Although it is not legally compulsory when you are building
your own property to arrange an insurance policy to
guarantee the soundness of the structure,it is advisable to
deal with this matter for your own peace of mind,also as it
is a guarantee for any future buyer of your house.
6.5
Completion
Once building construction is finished,the owner will have to provide details of the new construction by way of a deed "escritura de obra nueva "to be signed in front of the Notary Public.The deed will set out that the property has been finished and built according to the building licence and clearly describing the internal division of the property and its measurements as well as stating a value for the construction work.
Taxes will need to be paid to the relevant tax authorities and the deed placed at the Land Registry for registration purposes.As the building construction is finished,the Town Hall architect will have to carry out an inspection to make sure that the construction complies with the building licence and regulations.If they are satisfied,they will issue a licence to certify that the property is habitable.
Also,it is mandatory to register the property before the Town Hall "Catastro "department.They will take details of the property and will make the necessary changes to their file to show that a new property exits on that plot. The Town Hall will then be able to levy the relevant rates for you to pay every year.
7. General taxes and expenses
Probably one of the main concerns when buying a property is budgeting for the taxes and costs of the purchase.We have tried to set out below a complete list of taxes and expenses most commonly related to a purchase transaction in Spain. However,the below list is not exhaustive and you should seek legal advice in this respect.
So how much will the property cost me in addition to the purchase price?
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