If you have finally decided to buy a property in Spain but having apprehensions because of lack of information about the requirements and other procedures, worry no more because purchasing assets in this country is as easy as other common ways on property buying. The Spanish property market is already very supportive in the sector of real estate business so more and more people and even foreigners are grabbing the opportunity of the low interest rates and reasonable property prices that homeowners offer. However, although Spain is a good place for property investment it does not mean investors should not be wary about possible ruin of the trade because anything can happen. Unfortunately there are also fraud real estate dealers that operate in the market of Spain nowadays and their targets are foreign investors. Thus, knowing the basic requirements and rules of buying property in Spain is necessary because the buyer can be able to avoid being duped.

Confirmation and Pre-Agreement

The first document that should be requested before buying property in Spain is the Nota simple informativa. This is a document that can be requested from the Property registry and this gives out important information about the property that is on sale. Cases like whether the property has a history of unpaid obligations, or does it really belongs to the person selling it, or if the description of the property on the documents matches with that of the actual property. After making sure that everything is legal and that the asset is indeed in good shape, the next thing that should be accomplished is the pre-agreement and this goes between the buyer and the seller. In buying properties, it is very important to have the contract even before the public deed is legally finished. A pre-agreement contract does not need to be a very specific contract but can just be a simple document which certifies the seller that he is really selling the property in good faith.

Mortgage, Notary Certification, and Taxes

After taking care of the pre-agreement, completing of the requirements for the bank for mortgage are the ones that should be accomplished. The normal documents that are usually required by the bank are the working contract of the buyer, the record of the last three paychecks received, the latest income tax return, the proof that the property’s tax has already been settled, and of course the pre-agreement of the seller and the buyer. In buying property in Spain, there are cases when the buyer could not receive a mortgage from the bank because of some issues. In situations like this, an appraiser, or tasador needs to be included in the preparation of the documents. After all the bank requirements have been settled, it is time for the property transfer to be certified by a notary. The buyer will receive the deed of purchase after the notary has read it and the parties gave their word of agreement to the deed. This deed of purchase shall be presented as proof that both parties agreed on certain terms and that the title of the property of the seller and the payment of the buyer has already been settled. After the seller and the buyer signs the contract and the taxes has been settled the property is already considered as the legal asset of the buyer.