Legal Advice for purchasing a property
1. IBI (Impuesto sobre Bienes Inmuebles) Real Estate Tax Receipt, once you have found the right property we will check the following:
The receipt of the paid IBI (Impuestos sobre Bienes Inmuebles), the annual real estates tax. This information we get from the local town hall or the tax authority.
2. If the property is newly built we ask the seller for a copy of the declaration of new construction and in case for a copy of the declaration of alteration of property of an urban nature, this is sufficient to prove that the property is registered for eventual payment of IBI.
3. Check the property registration:
At the Land register we check if the owners of the property or land are registered and if there are any outstanding mortgages or claims against the titleholder. Of course we add this actualised information of the Land register for the private purchasing contract.
Depending to the private purchasing contract it would be suitable to involve a solicitor who is registered in Majorca. We will be happy to provide you with an experienced solicitor.
After you have bought a property by a private purchasing contract with a down payment of 10% of the whole purchasing sum, we prepare appointment at the notary. The purchasing deed will be signed by the spanish notary and the rest of the purchasing sum has to be paid . Depending to the needed time we also can prepare immediately the notary appointment without signing a private purchasing contract before. We make sure that the seller sells the property free of charges, tenants and mortgages. Either both parties or their authorized representatives must sign the public deed in the presence of a Spanish notary. After this the new owner can be registered in the Land registry. You need in any case a spanish tax number, which can be asked for at every time but latest befor the change of the owner in the Land registry.
If you would like to have a bank financiering we can organize the appointment for the valuation and we will accompany you to the bank appointment.
7. Fees and taxes:
In accordance with Spanish law, the buyer is responsible for:
•Transfer Tax ( V.A.T. + stamp duty when buying from a promoter)
•The notary's costs and in case the costs for the gestoría
The seller is responsible for:
•The municipal tax for the value increase of the land.
•In case all costs for the annulations of a mortgages or charges.