourself,you need to consider the
following main issues/peculiarities of buying a new built
property. Particular attention must be paid to planning
permission,building regulations consent,structural guarantees,easements and reservations,advance
payments securities,compensation for delay and
existing mortgages.
|
