The most important vocabulary you will need:
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| Agua + luz: Water and electricity usually part of the community expenses,otherwise billed every 2 months |
| Ayuntamiento: Town Hall |
| Basura: Waste disposal to date payable 1/2 yearly |
| Comisión: Commission (paid to agent) usually paid by vendor |
| Cuenta bancaria: bank account, necessary for doing any business |
| Comunicación registral: To draw up in the Land Registry, in presence of notary following conclusion of deeds |
| Comunidad de propietarios: Association of owners, or annual meeting of same |
| Contrato de Arrendamiento Urbano: General contract of rental, e.g. to residents |
| Contrato de Explotación: Rental contract for short periods, (tourist) |
| Contrato de reserva: Reserval contract, a deposit is generally payable. Pay attention to amount stipulated ! |
| C. I. F.: Tax number |
| N. I. F.: identification number of residents |
| N. I. E.: identification number of non-residents |
| Constitución de una sociedad: establishment of a business |
| Contrato Privado de Compraventa: private sale contract |
| Escritura Pública de Compraventa: Notary`s deed of purchase. Can also be carried out in a consulate...however, preferably with a local notary |
| Gastos del Notario:notary fees, paid by the buyer |
| Herencia: Inheritance. Most important to inquire about the new inheritance law! |
| Hacienda: fiscal authorities |
| I.G.I.C.: value-added tax, mostly 5% (2% - 13%) |
| Impuesto sobre Transmisiones: Land -transfer tax paid by buyer (usually 6% of purchase price on deeds) |
| Impuestos Bienes Inmuebles: Rates, paid yearly on presentation of last year`s receipt |
| Impuestos sobre el patrimonio: Income tax - 7% of valuation figuring in the rates or value documentation |
| Poder: letter of attorney |
| Plusvalía: Capital Gains Tax on value of land |
| Representante legal: Legal representative with Power of Attorney. A must for non-residents |
| Retención en la Adquisición de Inmuebles
a no residentes sin establecimento permanente: A levy on speculation or capital gain by non residents 5% retained on a/c for Inland Revenue |
| Tarjeta de residencia: Residents' permit to be applied for after more than 6 months' residence |
| Transferencia del dinero: Transfer of monies |
| Telefónica: The spanish telephone company, new connections usually made within 10 days charge: € 140 at the moment € 12,50 p.m |
| Valor catastral: Valuation by the land registry - usually below the market price |
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Teidehome Info Center
Tips for property buyers
Insider-tips for buyers or house builders
For the successful acquisition of a property there are a few "golden rules", to which you must adhere, in order to assure a successful and correct processing of all contracts including building contracts. :
1) Do not come to any hasty decisions !
A purchase needs to be well considered, so take your time. Collect information on the various offers, before you make a final decision. Check out the houses and speak to the owners. Thoroughly go over each property and evaluate yourself the pros and cons.
2) Do not sign anything at all at the outset...
Also no pre-contracts - if you have come to a decision on which property you want, look for a reliable translator to advise and support you when you are closing the deal, be it for building or purchase contracts and in particular, the final deed of purchase contract at the notary.
3) Inquire at the town hall ...
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Learn about the existing town planning and request any printed information on this subject. ("Informaciòn Urbanistica")
4) On no account should you forget to ...
... check out the property's rent or lease contract, tax debts outstanding and payments due , to any owners' association. Outstanding bills for telephone, electricity, water. It is especially important to be sure of the minimum plot size allowed in any given area, and to know the exact size of the land, also regulations dealing with size and shape of structure. Have the property surveyed, and also check up on the existing "Escritura" and its registration at the land registry office.
5) Decision made? Then the services of a lawyer are advisable ...
If you have made up your mind on a particular piece of property, then. do take on a lawyer. He will be best acquainted with the local situation. It is important to know that only purchase contracts drawn up in a notary´s office can figure in the official register.
Acquistion of property in Spain, however, need not necessarily carry this procedure, contrary to other countries, but this formality is to be recommended without fail. Only in this way, can the newcomer enjoy the protection of the law, his property being correctly registered.
6) A Notary ...
... checks on the validity of ownership of the object against a land registry extract , it is not his job to be informed on any town planning regulations. You can get an up to date extract at the land registry office. (nota simple informativa)
7) Finally some general pieces of advice
In any of your contracts, make sure everything is drawn up precisely and in detail, because at a later date additional requirements could be expensive. In building, your contract should contain a clause giving the date for the finished object, and the amount of penalty for non completion . Always be watchful with so-called "private contracts" ("Contrato Privado") or Contrato de Compraventa . These are not pre - contracts . A spoken promise to purchase can be valid in Spain, and to get out of this one can be trying !
Having a new house built? Payments are usually paid at predetermined times, or specified building stages.
As in Spain the entire built up area is measured, you will generally have to subtract about 30% for the actual living-area. You should watch over the progress of the building personally or ask some trustworthy person to do this for you.
source: www.fincas-exclusiv.net
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