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Spanish property experts International Mortgage Solutions based in Marbella Spain have over 7 years experience in dealing with property purchases in Spain. Here are their tips to avoid problems.

Many Europeans now embrace the concept of buying land in a different country. With a drop in the cost of air fare, interest rates in Europe becoming lower, and the property itself offering capital growth, countries like Spain have become more enticing to potential buyers. You will enjoy lots of sunshine, plenty of growth, and it’s just a short trip to Spain. It may not have been a good idea to buy in Spain in the past, but it can be done more safely if you understand some general guidelines. If you are considering purchasing real estate in the country of Spain, you should first look to arrange your finances.

• Seek out legal advice before signing any legal documents.
• To save yourself from becoming financially strapped, you should spend wisely and frugally.
• You should expect that time deadlines will be stretched.
• Until you have the required funding, do not sign a contract to purchase anything.
• Be aware that the procedure for buying in Spain has its own idiosyncrasies and don’t assume that it will be the same as it is in other markets.
• Completely comprehend how taxes are incurred depending on the type of ownership status you select.
• Be careful not to let yourself be persuaded to do anything you wouldn’t normally do.
• Hire an attorney that is not involved with the sales agent you are using. In order to keep your best interests a priority a neutral third party is needed.

Before making any purchases in Spain, it would be advisable to first approach your lawyer with a series of questions to be answered. There have been many instances where international buyers have been unable to get the results they seek because they didn’t know what questions to ask or when to ask them. Before signing on the dotted line you should get answers to some of the following questions and another others regarding where the entire sum of this Spanish purchase is legally register?

• Is the property’s land rustic or urban? What might happen when purchasing pastoral land?
• What costs will need to be taken into account, such as typical attorney’s fees and taxes?
• Are licenses already in place, for instance property contracts or first liens of residency?
• Do less than decade old buildings have decade long warranties?
• Is this transaction being made with a direct purchase or is it part of a termination of deed? On the basis of the structure of the purchase,what are the entailments?
• When completing this purchase, will there be any need for a declaration?
• Are you responsible for any additional costs such as, capital gains, inheritance, wealth or income taxes?
• Are any deposits required now? When is the nonrefundable point of the process?
• What will have to be paid to an attorney, along with other legal charges?