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Legal Issues of Buying Property in Spain
Obviously this is not professional advice see our legal page, you should appoint an English speaking Spanish Lawyer to provide professional advice that you can act upon..
Escritura and Nota Simple
You or your Spanish lawyer need to do legal checks before completing on the purchase of any property in Spain. You need to check the Spanish land registry for the ‘Escritura’ or title deeds which will list the registered owner and the plot in addition to the ‘Nota Simple’ which will record any debts, fixed charges or mortgages secured on the property. You need to check if the correct planning permission was given for the type of building given the developments especially around Marbella which were built without planning permission. Extensions, porches garages etc are often built without permission so you need to formalise all additions to the building before purchasing you home in spain.
Taxes
There are numerous forms of tax when buying and owning property in Spain.
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ITP - If you buy a resale property from an owner direct, you only have to pay a transfer tax.
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IVA - If you buy a newly built property from a developer you pay IVA and stamp duty (IAJD). these taxes vary from region to region, but are usually either 7% or 8%.
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IBI – rates from the local town hall.
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Plusvalia – Capital gains tax.
