This guide CUATROFINCAS intended to describe the different processes and requirements that must normally deal a person not resident for an investment property in Spain.
DESIRED PROPERTY SEARCH
The first step to buying a property it is undoubtedly the search process. CUATROFINCAS offers properties at all times that best suit their purchasing requirements. Our team of professionals will be launched for the selection of the best products with the highest profitability
The main parameters for a first selection usually are: the type of property, its location and the budget you want to invest.
Some of the factors to keep in mind to focus your search may be associated with their intention to remain long in the property or use it as a second home (vacation). The desired location (coastal or interior) is also crucial in order to define additional services: transport, health services, cultural etc.
FISCAL AND LEGAL REPRESENTATION FOR NON-RESIDENTS
In Cuatrofincas offer appropriate legal tax representation services for non-resident in Spain. A legal specialist property issues will represent you to bring your tax affairs of non-residents, especially when receiving notifications and do tax returns.
This lawyer will take care to get all information to ensure the legality of the sale of the Property Registry, which will confirm that the seller is the actual owner of the property, and that this, free of liens and encumbrances is (mortgages, liens ... etc).; to obtain a copy of the last receipt of Property Tax ... and all the information necessary to ensure the success of the sale
BOOK SIGNING CONTRACTS AND PLEDGE
The signature of an earnest money contract formalizes the agreement and commitment between the parties.
's earnest money contract is that the buyer a deposit ahead of final value agreed to make sure the purchase of the property. Normally an approximate amount of Lead 10% of final value.
(Where it is considered desirable, it could make a payment and pre-payment agreement sign by a much smaller amount, and in order to book the sale of apartment or house before formalizing the earnest money contract
Normally in the earnest money contract has already been stipulated a deadline to sign the contract of sale, at the real estate transaction is perfected. For the contract obliges each party document must contain three basic elements in any real estate transaction. Consent of the buyer and seller, the data and characteristics of the property, the price and the amount paid as earnest money , is usually deposited in the agency, or one of the attorneys for the parties. Logically, when signing the contract of sale occurs, the amount paid as a deposit shall be deducted from the final price agreed between the parties.
Generally the time that elapses from the signing of an earnest money contract to signing the final contract of sale is usually between 1 and 3 months. (The term is fixed by agreement between the parties, and if the term is very broad, rather than 10% is usually delivered 20%).
The period of time between the two firms is typically used by the buyer to finish to solve the various aspects relating to the purchase, and is especially useful in the case of a non-resident for obtaining NIE
OBTAINING NIE
CUATROFINCAS advised that once signed earnest money contract, is directed to the Notary to get certified photocopy of the passport of the buyer or buyers, this being a prerequisite to later apply for a NIE requirement.
The NIE (Foreigner Identification Number) is a personal, unique and sequential number unique character, granted by the Foreign Office that allows you to have permission to stay in Spain.
It is a must for any business transaction such as opening a bank account, establish a business, buy a home or a car, make the return or fill any application form inherent administrative office of foreign proceedings.
The Foreigner Identification Number is issued ex officio, ie automatically by the General Directorate of Police any foreigner to be initiated administrative proceedings; or you can apply them yourself always stating the reason for your request.
It may make the application of the NIE from outside Spain personally appearing in the Spanish diplomatic mission or consular office corresponding to their area of residence.).
The documentation to be submitted when applying for the NIE is:
Printed-official request.
Original Identity Card or Passport and photocopy.
Stock size white color flesh.
Documentation of the reasons for his request.
This process usually takes 2-5 weeks and is required to withdraw personally.
Note: For people who do not belong to the European Union is required to obtain a residence visa which is due in Spain when you make your request (to justify that you do not have illegal immigrants; This visa can only be obtained at the Spanish consulate their country).
More info: http://www.mir.es/SGACAVT/modelos/extranjeria/modelos_extranje/index.htm
SIGNATURE AND NOTARY PUBLIC LAND REGISTRY
As a final act ydespués that our team is satisfied that it meets all the requirements for purchase, you must then appear before the notary to sign a purchase. (It should be noted that all notaries receive fees according to a defined rates and previously established by official estimates, being this expenditure usually by the buyer).
Notary serves as a notary public, giving legal guarantee to content script purchase and checking the accuracy of the statements contained in the contract. This figure provides legal certainty and legal documentation is submitted by both parties, informing all legal and legal issues that occur in a transaction for the sale of a property.
The deed is essential and mandatory when entered in the land registry requirement.
This process is vital to protect the ownership of the acquirer. This requires raising private document to the notary public and paying tax.
From CUATROFINCAS advise you first issue the certified copy is required by the notary; then you have to settle and pay the taxes due according to the type of housing (if first-or second-hand) in the public finances; continues with the presentation of writing and paid to the land registry; and ends with the entry of the same in that Register. It is desirable to alter the land ownership contained therein, to figure the new owner. In Spain, it is essential to register the title of ownership of the property at the Land Registry, as this is public, and from the time of registration, you have legal effects against third parties. This information is vital because which, if not signed our property in the registry, the seller may re-sell the property or could fall embargoes or other charges on the property to be still in the name of the seller, which could cause the buyer were to lose of your property, having been executed by debts of the seller (without prejudice to the legal actions that may subsequently protect him). It is a process that usually takes between 1 and 2 months.
When the work is completed and returned by the Land Registry, you will officially own a home in Spain .