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Buying and selling a property under construction in Spain

Welex, law firm in La Costa del Sol and experts in buying and selling in Spain, is pleased to explain in this blog the legal guarantees for the buyer of a property under construction in Spain.

If you are interested in buying a property under construction in Andalusia, you should know that there are a series of legal guarantees for the buyer established in both regional and national legislation.

These guarantees for the purchase of a property under construction in Spain include:

  1. The right to receive detailed information about the property
  2. The protection of sums advanced
  3. Specific measures in the event of non-compliance by the developer or seller, such as the return of these amounts plus interest.

At the autonomous level in Andalusia, there is an obligation for the developer to deliver an Abbreviated Information Document (DIA) which will contain the relevant information for the signing of your purchase contract in Spain, such as:

  1. Identification details of the seller
  2. Identification details of the construction company
  3. Plans of the property and details of its surface area.
  4. Building specifications
  5. Purchase price
  6. Your method of payment.

The Courts in Spain have also reinforced the application of the legal guarantees in the purchase of properties under construction, highlighting the importance of delivering the property in a habitable condition and obtaining the licence of first occupation as a condition for the delivery of the property and cancellation of these guarantees.

Therefore, the developer must deposit the amounts advanced by the buyer in a special account. After the signing of the private purchase contract, he must provide the buyer with an insurance or guarantee to ensure the repayment of these amounts.

With regard to the taxes that you must pay as a buyer of a property in Andalusia, we must distinguish whether it is a first transfer, i.e. a newly built property sold by the developer, or whether it is a second or subsequent transfer of the property by a private individual.

In the case of the purchase of the property from the developer, the purchaser will have to pay two taxes on the purchase.

  1. On the one hand, the VAT applicable to the purchase of a property in Spain is generally 10%.
  2. On the other hand, in addition to the aforementioned VAT, the buyer will have to pay the stamp duty, with a rate of 1.2% on the purchase price.

If the purchase of the property is from a private individual, in Andalusia the purchase of a property is subject to Transfer Tax and Stamp Duty, with a general rate of 7% on the purchase price, or a reduced rate if certain specific conditions related to business activities in the real estate sector are met.

This would therefore involve the purchase of the property for resale by a natural or legal person carrying on a business activity to which the rules for adaptation of the General Plan for the Real Estate Sector are applicable.

If you have any doubts about the guarantee for the purchase of a property under construction in Spain, or any other legal, accounting or fiscal matter in Spain, please do not hesitate to contact us, we will be delighted to help you.

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Conveyancing fees in Spain: principal areas to consider

Conveyancing in Spain is considered as a transfer of the legal title of a property in Spain from one person to another.

A typical conveyancing transaction in Spain includes two vital indicators: the transfer of contracts and the completion, whereby the legal title passes.

The system of conveyancing in Spain is constructed to safeguard that of the buyer.

 

Conveyancing fees in Spain, outlines the total payment made to a professional property lawyer in Spain exchange for advice or services.

 

 Conveyancing fees in Spain are dependent on whether you employ a foreign or Spanish lawyer and on the sale price of the property. Supplementary examples of conveyancing fees in Spain are associated with the taxes and legal fees relating to the sale and purchase of the property.  The taxes and disbursements on selling a property in Spain be in the range of 10-13% of the sale price, in total.

 

Read more…………

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Conveyancing in Spain: what to check

Conveyancing in Spain holds some differences when compared to conveyancing all

over the world.

These differences include that the drawing up of the initial deed and the

witnessing of the signatures can only be accomplished by a public notary.

A notary represents the government by fortifying that state taxes are paid on the completion of a sale.

The use of a notary in conveyancing in Spain ensures the following checks are executed.

 

  1. Verifying that a property belongs to the vendor or that he or she has the legal authority to sell it.
  1. Ensuring there are no tenants in the aforementioned property.
  2. Checking that there are no preemptive rights over the property and that any of construction will not adversely affect the value of the environment.
  3. Making sure that the boundaries and measurements of the deed are accurate.
  4. Ensuring that the planning or building permits are in legal order.
  5. If a building is located on a beach-front, you should check that it was approved by the coastal authorities.
  6. A newly completed building must also have a certificate to which certifying the completion of work in accordance with the building plans and a license for the first occupation.
  7. Obtaining the registration number of the property and an extract of the property number.
  8. Obtaining a certificate of no debts from the town hall.

 

Read more…….

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Bye Bye to the Licence of first occupancy in Spain?

 

Spanish Decree-Law 2/2020 of March 9, on the improvement and simplification of regulations for the promotion of productive activity in Andalusia, has introduced a series of measures for Andalusia that aim to reduce administrative procedures in certain economic and productive sectors, in order to speed up access to productive activity for entrepreneurs and business people, simplifying procedures and reducing unjustified or disproportionate administrative requirements.

 

Read more………

By Welex, your multilingual conveyancing law firm in Spain.

 

Read here more about the 10 most relevant queries at the time of the purchase of a property in Spain

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What is a digital or electronic certificate in Spain?

The digital certificate in Spain confirms our identity on the Internet both as a natural person and a legal entity. Your data will be protected every time your digital signature is used and when you make an online transaction.

Do not hesitate to contact our firm of lawyers and accountants in Marbella to obtain your digital signature in Spain.

The Spanish digital certificate is valid for three years. After those three years it will be necessary to renew it.

 

What can we do with the digital certificate in Spain?

With the Spanish digital or electronic certificate we can file, request any documentation, information or sign digitally.

For example:

Tax Agency: you can access your tax data, file your declarations, request documentation, payment letters, certifications, etc.

City councils: obtain information, documentation, receipts, and fines, file documentation, etc.

Social Security: access your work history, register with social security, get an appointment with a doctor, etc.

 

How do you obtain a digital certificate in Spain?

Obtaining your digital certificate means increasing speed and simplifying bureaucratic procedures in Spain. Do not hesitate to contact WeLex now, your lawyer and accountant in Marbella who will be able to obtain your digital signature at a reasonable cost!

 

The procedure to obtain the digital certificate in Spain is relatively simple.

To obtain the Spanish digital certificate we first need to access the page of the Fábrica Nacional de Moneda y Timbre, FNMT (Royal Spanish Mint), where we will request the certificate as a natural person.

Once requested, we will receive a number in the email we have provided.

You will have to go in person to any public body that provides this service and bring your original passport or identity card along with the number that the Fábrica Nacional de Moneda y Timbre FNMT (Royal Spanish Mint) has given you. They will identify you with your passport or identity card and issue the certificate that you will receive in the e-mail you have provided. If you are not Spanish, you will need to show a copy of your NIE certificate (identification number for foreigners).

You can now download the certificate. Very important, it must be done always from the same computer from which you requested it.

At Welex we can help you to obtain your digital certificate in Spain.

We will be at your side in any public organisation to obtain it.

Also if you are in another city, at Welex we can manage it remotely and indicate the exact steps you have to follow to obtain it.

 

What are the advantages of the digital certificate in Spain?

  • Security:

The documentation cannot be altered or manipulated

  • Procedures:

You will be able to carry out formalities from your computer without having to travel and avoid long queues.

  • Savings:

You will save on paper, time, travel and work

If you need to obtain a digital certificate and would like Welex to advise you, do not hesitate to contact Welex, a firm of lawyers and economists in Marbella. Our office will manage your request before the National Mint for the issuance of the certificate and we will be at your side in any public body for this purpose, always with an exquisite treatment.

This blog has been written by Welex, your lawyer in Spain and accountant in Marbella.

For more information of a legal, fiscal, accounting or labour nature, do not hesitate to contact Welex, your lawyer, economist and tax advisor in Marbella.

To read more about the digital certificate in Spain click here 

 

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Effects of the coronavirus in Spain: The suspension of loans and credits in Spain

By Welex, lawyers in Spain specialising in real estate law.

 

The health crisis situation in Spain caused by the coronavirus Covid 19 and the Royal Decree Law 11/2020 puts many people in a situation of special vulnerability.

Some, foreigners in Spain with loans without mortgage guarantees, who are limited or sometimes unable to comply with such loans due to the health situation. In the same way, we find those who have guaranteed, by means of a bond or guarantee, the fulfilment of the obligations contracted on the occasion of these loans.

Throughout this blog the lawyers in Spain specialising in real estate law of our firm Welex are pleased to expose the essential lines to suspend the payments, managing to give financial relief to the already complicated, health crisis situation.

 

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Who has to pay the rates (ibi) in spain in the year that the Spanish property is being sold?

Do you wish to sell or purchase a property in Spain? Who needs to pay the Real Estate Tax, the Spanish IBI, that same year?

This matter is being regulated in the Law for Local Tax Offices, which establishes that the taxable event of this tax, the ownership is of the property right, amongst others, on rural and urban properties.

In case of selling a property, the IBI, or Spanish Real Estate Tax, must be paid by whoever is the owner on January 1st of that same year in which the conveyance is taking place. The purchaser will pay the year after that. Read here more on contracting of supplies for a new construction in Spain

For purposes of this tax in Spain, rural and urban properties shall be considered in accordance with the definition that is given in the regulations of the Property Cadastre or Land Registry.

In case one and the same property is located in different municipalities, it is understood that it belongs to each one of those municipalities for the surface it occupies in each one correspondingly.

Contact one of our conveyancing lawyers in Marbella for any legal question now!

rates in Spain

Who pays the rates in Spain

Read more

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Do you have any legal question?

At Welex we guarantee you a professional and individual treatment. All our professionals have years of experience in their field, which they put at your service with the aim of attending your affairs quickly and efficiently. Please contact us and we will be happy to advise you. (+34) 952 77 55 21 | info@welex.es

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