PURCHASE. FREQUENTLY ASKED QUESTIONS

Contract, Payments, Expenses, Finance, Guarantees, Completion, Tax and Legal

The contract

Do I sign the contract before checking it with a solicitor?

Payments & expenses

	What can I expect the stage payments to be?
	What expenses are incurred when buying a property?
	When do I pay the expenses?
	What are the total costs involved in getting a mortgage?
	Will I be charged commission to transfer my pension?

Finance

	How do I get finance to buy the property?
	What documents would you need from me?
	What are the average interest rates?
	What are the total costs involved in getting a mortgage?
	How do I open a bank account?
	How do I transfer money into my overseas account?
	How can I secure an exchange rate?

Guarentees

	Is a survey carried out on the property, structure and foundations?
	Are the new properties normally finished on time? What are the builder’s responsibilities if they do not finish on time?
	What guarantees are there from the builder or developer?
	What would happen if the builder were to go bust?

Completion

	Do I need to be present to obtain my NIE number?
	Do I need to be present for completion?
	When do I get the keys to the property?
	When do I have access to my new property?
	Who is the Notary and who attends on the completion day?
	Who holds the title deeds to the property?

Tax

	What are the yearly running costs for owning a property?
	How do I pay these taxes?
	Who should be the owner of the property for tax reasons?
	Do I need a Spanish will?
	What is the inheritance tax on a property?
	What are the capital gains taxes when selling the property?
	What is wealth tax?
	Do I have to pay income tax?
	Who pays the Seller’s tax?

Legal

	Do I need to apply for planning permission if I want to extend my property or add a swimming pool?
	How do I become a resident?
	How do I get medical cover here?

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