Choosing a reputable lawyer when buying real estate in Marbella is crucial to ensure a smooth and legally sound transaction. A knowledgeable lawyer can help navigate the complexities of property law, review contracts, and identify any potential red flags that could jeopardize the deal. They can also ensure that all necessary documents are correctly filed and that the transaction complies with local laws and regulations. Additionally, a reputable lawyer can provide valuable advice on negotiating terms and resolving disputes, ultimately protecting your investment and providing peace of mind. In essence, having a skilled legal professional by your side can save you time, money, and stress, making the entire real estate process much more manageable and secure.

Luxury Partners Real Estate www.luxurypartnersrealestate.com has worked with many such legal professionals. We realise that a highly reputable lawyer will give you “peace of mind” when buying and selling your home .

One such lawyer that we highly recommend is Carlos Abril Cumpian who is a partner in the lawyers Abril Cumpian in Marbella www.abrilsolicitors.com  tel 0034 952765160

Carlos worked with recent clients  of Luxury Partners Real Estate www.luxurypartnersrealestate.com  and negotiated the purchase of a property with particularly difficult vendors . He showed comprehensive of  knowledge of spanish real estate laws , tenacity and  professional business acumen to ensure a successful completion .

Below are some interesting facts about property laws in Spain

Property laws in Spain

1. Types of Property Ownership

Full Ownership (Propiedad Plena): The owner has absolute rights over the property, including its use, enjoyment, and disposition.

Co-Ownership (Copropiedad): Multiple individuals share ownership of the property. Each co-owner has a percentage share, and decisions regarding the property usually require a majority or unanimous agreement.

Leasehold (Arrendamiento): This is a rental agreement where the tenant has the right to use the property for a specified period in exchange for rent.

2. Property Transfer
Purchase and Sale (Compraventa): This is the most common method of transferring property. It involves a contract between the buyer and seller, followed by the signing of a public deed before a notary.

Inheritance (Herencia): Property can be transferred through inheritance, in accordance with a will or Spanish intestacy laws if no will exists.

Gifts (Donación): Property can be transferred as a gift, but this process is subject to specific tax implications.

3. Legal Requirements for Property Purchase
Identification Number (NIE): Foreign buyers must obtain a Número de Identificación de Extranjero (NIE) to purchase property.

Due Diligence: Buyers should conduct thorough checks, including verifying the property’s legal status, debts, and encumbrances.

Public Deed and Registration: The sale must be formalized with a public deed signed before a notary, and then registered with the Land Registry (Registro de la Propiedad).

4. Taxes and Costs
Property Transfer Tax (ITP): Typically ranges from 6% to 10% of the purchase price for resale properties.

Value Added Tax (VAT): For new properties, a 10% VAT is applicable.

Notary Fees and Registration Fees: These costs vary but are generally between 1% and 2% of the purchase price.

Annual Property Tax (IBI): Paid to the local municipality, based on the cadastral value of the property.

5. Urbanism and Building Regulations
Properties must comply with local urban planning and building codes. Unauthorized construction or modifications can lead to legal issues.

Licenses and Permits: Necessary for building, renovating, or changing the use of a property.

6. Foreign Ownership
There are no restrictions on foreign ownership, but non-residents must declare their property ownership to the Spanish Tax Agency.

Understanding these key aspects can help navigate the Spanish property market more effectively. It’s always advisable to seek professional legal advice when dealing with property transactions to ensure compliance with all applicable laws and regulations.

www.abrilsolicitors.com 

www.luxurypartnersrealestate.com

Taxes and expenses when selling a property in Spain