There are many details that you should consider if you made the decision to buy a house in Velez-Malaga, since this is a transaction where you will surely require the advice of a good lawyer or solicitor that can clarify your doubts and explain the procedures during the process, complying with the normative and making the payment of the corresponding local and national taxes to buy a house in Spain.
It is important to consider the procedures if you buy an “off-plan” property that is still under construction.
In the case of a house ready to move in, you must first make a formal offer with a price that fits your budget. Then, you sign a booking contract making an advanced payment of at least 10% of the total purchase. That way, you confirm that the purchase-sale transaction will be made as your solicitor will surely insist until reaching an agreement.
Remember that if you are a foreigner you must have your NIE to be able to buy a house in Spain, aside from your passport and perhaps a bank account in Spain.
Avoid buying a property that will lead to later problems and make sure you verify in the Registry that the property you are going to buy in fact belongs to the seller, that is legalized and does not have debts (you can contact your lawyer to help you with these procedures).
If you do not have enough money to buy a house in Velez-Malaga, evaluate other financing options.
When it comes to taxes, the regulations change constantly according to the autonomous community where the house is located.
Consider that in case of a resale and new purchase, taxes may differ slightly.
If you are going to buy a house in Spain, both parties (buyer and seller) must be present before the notary to close the purchase and to finally exchange the contracts. A representative of a financial institution must be included in the meeting if assistance was required for financing purposes.
To sell a house in Spain, you must have a copy of the notarial deed in which you are accredited as the real owner of the property, a document which must specify the exact details that appear on the Property Registry. In this way, the buyer will trust you as sole owner and at the same time, you will comply with the law.
If you plan to buy a house in Spain, request a notarial deed that is public and granted by an authorized notary, a document that exceeds the scope of a private one since its legal regulation by the State guarantees that its content is true.
A copy of this deed is usually used since the original is filed at the office of the Notary who authorizes the same, and finally ends up in the historical archive.
Do not forget that if you plan to sell your house you need to have the last receipt of the IBI (Real Estate Tax) handy, a requirement that someone who plans to buy a house in Velez-Malaga should not forget to request since it represents the annual payment of a specific amount to the town hall made by the owner of the home.
If you buy a new home, you must pay the added value tax (VAT) and in the case of a used home, you will pay the Property Transfer Tax (ITP), a tax that is levied on expensive transfers.
Other important documents that you may need to have handy are the invoices for the most recent payments of water and electricity services for the property, as well as a current residence certificate and a certificate regarding the payment of expenses in the neighbourhood community.
Also, in case of the sale of an apartment, the Spanish government has also requested the mandatory presentation of the Energy Performance Certificate of the Building.