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Buying a Property in Spain
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PAYMENT AND SIGNING OF
DEEDS:
The next stage is to complete the
purchase at the Notary’s office,
usually, within a month or so, you will
be ready to make the final checks before
signing the the Title Deed (Escritura
Pública de Compraventa) in the presence
of a Spanish Notary (Notario) who
certifies that the contract is
officially made. The notary does not
certify that all statements are true,
only that the parties have sworn to
them. There you will be required to pay
the balance of the purchase money, taxes
and Notary`s fees.
NOTARY CHARGES:
These are collected by the Notary for
preparing the deed and presiding of its
signing. His fees are fixed by law and
are based according to the value of the
property.
Please note that all professional fees
including the notary’s and land registry
charges are subject to 16% VAT.
PROPERTY REGISTRY:
All property in Spain should be
registered in the Land Registry (Registro
de la Propiedad), where you can obtain
the full details of the owner, the exact
size of the property and full details of
any mortgages, debts or judgements
against the property will be normally
registered. Only the persons or the
Company named on the title deed (“Escritura
Pública”) have the right to sell the
property, unless a notarised power of
attorney has been given to a third
party.
When the title deed is signed, you will
automatically become the new owner. The
final step is to have the title deed (Escritura
Pública de Compraventa) inscribed in the
Land Registry Office as soon as possible
to prevent any mortgages or other
charges being registered against the
property, while it is still in the name
of the vendor.
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