Mortgage
If you
decide to use the mortgage as form of payment, must visit several banks in
order that they offer him his better conditions and more profitable for you.
You must analyze all the offers, and insure that all the financial clauses (the
capital of the lending, amortization, number of quotas, period of lack, early
amortization, possible partial return, possible early cancellation, interests,
commissions, table of payments, expenses, interests of delay and early
resolution) are the most suitable and better for you.
The most
prominent formal requirements of the mortgage are, that there must be
constituted necessarily in title deed (before Notary public), and that must
register in the Land Registry Office, moment in the one that stays right
constituted.
The
mortgages for not residents are mortgage loan ,that are granted to foreigners
who do not have the fiscal residence in Spain and want to acquire the second
residence in our country.
It is not
necessary to confuse them with the mortgages for foreigners who reside in
Spain, which they are the same that for any person with Spanish nationality.
The
financial entities granted between 50 - 60% of the appraised value, providing
documents similar to the Spanish, revenue, income, real estate, or any document
showing your financial situation.
http://www.bankimia.com/hipotecas-no-residentes y http://noticias.fotocasa.es/hipotecas-para-extranjeros-en-espana__11068.aspx
Title Deed
In the
supposition of purchase with mortgage, will be the bank that will take charge
of the necessary red tape, and the signature with its habitual Notary.
If it does not need mortgage loan, and you are
going to pay in cash, you will be able surely, across the Real Estate Agent, a
Notary public office locates. If the purchase you have realized to a private
owner, it would be interesting to contract a lawyer who realizes these
negotiations.
Be signed
the matrix title deed or the original document, and it will stay in the Notary
office, as annexed to the Protocol. Be considered public documents, in addition
to the matrix, copies of the same, issued with certain formalities for
stakeholders.
The
copies will have to be freed for the Notary, in the as brief as possible term,
for his inscription in the Record of the Property, and his presentation for the
liquidation of the TAX OF PATRIMONIAL TRANSMISONES AND JURIDICAL DOCUMENTED
ACTS (30 days).
The day of the
signature
You will
have to receive and verify:
The payment of the
community quotas, and copy of the bylaws.
Real Estate Property
tax (IBI) receipt.
License of First
Occupation or Bond of Habitability.
Contracts of services
and supplies.
Information on the
force of the Decennial Insurance (Law 38/1999, of November 5, of Arrangement of
the Building).
Guarantees and
certificates of the devices and domestic appliances.
Keys of housing
and common zones.
The Building
book, which must submit to the final users of the building as the art. 7
establishes, of the Law of Arrangement of the Building (LOE).
Obligations and rights later to the signature of the purchase
What must I do
after signed the title deed?
After signing the
public writing it is necessary to request at once its inscription in the Land
Registry. This inscription is voluntary (the Law does not impose it
necessarily), but it is very advisable to obtain it to achieve the suitable
degree of juridical safety and the guarantees that before we explain.
Together with our
request we must present in the Land Registry authentic copy of the title deed.
This presentation can be done directly in the competent Land Registry, because
of the situation of the housing, or by means of telefax from the Notary public
office in whose locality has granted the title deed to itself in cases of
urgency, or by means of a telematic communication sent from the Notary public
office in which the writing has been authorized. With it there is avoided any
risk of fraud or double sale during the period of five days which the Notary
possesses to send the copy of the title dead.
Taxes that burden the purchase of the housing
To obtain the
inscription, besides spending the favorable qualification of the Land Recorder
in his prosecution of legality of the document, you must be realized the
payment of the Tax of Patrimonial Transmissions that burdens the dealing. To
determine the amount of this tax it is necessary to distinguish between
purchase property developer (new housing) and buys individual (the second
hand).
a)In case of
purchase of new house, the transmission, The Value-added tax (IVA), the buyer pays it exclusively, that is to
say, in the first delivery of the housing realized by the property developer /
builder to the buyer. The general type is 4 % (It is necessary to remember that
the IVA to 4 % is a temporary measure, which validity expires at the end of
2012, It is to say, in 2013 the IVA will spend from 4% to 10 %, as has
confirmed the Secretary of the Treasury, Cristóbal Montoro). In Canaries this tax is replaced with the IGIC
(General Indirect Canary Tax) and has a type of 4,5 %.
If you buy a
parking lot together with the house, also you will pay the IVA to the same
type. If you buy a parking separately, you will pay the general type of IVA to
18 %.
In addition you
will have to pay the Tax of Juridical
Documented Acts (IAJD), which burdens the formalization of public documents
(notarial, mercantile and administrative) in transmissions of real estate you
do not exempt of IVA. The buyer of the building must pay it and the tax rate
ranges between 0, 75 % and 2 %, depending on the autonomous community. His base
of calculation in the mortgages, is the mortgage responsibility and, in the
first transmission of purchase of a housing, the price that appears in the title
deed. The liquidation of this tax the own interested party can do, or across
the Notary or a collegiate manager.
b) In case of he
buys an individual, that is to say, when it is a question of secondhand
housings or of the second hand, you will have pay the Tax of Patrimonial. The buyer of the
housing must pay it and has a tax rate that ranges between 6 % and 8 %,
depending on the autonomous community. The tax must subscribe before the
Delegation of Estate of the autonomous corresponding community, being the base
of calculation the purchase price that appears in the title deed.
Other taxes in new housing and of the second hand
1)Patrimonial Onerous transmissions: it
has a tax rate of 1 % and is paid when a mortgage lending is requested to
finance the acquisition of a new, or secondhand housing.
2) Tax on the Increase of Value of the Areas
of Urban Nature (appreciation): it is a municipal tax that burdens the
increase of the value experienced on the areas of urban nature from his
purchase and up to the moment of the sale. The appreciation goes at the expense
of the seller in case of dealings (a recent judgment of the Supreme Court has
confirmed that the property developer of new housings cannot load the
appreciation on the buyer). In case of transmission of housing for inheritance
or donation, the passive subject is the one who acquires the housing.
The tax base
proves to multiply the property value of the area in the moment of the
transmission for the years that the seller has been an owner of the same one
(with a maximum of 20 years) and for a percentage that must determine every
town hall, without it could exceed the following limits: of 3,7 % for a period
from 1 to 5 years; of 3,5 % of up to 10 years; of 3,2 % for a period of up to
15 years and of 3 % for a period of up to 20 years.
To the result
there will be applied to it a tax rate that the town halls apply without it could
exceed 30 %. Appreciation is not generated when the period of property has been
lower than one year. Equally, when the period of property is top at the age of
20, 3 % will be applied.
It is necessary
to pay in a period of 30 working days from the date of transmission of the
property, except in case of inheritances, that the term is six months from the
date of death (extendable to one year if this way it is requested in writing in
the first six months).
3) Property Tax (IBI): is a municipal tax
levied on the value of property in rural and urban nature, located in the
respective municipalities, and chelates law provides for payment to the
property owner. The IBI is payable each year, and its tax rate ranges from 0.4%
to 1.10% depending on the municipality, although most municipalities apply the
maximum.
Laws of the foreigners in the purchase
The acquisition
of housing in Spain does not guarantee the obtaining of an authorization of
residence.
To proceed with
the purchase of the housing, the foreigner will have to obtain with previous
character a Number of Foreigner's Identification (NIE). To see isolated "Number
of Foreigner's Identification ":
If the aim of the
purchase of housing is to reside in Spain, once acquired the housing, see the
necessary requirements in the paragraph "To reside without working ":
Addressed to whom
notarizing? It is a personal decision, provided that in Spain the properties
can be acquired addressed to natural persons or Juridical, resident or not in
our territory, and the expenses of title dead do not change.
The natural
persons acquire the properties according to the conjugal regime of his native
land and, though the marriage will be able to buy without the appearance of the
two, it will be able neither to mortgage nor to sell, unless he arranges of a
power.
A title deed will
be able to realize addressed to several persons and in the percentages that
they decide.
