Olg Spain - Spanish property for sale

	We will call you and establish your exact requirements. Not just the usual information like number of bedrooms and bathrooms, but EXACTLY what you want – style of property, near beach, near amenities, type of area, distance from airport, car necessary or not, etc etc.
	We will offer suggestions and discuss with you what is available within your budget.
	We will advise you on the buying procedure and costs involved.
	When you are ready to visit the area we will arrange for local agents to show you properties that are suitable for you.
	All our agents adhere to a strict code of practice and have been selected for their integrity and ability to show you properties that match your requirements. You will not be subjected to any hard sell or dubious sales tactics.
	We will stay in touch with you throughout the whole process and if necessary provide you with advice on legal matters, currency exchange, furnishing, car hire and just about any service that you may require to make the buying of your property as simple and trouble free as possible.

Why use OLG and not go direct to an estate agent?
You could, of course, go direct to an estate agent but here are some reasons not to:-

Which one do you chose?
There are thousands of them. Some good, some bad. Some honest and friendly, some dishonest and very pushy. OLG have spent years sorting out the good from the bad and will refer you to the right agent for you.

We can save you money. Due to the wide variations in commissions charged by estate agents you could pay more than you need to. OLG only recommends agents that have a responsible attitude to commissions.

Agents will often try and sell you the property they want to sell to you and not the property you want to buy. OLG will establish what you want and then refer you to an agent that specialises in your type of property, area and price range

You may want to look at more than one area, type of property or price range. It is impossible for one agent to be an expert on all areas or have properties that match all criteria. OLG can refer you to a agents each specialising in different properties.

The Spanish property buying process
Below is some general information on buying a property in Spain. We hope this is interesting and useful but, for more specific advice please do not hesitate to contact us. We would be delighted to answer any questions you may have.

Once a suitable property has been found, the purchase terms and price will need to be agreed. Your Lawyer will carry out the appropriate searches and investigations of the property and arrange with the vendor the procedure for the cancellation of any outstanding liens, mortgages or debts.

Exchange of contracts
Upon acceptance of the offer by the vendor the next step in the sales process is to execute the contracts of sale or to sign an option to purchase. It is normal practice at this stage to pay a percentage of the purchase price which is normally non-refundable in the event the purchaser fails to complete.

Final completion at the Notary
A sale is formally completed in Spain when the public title deeds of purchase are signed in front of a Notary, the final payment has been made, and possession is given to the buyer.

The Notary is a public official who is responsible for recording the sale on the public record stipulating the title deed has been signed in his presence and understood by the parties concerned. The purchaser may attend the signing of the deed in the presence of the Notary or grant a Power of Attorney to representative to attend on their behalf.

Registration of the property
The Notary will fax a note of the title deed to local Land Register, and your Lawyer will arrange:
 

	Payment of the relevant transfer taxes associated with the purchase
	Registration of your title deeds (which may take up to 3 or 4 months)
	The transfer of accounts with the local utility suppliers, e.g. water, electricity and organise payment through your bank account N.I.E. (Número de Identificación de Extranjeros) This is an identification number for use by foreigners making financial transactions in Spain. This is obtained from your local Police Station at the foreigners' department. The fees: There are two fees when purchasing a property in Spain 1) Notary fees: They vary depending on the value of the property and various other factors. 2) Land Registry Fees: These vary according the locality, type and value of the property. They are not strictly taxes but rather administrative fees. The taxes: 1) IMPUESTO SOBRE TRANSMISIONES PATRIMONIALES (ITP): Transfer tax payable when you purchase either land, house, apartment or a building plot from a private owner. Depending upon "Local Parliament" (Comunidad Autónoma) it can be 6% or 7% of the declared value of the property as expressed in the "Escritura de Compraventa" (Deed of conveyance). 2) IMPUESTO SOBRE EL VALOR AÑADIDO (I.V.A.): This is the Spanish equivalent of VAT. It is paid instead of I.T.P. when you buy from a Developer rather than the private individual. It is charged at the rate of 7% on the construction of a house and any associated buildings. It is also charged at the rate of 7% on both the plot and the house if you purchase both at the same time. 3) AJD (Stamp Duty): In addition to IVA you will also have to pay a document tax or stamp duty which can be up to 1% of the purchase price. 4) Plusvalía: It is due to the increase of the legal value of properties. Normally payable by the vendor but it may be stipulated that the buyer pays. Who pays this will be discussed in the negotiations and in consultation with your Lawyer. 5) Capital Gains Tax (Impuesto sobre la renta de no residentes): Only when the vendors are also Non-Residents, there is a tax applied which consist on the retention of 5% of the property sales price. This tax is normally payable by the vendor. Spanish Property Taxes 1) IMPUESTO SOBRE BIENES INMUEBLES (I.B.I.): This is the main local property tax. The amount of the tax is calculated by reference to the "valor catastral" (official value of the property) registered in respect of all properties in Spain. The percentage of that valor catastral charged as tax varies from area to area. The official values were, until recently, very low. They are now rapidly rising pursuant to a policy of the Spanish Government that will result in the official values approaching the real value of the property. 2) CONTRIBUCION TERRITORIAL RUSTICA: This is the same as IBI but for rural areas. 3) TASAS Y CARGAS: Some municipalities raise additional taxation in relation to the services that they supply to people in the area. They may include rubbish collection, cleaning of the streets and beaches, etc. Municipalities can also include a charge for the use of a vehicle in the area, although not all do. The amounts of these "tasas" y "cargas" are not generally high.