Purchasing real estate in Spain. Beware of hidden costs
People interested in purchasing an apartment or house in this country should carefully read the regulations to avoid problems and protect their investment. Buyers have both rights and obligations. The latter result in significant additional costs.
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— A buyer of real estate in Spain has the right to complete and reliable information about the apartment or house he or she intends to purchase. This means that the seller is obliged to disclose all relevant data regarding the legal and technical status of the property – says Justyna Wajda, legal advisor, Diplomada en Relaciones Laborales, Graduado Social with license 2573, API real estate agent with license no. 1171, who runs the InmoJustyna real estate agency in the province of Alicante, Spain.
Transparency of information is the foundation of a safe transaction, which is why Spanish law obliges the seller to provide complete documentation.
The law provides the buyer with access to the land and mortgage register (Registro de la Propiedad), which contains information about the owner, possible mortgages and other restrictions. This is a key tool for verifying the legal status of real estate, which helps avoid unpleasant surprises related to hidden charges. In some cases, if provided for in the preliminary contract, the buyer has the right to withdraw from the contract within a specified period without financial consequences.
— When purchasing a new apartment from a developer, the buyer is guaranteed the right to a quality warranty, which covers the removal of construction defects detected within a specified period of time after the completion of construction, says the expert. In the event of serious defects, you may demand their repair or partial refund. The seller is also obliged to provide an energy efficiency certificate specifying the energy class of the building.
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Additional verification options
The buyer may also conduct an independent technical inspection to ensure that the condition of the property corresponds to what was presented in the documents and offer. If any discrepancies are detected, the buyer has the right to negotiate the terms or cancel the purchase. Such an inspection, although it involves an additional cost, can prevent you from spending money on a property that requires expensive repairs.
It is also recommended that the buyer uses the assistance of a Spanish lawyer specializing in real estate who will represent his interests at every stage of the transaction. — This is especially important in the case of foreigners who may not know all the nuances of local law and administrative procedures. Awareness of these rights allows you to avoid mistakes and unpleasant surprises, and the entire purchase process proceeds calmly and safely. – emphasizes Justyna Wajda.
What must the buyer do?
A buyer of real estate in Spain is obliged to carefully check the legal and technical status of the property before signing the contract. He should make sure that the property is free from any encumbrances – mortgages, third party claims or other restrictions – which can be verified by accessing the land and mortgage register. This is the basic principle of due diligence, the observance of which protects against the assumption of other people's debts.
– Before making a transaction, the buyer must obtain Foreigner Identification Number (NIE), necessary to purchase real estate in Spain, and open an account in a Spanish bankwhich will be used to make payments related to the purchase and maintenance of real estate – explains the expert. Without a NIE number, you cannot legally purchase real estate, so it is worth getting it in advance.
Financial and formal obligations
The buyer is obliged to pay all taxes and transaction fees, including property transfer tax, notarial costs and real estate registration. He should also ensure that a technical inspection is carried out and check whether the actual condition of the property corresponds to what was stated in the contract. These costs may range from several to several percent. property value, so they should be included in the budget.
When purchasing from a developer, you should pay attention to the compliance of the project with construction plans and contract provisions. All documents should be prepared in accordance with Spanish law, preferably with the assistance of a lawyer. It is also worth checking whether the developer has all the required permits and whether there are any outstanding fees.
Finally, the buyer is obliged to report the purchase of the property to the appropriate offices to update the data in public registers. Fulfillment of these obligations guarantees the legality of the transaction, investment security and protection against possible legal problems in the future. Only a comprehensive approach to the purchase of real estate provides peace of mind and certainty that the investment will serve for many years.
