The Purchasing Process in Spain
In order to buy a property or transfer a business into your name, it is necessary to understand the various ways it is done in Spain. In some ways it is very similar to the UK.
We strongly recommend that you use a lawyer with experience of buying Spanish property - preferably an English speaking Spanish Lawyer who is not representing the Vendor - this is something we can help with if you would like.
Our recommended lawyers will work with you every step of the way, representing you and you alone in the transaction. They will explain everything clearly and focus on protecting your interests at all times. In addition they can advise you regarding tax matters, your application for the NIE (National Identification Number), the making of Spanish wills and so on. Take a look at the lawyer's website, and we will arrange for them to contact you and we can send you their price list, which includes the following services.
We strongly recommend that you use a lawyer with experience of buying Spanish property - preferably an English speaking Spanish Lawyer who is not representing the Vendor - this is something we can help with if you would like.
Our recommended lawyers will work with you every step of the way, representing you and you alone in the transaction. They will explain everything clearly and focus on protecting your interests at all times. In addition they can advise you regarding tax matters, your application for the NIE (National Identification Number), the making of Spanish wills and so on. Take a look at the lawyer's website, and we will arrange for them to contact you and we can send you their price list, which includes the following services.
PROPERTY, BUSINESS PURCHASE
- Legal advice on the purchase
- Preparation or revision of contracts
- Accompaniment to the Notary and translation of the deed
- Liquidation and payment of the Tax
- Registration of the property into the Land Registry
- NIE application
- Change the name on the electricity and water contract, owner’s community, etc.
PROPERTY PURCHASE WITH POWER OF ATTORNEY
- The same services described above
PROPERTY SALE
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- Legal advice on the sale
- Preparation or revision of contracts
- Accompaniment to the Notary and translation of the deed
- Tax
PROPERTY SALE WITH POWER OF ATTORNEY
- The same services described above
OTHER SERVICES
- Wills (Preparation and accompaniment to the Notary)
- Fiscal representation
- Residencia application
- Social security card
- NIE
- Business start up
- Vehicle
When you come over to Spain to view property, we would be delighted to arrange for you to meet the lawyers so that you can get to know each other and ask any questions you may have.
Freehold property in Spain, that normally means you purchase a commercial unit with electricity and water supplies, and then you develop your unit to your own requirements and at your expense. However, there are businesses in Spain that are freehold but have already been fully equipped and are a going concern.
You can also rent a unit from the proprietor on a renewable contract (normally 5 years) and develop it as for freehold property.
By far the easiest is - tell us what type of business you are looking for. We will tell you the cost of preparing your property to start earning.
The second and most common method is TRASPASO . This is where the premises are complete and fitted out for the purposes of the business e.g. a bar is fitted with the machines, refrigerators, furniture etc that you would expect to find in a bar and, with us, your contracts with the electricity and water companies plus the necessary licences to open. Once you have purchased the Traspaso and signed the rental agreement, you are then the owner of everything within those premises and, should you wish, you have the assets to sell at a later date. In the last example, a non returnable deposit of 15% is normal with the remainder paid upon completion.
In Freehold purchase, the deposit is normally 5%. The only other expense relating to the business is the registration with the local authority with the PROJECTO, which can be prepared us.
Freehold property in Spain, that normally means you purchase a commercial unit with electricity and water supplies, and then you develop your unit to your own requirements and at your expense. However, there are businesses in Spain that are freehold but have already been fully equipped and are a going concern.
You can also rent a unit from the proprietor on a renewable contract (normally 5 years) and develop it as for freehold property.
By far the easiest is - tell us what type of business you are looking for. We will tell you the cost of preparing your property to start earning.
The second and most common method is TRASPASO . This is where the premises are complete and fitted out for the purposes of the business e.g. a bar is fitted with the machines, refrigerators, furniture etc that you would expect to find in a bar and, with us, your contracts with the electricity and water companies plus the necessary licences to open. Once you have purchased the Traspaso and signed the rental agreement, you are then the owner of everything within those premises and, should you wish, you have the assets to sell at a later date. In the last example, a non returnable deposit of 15% is normal with the remainder paid upon completion.
In Freehold purchase, the deposit is normally 5%. The only other expense relating to the business is the registration with the local authority with the PROJECTO, which can be prepared us.
Currency Exchange
We partner The Interchange Organization for changing your money into Euros. We have found they simply give the best service in the industry. We use them on a personal basis and they have always credited our Spanish bank within 24 working hours of sending money to our secure account, held with them. (They normally guarantee 48 hours). Interchange makes your currency and money transfer needs simple and secure when buying a property abroad. Their friendly foreign exchange team will find you the best money and currency exchange rates available and assist you in your money transfer requirements. Please click on the Interchange link below to go to the Interchange website. You must open an account before any money can be transferred to Spain - similar to a secure client account at a solicitors. Her Majestys Revenue and Customs in the UK require an account to be opened to prevent money laundering.
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