legal and financial aspects of buying a property in southern spain
1- Legal considerations:
>Obtain a Spanish tax identification number ( NIE) for all parties involved in the purchase.
>Hire a Spanish lawyer to represent you throughout the buying process, they can help you review contracts, conduct due diligence on the property, and ensure all legal requirements are met.
>Check the property's legal status, including ownership, any outstanding debts or liens, and whether it complies with building regulations and zoning laws.
>Arrange for the transfer of ownership at the notary public office, who will verify the legality of the sale and register the property with the Spanish Land registry.
>Obtain a mortgage from a Spanish bank with a minimum of 40% of initial down payment if you are an American citizen.
>Factor in additional costs such as taxes, notary fees, land registry fess, legal fees, which can add up to around 10% of the purchase price.
>Consider the implications of currency exchange rates from Dollar to Euro..
It is important to work with a reputable Spanish lawyer and a financial advisor who can guide you through the legal and financial aspects of buying a property and ensure that the process is as smooth as possible..