lunes, 13 de julio de 2020
RECOMMENDATIONS BEFORE PURCHASE
Before selecting a property from Marti Projects S.L. We offer you a series of very important recommendations to take into account at our discretion.
1 - Right choice;
Surely the most difficult time to buy a property is to choose the most suitable, it is advisable not to make an impulsive decision for it, from Marti Projects S.L. We recommend some guidelines to follow;
-Take your time, compare the different possibilities that the real estate market offers you.
- Examine the property in detail
- And very important to make sure of the legal situation of the property before taking any action.
- Check with the relevant City Council on the situation of the property in urban terms, check if there are future urban plans pending approval, in the public consultation or execution phase, that could affect the property or its surroundings, altering the circumstances that influence its decision .
2 - The Real Estate Agency;
It is the one that offers a service to the seller so it is he who must pay the commission for these services. If the purchase is being made through a Real Estate Agent, it will be he who can inform you of the situation of the house, the procedures and the documentation to be provided. Otherwise, you should know the essential preliminary checks for the successful completion of the operation.
3 - The Real Estate Agency;
You can offer complementary services such as the management with the bank for the granting of the mortgage or formalize the sale in a certain notary. As a buyer you are not obligated to accept these services.
4 - Visit to the Property;
When visiting the property, our recommendation is that apart from assessing the general condition of the property, pay special attention to other important aspects such as; Check the neighborhood, access to roads and means of transport or noise level, very important factors in a good quality of life.
Check that the surface of the property meets your needs, since it is one of the most important characteristics, although it is advisable to clarify the terminology used more frequently.
- Constructed area (meters built): it is the surface of the house including all the elements, such as walls, beams, partitions and terraces. Normally it is the data reflected in the plans of the house.
- Useful surface (useful meters): it is the total surface, discounting the thickness of the walls, beams, partitions ... It normally supposes around 15% less than the constructed surface. In the case of terraces, if they are open, half of their surface is considered in the calculation of the useful surface.
- Total or computable surface: it is the constructed surface to which the proportional part of the common elements is added, they are the spaces of shared use by all the neighbors, such as the portal, the staircase, the gardens, etc.
- The constructed surface with respect to the total surface of the building, including these common areas, is what defines the participation rate of the dwelling in the community expenses of the flat and is the basis of the valuation of the dwelling.
5 - Property Registry;
Through the Property Registry, (Public and official file where all the acts and contracts related to property and other property rights are registered. The Registry identifies who is the current owner and if the property is taxed with mortgage or with some other right, such as annotations of attachment, resolution conditions, usufruct rights, leases, purchase options, etc. You must ensure that the home is free of charges, that is, up to date with the payment of taxes, fees , censuses, judicial liens, etc. If the house is encumbered with a mortgage in which you do not want to subrogate or with any other charge) make sure who owns the property, its legal situation and if it has any charge before advancing any amount of money, requesting a simple note.
6 - Purchase on Plane;
In the event that the purchase of a property is made off-plan, do not sign or pay any amount, without first checking with the Commercial and Property Registry that the company offers you the property has the legal authorization to do so. Making sure that the project has already approved the necessary municipal licenses and analyze the contract with a lawyer to avoid unfair terms.
The information available in these cases varies slightly since there is no community of owners, which is usually established once all the homes have been delivered. There is no IBI either, and only the parent property can appear in the Registry, without identifying each one of the houses since the developer has not yet carried out the Horizontal Division, they must request;
- Name or business name of the promoter, address and registration data in the Mercantile Registry.
- Situation plans of the property and the house.
- Description of the house: Useful surface, services and supplies, common areas, security measures, etc.
- Quality memories.
- Registration details of the property in the Property Registry.
- Contract with its general and special conditions (price, form of payment, delivery time ...).
7 - Second Hand Property;
In the event that the property is second-hand, it is important to know that you are not obliged to subrogate from the previous owner,s mortgage, if any, assuming that a subrogation is decided on the previous mortgage, you should know that you can negotiate with the bank a change or improvement of conditions.
If the property is encumbered with a mortgage in which you do not want to be subrogated or with any other charge, the seller must cancel it economically and by registry before signing.
Before buying and selling, it is advisable to review the following documentation:
- Transmitter,s property title.
- Last annual IBI receipt (Real Estate Tax or Urban Contribution).
- Community owners certificate that proves that the seller is up to date with payment of community expenses.
- Ownership and charge status of the home (Simple Note from the Land Registry).
- Last receipts for current services for payment: Water, electricity, gas, etc.
- ITE, Technical Inspection of Buildings, regulates the conservation of buildings. Mandatory in some Autonomous Communities, in homes over 20 years old.
8 - Formalization of the purchase;
At the time of formalizing the purchase, if the house is paid in cash, it is not necessary to go to the notary (At the present time it is a rather improbable case due to the Money Laundering Law, where it is necessary to demonstrate the origin of the money) , a private contract between the parties is enough to serve as proof of the operation.
In the case of buying a property within a community of neighbors, you must request through the administrator of the property or the community of owners the certificate that certifies that the property is up to date with payments to the community.
The Notary Public must state that such a certificate is provided, in this way it prevents the delinquent owners with the community from selling without paying these debts. Find out if there is a planned spill for extraordinary expenses, any work or rehabilitation, elevator, facade, etc. that entails future expenses that are an obligation of which the property responds regardless of who is the owner. You must take into account the monthly community expense and the number of neighbors.
Subsequently, to register the home in the Property Registry, you must go to a notary, usually in the case of a sale, the notary is usually chosen by the person who pays the expenses.
- Both in a public and private document, the seller is bound by the hidden vices or defects of the home. That is, the buyer may choose to withdraw from the contract (and receive the expenses he paid), or to reduce a proportional amount of the price, as indicated by the experts.
9 - Payment of taxes;
From Marti Projects S.L. We have already talked about the different types of taxes and expenses that a purchase-sale operation entails, we remember them;
If it is a new home, you will have to pay the Value Added Tax known as VAT, while in the case of second-hand homes you have to pay the so-called Property Transfer Tax (ITP).
In both cases, it is also necessary to face the Tax on Documented Legal Acts (IAJD)
It is important to know what the payment situation of the Real Estate Tax (IBI) is. Check that you are up to date with the payments since the house responds to the last two immediate annuities, this tax must be paid by the owner of the property.
10 - Registration of the property.
It is the only way to demonstrate that you have the rights to the property that you have just acquired.
Tips from Registrar of Spain to buy a house in Spain
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Mistakes to avoid when signing a mortgage
Keep your second residence in perfect condition
A series of tips that will help you sell your property.