Buying Abroad

One of the most common misconceptions people tend to have when buying a property abroad is a belief that things will follow a similar path as buying a property at home. It is important to understand that buying costs, timescales and even the legal process will be very different in foreign jurisdictions.

In continental Europe and many other countries, for example, they use the Notarial system whereby the Notary will witness the transfer of the title. In some countries contracts are signed earlier in the process, even before any searches have been carried out on the property being purchased. There may also be the expectation for you to sign a reservation contract and pay a reservation deposit prior to signing the full purchase contract and paying the full purchase deposit.

News

Tax on Mortgages in Spain - Update

The situation with the tax that needs to be paid for new mortgage registrations has been clarified with the President of the Government, Pedro Sanchez, announcing measures to make banks, not borrowers pay the tax associated with a mortgage. Clarity The...

Confusion in Spain over mortgage taxes

A recent Court case in Spain has both clarified and caused confusion over who should pay the taxes associated with taking out a mortgage to buy a property. The Judgement issued by the Supreme Court ruled that it was the Banks - and not the borrowers - who...

Spanish Court collapse

Can the Spanish avoid an absolute collapse of their Court System? As the Court System in Spain groans under the weight of the number of cases there have now been calls to increase the number of Courts to try and tackle the huge delays that have been...

Purchase contracts in Spain

When buying a property in the UK you may be used to there being a purchase contract. When buying in Spain there may be several different types of contracts to sign and there may indeed be several in one transaction. Unfortunately these different types of...

Insurance and Specific Risk policies on foreign properties

Unless you have bought property in the USA you may not have heard of Title Insurance. Title insurance is, in effect, an indemnity insurance policy which protects against financial loss as a result of defects in the title to the property. It is not a...
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