SHORT GUIDE FOR BUYING A PROPERTY IS SPAIN
When buying property in Spain (and in any country, not matter if it is the country where the buyer lives or it is a foreign one) it is imperative to obtain individual legal advice before embarking upon any transaction. We recommend that you do not sign any documents or deliver any amount of money without having sought legal advice from a qualified lawyer. This guide provides a basic outline of the process, and includes issues applicable only to foreign buyers.
The first step is to consider the type of property that you are buying, for each has different legal implications. You may decide to buy an existing property from a private individual or company that has already been built and owned by someone else or, you may opt for a new property under construction or recently built and not previously owned. Properties can also be bought at an auction and another option is a timeshare which is a form of ownership or right to the use of a property.
In general, we could say that the procedure to purchase a property is Spain is formed by two main steps: the signature of the public deed before a Notary Public and the entrance of this deed into the Property Registry, but there are many other steps and issues that should be taken into account.
Properties can be purchased by one or more individuals or by one or more companies, or by individuals and companies. Each of them will be considered as being the owner of a percentage of the property, and will have to follow all the steps as if he was the sole buyer. Companies can be foreign or they can be Spanish, but wholly owned by foreigners. The procedure will be similar in all cases.
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