This document provides a comprehensive guide for buyers interested in purchasing property in Spain. It covers many important topics to consider when buying overseas property, including: determining your wants and needs for the property and location; researching costs, legal requirements, and the buying process; understanding the Spanish lifestyle and culture; and next steps after purchasing such as property management. The guide breaks the large task of buying overseas property into achievable steps, and provides resources to help buyers navigate the process to turn their dreams of living in Spain into a reality.

1. Buyers Guide to Spain

2. Table of Contents
Getting started Page 3
Take action Page 4
Important questions Pages 5-6
Research and gather information Page 7
Can you actually buy a property in Spain? Page 9
What is the lifestyle like in Spain? Page 10
Life outside of home and work Page 11
Spain’s climate Page 11
The Spanish diet and eating style Page 12
Spain’s diversity and culture Page 13
Spain’s land Page 13
Character traits and speaking Page 14
Spanish dialects Page 14
Spanish timetables Page 15
Is the Spanish siesta a myth? Page 15
What are the costs to buying in Spain? Page 16
Key financial points to consider Page 17
Breakdown of costs involved Page 17
Costs of maintaining a property Page 18
Cost of living Page 19
Financial and tax planning Page 20
Ensuring income in Spain Page 21
Spanish lawyers Page 22
Do I need to be in Spain to sign? Page 23
Currency exchange Page 25
Spanish mortgages Page 26
Re-mortgageing an overseas property Page 27
Spanish mortgages background Page 29
Four main steps to buying in Spain Pages 30 - 33
Find the right property for you Page 35
Planning your viewing trip Pages 36 -37
Buying process Pages 38 - 39
Speak to the experts
Winkworth Spain are your specialist
real estate agent based on the Costa
del Sol.
Our team of property professionals
have in-depth, expert knowledge and
experience of the Spanish property
market and are happy to answer any
questions you may have.
+34 952 880 941
info@winkworth.es
winkworth.es
facebook.com/winkworthspain
twitter.com/winkworthspain
linkedin.com/company/winkworth-spain
plus.google.com/+WinkworthEsSpain
youtube.com/user/winkworthspain
Post completion Page 40
Making the move to Spain Page 41
Property management Page 42
Final thoughts Page 43
Additional Resources
Glossary of legal terms Pages 44 - 46
Glossary of property types Page 47
Glossary of professional services Page 48
Property worksheet Page 49
This guide is copyrighted 2015 Winkworth Spain SL
See page 43 for copyright and legal information
speak to us
today!
SCANME
2

3. Spain’s gracious lifestyle, affordable cost of living, and
breathtaking coastlines attract foreigners who want to call
this sought-after country home, even if it’s just home to a
holiday house.
Buying property in Spain might seem overwhelming at first,
but just like any big dream or vision it is achievable when
you break it down, and conquer the task step by step.
Typically, people who have purchased property in Spain
didn’t make spur-of-the-moment decisions, buy, and move.
Their desire to live in Spain or to have a holiday house in
Spain started with a daydream.
They imagined themselves watching the sun rise over the
clear blue waters of the Mediterranean or sipping wine on
a sun-drenched terrace in a luxurious Spanish villa. Those
daydreams eventually turned into actionable steps that
caused them to realise a dream.
Just think…an online property search could lead to contact
with a local agent in your destination of choice and then
research into visa types and the job outlook for your career
field. Next, you might delve into expat blogs or set up a
virtual meeting with a friend or acquaintance who is living
in Spain.
Your next step might be to plan a trip overseas, meet with
an agent, and look at properties in person. One tiny step
leads to the next and the next, which eventually leads to
you owning your dream property in Spain.
There are many places to start your search, and you might
not know where to begin or what questions to ask. Where
should you buy? What are the legalities? What does the
buying process look like in Spain? How do you navigate
the currency exchange? These questions and more can
leave you stressed and tempt you to forget about buying a
property in Spain.
In this comprehensive buyers’ guide to Spain, we’ll guide
you through the process so you can make your dream a
reality sooner than you ever imagined.
We’ll walk you through the tough questions, so you’re one
step closer to settling in for the night and rising in the
morning in your very own Spanish home.
Getting Started
Buying a property in your home country can be a daunting experience let alone buying a property in
a foreign land where the laws and customs are different. The purpose of this buying guide is to help
you navigate through the complex maze involved when buying a property in Spain.
3

4. Take Action
Take action this year—right now, even—so you can start
soaking up all this beautiful country has to offer. You’re at a
crossroads, and it’s time to make a choice.
Are you going to stay where you’re at and continue dream-
ing of living in an envious climate where you get value for
money, warm and generous people, and a renowned quality
of life? Better yet, are you ready to consider your options
for buying property in Spain? You could purchase a holiday
house and benefit from rental income in between your stay
or move permanently and embark on an adventure of a
lifetime. Let’s take the first step.
Once you’ve decided to buy property in Spain, you need to
decide what it is you want and why. Grab a pen and paper,
and start jotting down what comes to mind. What would
you consider the perfect home? How large a home do you
want? How many bathrooms or bedrooms are you looking
for? Do you want a swimming pool, a terrace, or both? You
might come up with a list of must-have features and ameni-
ties, and your priorities may change as you move through
the process.
The important thing is to start documenting so you have a
place to start.
After you’ve thought about what you want, you need to
think about where you want it. What is your perfect loca-
tion? Do you have a specific city in mind? Are you looking
for country landscapes or beachside apartments? Is there a
particular atmosphere you prefer?
Do you want lots of hustle, bustle, and activity; or do you
prefer a more laid back environment? Where do you need
to be to achieve the lifestyle you want to achieve? These
are all things to bear in mind when you consider where you
want to live in Spain.
If you don’t begin this journey detailing exactly what you
want, you might come to the end of it and not be satisfied
with what you’ve purchased and where you’re living. The
more time you spend considering the details surrounding
what you want, the easier it will be for you to achieve your
objectives and the better outcome you will have.
What are you waiting for? Life is short. Think about what you want and go for it, of course not with-
out planning things first! Take action but take decisive, knowledgable action by asking yourself all the
relevant questions and gather that information to make your decision easier.
4

5. If you fail to plan,
you plan to fail.
Alan Lakein
Important Questions
• What area or region do you want to live in? For example:
Elviria or Costa del Sol?
• Do you want to live in a coastal resort, city, village, or the
countryside?
• Do you want to live in an apartment, townhouse, villa, or
home?
• What style of property do you want to buy? For example:
modern, farmhouse, or one with vintage character?
• Do you want to live near other expats and foreigners or
somewhere where more Spanish locals reside?
• What features and amenities do you want? For example: a
swimming pool, terrace, garden, or land for farming?
• If you want to live in a rural location, have you considered
the utility connection and access to transportation, shops,
schools, or emergency services?
• Do you want a specific view? For example: Do you prefer
a property overlooking the ocean or do you like peering out
at a bustling city?
• Are you going to use your property as a holiday house and
rent it out during the rest of the year? If so, is the property
you want a suitable property to rent?
• What else do you require that would make this property
your dream home?
Questions to Ask Yourself About The Property
self help author
5

6. Whatever the mind can
conceive and believe, it
can achieve.
Napoleon Hill
Important Questions
• How far away from the airport do you want to be?
• Do you plan on traveling back and forth a lot?
• What other attractions do you want to live near? For
example: entertainment? golf course? tennis?
• How close to local shops, restaurants, bars, beaches, or the
marina do you want to live?
• Do you want to live in a location near excellent schools,
hospitals, or pharmacies?
• Will you drive or rely on public transportation?
• When will you have the funds to purchase your property?
• When do you want to view properties in person?
• When would you like to move into your new property and
be living in Spain; or when do you want to holiday in Spain?
Questions to Ask Yourself About The Location and Your Time Frame
author of “Think and Grow Rich”
6

7. Research and Gather Information
Now, you can start thinking about your budget, research, and
gather information from many sources.
From the start, keep in mind how much you are willing to pay
for your property and how you want to finance it.
Read expat blogs, newspapers, magazines, and books.
Ask people you know who have traveled to Spain or who are
living in Spain what the lifestyle is like.
Check out Spanish property sites and group forums.
Take lots of notes, and gather as much information as possible.
All of this information will help inform your decision and can be
used in your brief.
Did you know that on the
Costa del Sol there is a weekly
newspaper in English produced
by one of Spain’s largest
National Newspaper groups
aimed specifically at the English
speakers?
Where
Money
How
When
7

8. 8

9. Once you’ve dreamed in detail, gathered information, and
taken notes, you need to determine what buying property
in Spain will look like for you and if there will be any
restrictions. Your nationality will play a role in whether
you can own a property and what restrictions there might
be. Nationals from the UK and other European Union (EU)
countries can purchase property and live freely in Spain.
Nationalities that fall outside of the EU may be able
to purchase property, but there might be employment
restrictions and limits on how much time can be spent in
the country each year. You can visit the Spanish embassy
website (http://www.spainemb.org/) to find out more
information. Many emigration organisations also provide
free consultations to help you sift through the legalities
and requirements.
Can You Actually Buy Property in Spain?
In relation to Spanish Real Estate, the Spain Golden Visa
Programme grants Spanish residency to people who spend
at least €500,000 (EUR) on property in Spain.
The law, which came into effect during September 2013
was aimed at introducing a framework for qualified immi-
gration, promoting the international mobility of profession-
als and executives and most importantly attracting foreign
property investment in Spain.
For property investors looking to invest in Spanish prop-
erty, the minimum investment before taxes and charges
is €500,000 and you should add onto the purchase price
approx 11 – 12%, which goes to the normal purchase costs,
which includes, tax, stamp duty, VAT, notary and lawyer.
Under the Golden Visa, yourself and any family members
that are covered by the visa may have the right to work in
Spain from the first day. Under the golden visa programme,
residency in Spain permits a real estate investor and their
immediate family to live in Spain.
There is no minimum period of residence which means that
a property investor can buy a property in Spain and travel
without restrictions to Spain at any point, in addition, their
immediate family can do the same. The family can live in
Spain permanently, with access to schools both state and
private, following either Spanish or English curriculum.
NOTE: in all cases, we advise you to obtain the services of a
reputable and qualified lawyer who specialises in the Spain
Golden Visa programme. For this type of application, expect
the cost to be anywhere between €1,500 and €2,500 + 21%
Tax.
Spain’s Golden Visa Programme for those outside the EU
9

10. The Spanish lifestyle and culture differs from the culture in the UK, US and other coun-
tries. With its laid back atmosphere and the fullness-of-life mentality of the locals, it’s
no wonder people want to live in Spain. While there are some characteristics that other
cultures might find offensive such as a lack of queueing, there are wonderful aspects
about the lifestyle in Spain.
What is the Lifestyle Like in Spain?
10

11. Social life in Spain is very important. People in Spain spend
a lot more time outside than at home. Socialising in bars
and restaurants is very important. Spaniards fill their life
after work, rather than heading home to watch TV on the
couch.
They go out with friends, play sports, go to the gym or com-
munity centre, and so much more. There isn’t a night during
the week, in any Spanish city, where the streets aren’t
bustling with activity.
The fabulous climate allows Spaniards to enjoy the out-
doors as much as possible.
Life Outside of Home and Work
Spain’s Climate
Holidays in Spain are incredibly popular because of Spain’s fabulous
weather. Other than the heat experienced during the summer months,
you’ll likely enjoy a spring climate both in the spring and fall.
Summer can be quite hot and feel exceptionally hotter in inland cities
such as Madrid, Cordoba, or Seville. During the winter months, the warm-
est places tend to be Costa del Sol and Almeria. While not all of Spain is
sunny year-round, Spain is known for its remarkable climate.
If you’re buying a holiday house in Spain or want to move permanently,
don’t forget to research the climate in your cities of interest. It might
influence the location you choose.
Average Costa del Sol Temperatures
jan feb mar apr may jun jul aug sep oct nov dec
13 13 15 16 19 22 25 25 24 20 16 13
55 55 59 61 65 72 77 77 74 67 61 56
°C
°F
11

12. The Spanish diet is known for being based around olive oil, and you’ve likely heard of the benefits of
all aspects of the diet. Also known as a Mediterranean diet, it’s made up of olive oil, vegetables, bread,
legumes, rice, fresh fruit, fish, and wine. Tapas also play a huge role in the Spanish diet. These small,
savoury dishes—served either hot or cold—can consist of a number of edible things.
Sitting down to eat is also a common practice in Spain. It’s very uncommon to see someone eating
while walking down the street or on the go. Meals, snacks, and coffee breaks are considered a sit down
affair, and people tend to linger after the meal is over for sobremesa (an after-meal conversation).
The Spanish Diet and Eating Style
12

13. Spain is bordered by Portugal on the west and borders France to the northeast. It’s separated from France by the princi-
pality of Andorra and the Pyrenees Mountains. In the far south, it shares a land border with Gibraltar. Other than those
land borders, Spain is bordered by the Mediterranean Sea in the east and southeast. To the northwest and southwest,
Spain is bordered by the Atlantic Ocean, and to the north it is bordered by the Bay of Biscay. The Canary Islands, Balearic
Islands, Ceuta, and Melilla are also parts of Spain.
From the landscape to the people, Spain is diverse. The country boasts stunning beaches as well as
large mountains for hiking and skiing. While the weather is notably sunny and temperate, parts of the
country get quite cold and experience snow. Apart from Spanish, there are three national languages:
Basque, Gallego, and Catalan. Spain was conquered by the French, Moors, Romans, and Barbarian
tribes, which have all influenced the culture.
Spain’s Diversity and Culture
Spain’s countryside is dotted with ancient ruins and castles, yet its cities are bustling
and modern. Seville is known for its traditional folkways and musical culture. Bar-
celona is most famous for its architecture; many buildings were designed by Antoni
Gaudi. Madrid is known for its museums, bookstores, and winding streets. It’s also the
country’s financial and cultural centre. From stone castles to breathtaking beaches
to snow-capped mountains, Spain is filled with attractions and is a favoured tourist
destination.
Spain’s Land
Spain is rich in
tradition but has
also embraced
modern culture
13

14. Character Traits and Speaking
The Spanish people are typically described as warm and welcoming and nice and funny. There is a strong sense of family, and they
gather together often to share meals and socialise. Humour is important and they tend to laugh a lot.
Spaniards tend to behave and speak more informally than those in the UK. Greeting is very common in Spain. Whether you’re entering
a shop or the elevator, it is common practice to greet or say hello to everyone. When interacting socially, physical contact such as kisses
and embraces are common when greeting. Communication is spontaneous, so interrupting someone while he or she is speaking is not
considered a bad habit.
Spanish Dialects
Spanish is so well known because its one of the most spoken languages
throughout the world.
Castllian Spanish is the main language of Spain however there are several
other dialects. Galician, Catalan and Basque are just some examples of some
of the regional languages that exist in Spain.
During the dictatorship of Franco many of these languages in Spain were
repressed but with the arrival of democracy these regional languages in
Spain have been able to flourish again.
14

15. Spanish Timetables
The Spanish timetables are also quite different than in other parts of the world. Lunch is typically taken between 1:30pm and
3:30pm and dinner time is around 9:00pm to 11:00pm Many say not to expect lunch before 2:00pm in Spain or to expect
dinner before 9:00pm or 10:00pm in the summer. Spaniards tend to do everything a little bit later. Shops are typically open
between 10:00am to 8:00pm and longer in shopping centres. The typical workday starts around 10:00am
While you’ve likely heard that everyone in Spain takes a siesta in the afternoon, a lot of people don’t. It’s common for children
(as in most countries) and for some who want to avoid the hottest part of the day, especially in summer, but not every Spaniard
settles in for a nap in the afternoon.
Is the Spanish siesta just a myth?
The origins of the Spanish Siesta is thought to have origi-
nated from the countryside of Andalucia where during the
summer months it gets very hot, too hot to be productive so
the peasants would have a nap to avoid the hottest hours
of the day.
Coupled with the habit of dining quite late into the night
may have popularised siesta time in the rest of the country
in order that people would have enough energy during the
last parts of the day.
Siestas nowadays are not as popular as they were say 40
years ago due to modernisation and the fact that many
people cannot enjoy the privilege of enjoying an afternoon
siesta.
So, no, the siesta is not a myth, its just not practiced by
100% of the Spanish population especially those in the
main cities.
To witness the siesta in action, visit a small village or town
and you can be guaranteed you will not see a soul on the
streets between the hours of 3-5.
15

16. What are the Costs to Buying in Spain?
When buying property in Spain, you’ll likely spend tens to hun-
dreds of thousands of pounds, euros, or dollars—which is a lot
of money and a huge decision.
Figuring out your finances and budget should be one of your
top priorities when purchasing property in Spain. You need
to know how much you can spend and what your sources of
money will be.
Will you use savings, a mortgage, or the sale or re-mortgage of
another property?
Once you’ve determined how you’re going to finance your pur-
chase, you need to consider the costs involved with purchasing
a property in Spain and any other costs that may pop up.
If you don’t have a firm understanding of what you can spend
and when your funds will be available, you may fall into the
trap of purchasing a property you cannot afford, because you’ve
gotten emotional about it.
Be sure to keep in mind that the exchange rate fluctuates, and
follow best practices for transferring money. You can read more
about best practices under the “Currency Exchange” section of
this guide.
16

17. Key Financial Points to Consider
• How much money you have available to purchase
• If you will finance your property with a mortgage, and how you’ll pay the monthly mortgage payment
• Whether you should sell an existing property or refinance your mortgage for an existing property
• Taxes, fees, and other property costs
• Your maximum budget for the purchase price, inclusive of taxes and fees
• The cost of maintaining a property and spending time there if it is a holiday house
Breakdown of Costs Involved
As a rule of thumb, you can expect to spend between 10%-12% of the purchase price for taxes and fees.
The costs will vary depending on your down payment, the actual purchase price, whether you’re financing
with a mortgage, and whether the property is a new construction or resale property. Costs involved include:
Lawyer Fees Usually 1% of purchase price plus VAT
Notary Fees €750 - €1,200 (approx.)
Land Registry Fees €500 - €1,000 (approx.)
Transfer Tax (ITP) Transfer tax is due on resale properties and
is typically a levy of 8% across Spain, but in
Costa Blanca (excluding Murcia) it is 10%
VAT On new construction, as opposed to ITP, a
VAT of 10% is charged
Stamp Duty On new construction, this is 1.5% of the
purchase price
Valuation Fees Approximately 0.1 % of valuation
Lender’s Commission Approximately 1% of the loan
As a non-resident, in addition to these costs, you will have the cost of a tax identification number (NIE) in
order to buy property in Spain. This fee is nominal and costs approximately 12€. The General Directorate of
the Police issues your NIE number, and it is used on all tax returns and tax communication. You cannot buy
a property in Spain without an NIE number, so you must apply for one fairly early in the process.
17

18. Don’t make the mistake of assuming that it will cost less
to maintain your property in Spain than in your home
country.
While you may save money, the costs can be higher de-
pending on where you purchase.
When you calculate the yearly and monthly cost of own-
ing a property in Spain, factor in all of these costs:
• Your potential mortgage repayment
• Property management fees (if applicable)
• Local property and council taxes
• Community fees
• Utilities
• Health/Medical fees
• Cost of food
Cost of Maintaining Property
One way that you can help cover your costs is by renting
your property out if you’re not planning to move to Spain
permanently.
Renting out property in Spain is not a get-rich-quick
scheme, and most people merely cover their mortgage
repayments and running costs, with maybe a little money
left over.
Before you purchase a property in Spain, make sure you
take into account the cost of maintaining your property.
You don’t want to get all the way through the process
only to uncover unexpected costs you weren’t prepared
for.
18

19. Spain provides an alluring quality of life for foreigners. While the cost of living has increased over the years, urban areas remain
less expensive than other popular European destinations such as Paris, London, or Geneva. Foreigners who are earning a salary or
retirement income from other developed countries will enjoy terrific value for money. For these foreigners, a high quality of life is
available.
Over the years, the average Spanish salary has not increased at the rate the cost of living has, so it might be difficult for residents
and expats who earn a Spanish salary to enjoy the same standard of living.
Public transportation is generally inexpensive in Spain, with buses providing an excellent way to get around at an affordable
price. The railway system also provides good value for money.
It is free for expats to send their children to state schools in Spain as long as they have registered at their town hall. Private
schooling is available, and the fees vary depending on the school. Most instruction in Spanish schools is given in Spanish except
where a local language, such as Valencian or Catalan, is more widely used. There are also English-language private schools, but
they are generally more expensive than Spanish-language private schools in the same area.
Clothing in Spain is relatively expensive, but there are options for affordable and stylish clothing. Supermarket food in Spain is
sold at prices similar to food prices in the UK. When eating out, however, the prices are inexpensive and provide tremendous value
for money.
The cost of alcoholic drinks is cheap compared to other countries, likely due to the large quantities of wine produced in Spain.
Cost of Living
A Litre of
Fresh Milk
Loaf of Fresh
White Bread
A Dozen
Eggs
1kg Local
Cheese
1kg Boneless
Chicken
Breasts
1 Litre of
Bottled Water
1kg of
Onions
Supermarket Prices* (Costa del Sol)
* source: numbeo.com
1kg of
Beef
Round
Mid Range
Bottle of
Wine
90cents80cents€1.50
€10.00€5.7530cents
99cents€6.50€3.50
19

20. Mitigate risk by
prioritising financial and
tax planning in advance.
Financial and Tax Planning
When you move to Spain, you should prioritise financial and tax planning. By carefully planning out
every aspect of your finances, you mitigate risk and are better set up to enjoy a quality of life you can
sustain.
You should be confident that your pension or assets are earning the maximum amount of interest,
whether in your home country or in Spain, before you move.
Here are some reasons why seeking professional advice regarding your finances and taxes is a good
idea:
• If you are moving to Spain, but have a rental property in your home country, there are tax implications.
• Your life insurance policies should be reviewed prior to leaving to ensure their relevance and coverage in a different country.
• Non-residents might not be able to contribute to certain savings accounts or retirement accounts when living overseas.
• Large cash balances held in your home country may impact your tax allowances.
• Splitting time between two countries may have implications on your residence status and taxation.
• You may need to complete a tax return in Spain and in your home country, even after leaving.
• Taxation and inheritance laws are different in Spain than in other countries.
20

21. Ensuring Income in Spain
One way you might fund your life abroad, if you’re not earning a
salary in your home country, is to use your property for business
purposes.
There are no restrictions to setting up a business or working in
Spain for EU or UK residents—as long as you’re complying with
regulations and tax criteria. You can turn your property into a
holiday house or bed and breakfast.
If owning and operating a bed and breakfast is not your cup of
tea, you can set up your own company or purchase a franchise.
Running a bar or restaurant—especially in tourist attractions—is
always a popular choice for expats. Regardless of what business
you choose to start or purchase, you’ll need to do your research.
What do your competitors look like? How seasonal is the busi-
ness? How will you manage staff, administrative duties, and sup-
plies? How many hours will you have to work? What’s the income
potential?
The economic climate, financial outlook, or language barrier
might be too challenging for you, but you can always freelance
or work virtually in your home country with a base in Spain.
Setting up an online business can be a great alternative if you
don’t want to compete with the local market. You can sell
products online or work as a writer, editor, programmer, designer,
virtual assistant, accountant, and more.
The great thing about online work is that you can pick up what
you can handle, when you want to handle it, and still enjoy the
stunning Spanish environment.
If you will be relying on pension and/or income from invest-
ments in your home country as your source of income, you’ll need
to pay careful attention to currency exchange.
Your monthly income may fluctuate with exchange rates, so you
need to keep that in mind.
It might be a good idea to work with a currency exchange
specialist and obtain “fixed” rates for up to a year for regularly
occurring payments.
This can help mitigate your risk of loss due to extreme fluctua-
tions.
21

22. Spanish Lawyers
Lawyer Costs
Spanish lawyers typically charge 1% of the purchase price
plus IVA (value added tax) for their services.
You may be tempted to try to avoid this fee, but consider it
an investment.
The peace of mind afforded in knowing that your money is
safeguarded and your buying process is properly handled
really is invaluable.
Choosing a Lawyer
You may wonder who you should choose as your lawyer.
There are a few key characteristics that are important. First,
your lawyer should be situated in Spain and should speak
your native language to ensure no miscommunication oc-
curs.
The lawyer you choose should be independent and not
work for the vendors or developers you are purchasing from.
Your agent may have referrals or you may obtain a referral
from friends or family members in Spain.
It is very important that you use a qualified Spanish lawyer to assist you with purchasing your prop-
erty in Spain. The Spanish legal system is very different than that of other European countries, and
there are complexities that can throw a kink in the process if you’re trying to do it all yourself.
In the “Buying Process” section of this guide, we’ll delve into exactly what the lawyer does through-
out the process. Please consult the “Buying Process” section for the information regarding what your
lawyer does.
What Does Your Lawyer Do?
?
22

23. Do not be tempted to avoid
using a lawyer when buying
property in Spain.
Do I Need to Be in Spain to Sign?
One of your biggest questions regarding the process may be
whether you need to be in Spain to sign the contract or the
title deed.
You will not have to be physically present to sign docu-
ments in order to purchase property in Spain, but you will
need to arrange a power of attorney to sign on your behalf.
You can arrange a power of attorney with your lawyer in
Spain who can sign the documents for your purchase. The
power of attorney document will be signed by you and gives
the lawyer authority to sign documents and to act on your
behalf to purchase your property.
Your lawyer can assist you with many other tasks, such as
drafting wills, arranging property insurance, opening bank
accounts, organising utilities, liaising with developers of
new construction regarding snagging issues, and much
more.
Spanish lawyers are accustomed to working with people
from all over the world, so they are familiar with how the
process works and how challenging the logistics of purchas-
ing long distance can appear.
Lawyer Abogado Spanish Land Register Catastro
Off-plan property purchase Compra sobre plano Deeds Escritura
Deposit Fianza Mortgage in Spain Hipoteca
Power of attorney Poder Registered value of land Valor catastral
Handy Legal Terms
See our glossary at the end of the guide for more usefuel terms
23

24. The impact of currency exchange can be
enormous when buying a property with
funds from outside the eurozone.
Even a fluctuation of 1 cent can cost or
save you thousands.
24

25. If you’re living outside of the euro-zone and want to purchase property in Spain, one of the biggest
financial mistakes you can make is not to consider the impact of the currency exchange rate. Even the
slightest change in the exchange rate can impact the cost of your property. For a property priced to
sell for €200,000, a change in exchange rate of just 1 cent could either save you €1,000 or cost you
€1,000—that’s just a change of 1 cent, so this is an important aspect of buying property overseas.
Currency Exchange
Currency exchange specialists and banks are able to offer better rates than the day-to-day tourist rates, because they buy
and sell currency in bulk. Exchange specialists do specialise in the area of exchange, so they are often able to beat the bank
rates.
Transferring Money
Once you have selected the foreign exchange company
you would like to work with and have completed all of
their compliance forms, you merely provide them with the
amount of money you would like to transfer and the details
of the account in Spain.
They’ll give you the rate they can offer and if you’re
pleased with it, you’ll transfer the money to their holding
account in Spain.
Guaranteeing an Exchange Rate
You can fix a future rate for transfers, which is helpful if
you feel the market is going to dip, causing you to lose
money.
If you are interested in determining and fixing a rate, we
advise you speak to a currency consultant to learn more
information.
If you are making payments to a developer in stages for
new construction, this might be beneficial for you.
Britain refuses to join the Euro, so the result of that is massive headaches for Brits who want
to purchase abroad. To avoid checking rates daily and making a bad decsion, its advisable to
seek the services of a reputable forex expert who will work on your behalf.! Importance of getting a forex expert on your side
25

26. Spanish Mortgages
Depending on your status, Spanish mortgages are typically available to non-residents for up to 70% of the
property’s valuation. If the valuation is lower than the selling price, the majority of lenders prefer to work
on 70% of the selling price as opposed to the valuation. The mortgage amount will vary from bank to bank,
as some lenders will only offer a maximum of 60% of the purchase price.
Mortgage Interest Rates
Mortgage rates in Spain are based upon the Euribor rate and vary de-
pending on the financial product. You’ll likely obtain a variable interest
rate above the 12-month Euribor. The rates change regularly, so you’ll
need to check with lenders regarding interest rates for the most up-to-
date figures.
Mortgage Products
Spain’s mortgage market is less complex than the mortgage markets of other countries,
so you’ll likely obtain a simple capital and interest repayment mortgage. The credit
crunch has further limited the amount of mortgage products available, so you shouldn’t
expect fixed rate, interest-only, or self-cert deals in Spain.
26

27. Re-Mortgaging an Overseas Property
You may be wondering if you can re-mortgage a property at home in order to buy a property in Spain. The answer to that ques-
tion is: Yes! As long as you have enough equity in your property and your lender will allow you to do so, you can re-mortgage
an existing property in order to purchase in Spain.
Obtaining 100% Financing
It is possible to obtain 100% financing on unsold, brand new
developments, because some Spanish banks are willing to offer
the financing. One thing to keep in mind, however, is that you
may be able to buy a resale property within the same develop-
ment for a cheaper price.
While you may be able to find a 100% financed, new construc-
tion property in a development at a discount, it’s good to shop
around the resale property market in order to keep all of your
options open.
You can also secure a 100% mortgage when purchasing a bank-
owned property. This can be ideal for some who don’t want to
use cash or who do not have the cash saved for a deposit, but
keep in mind that these properties have been repossessed.
You may still be able to find properties at a lower price, with
the downside being that you would only be able to borrow up
to 70% of the property’s purchase price.
Mortgage Paperwork
Typically, the banks in Spain will require the following docu-
ments to accompany the financing paperwork:
• Proof of identity
• At least 3 months’ salary slips
• At least 3 months’ bank statements
• P60 or W-2 (end of year tax statement)
Self-employed individuals will have to submit their last ac-
count statements. All applicants will also have to have a credit
check.
Developer’s Mortgage
Even if you have a developer’s mortgage in place, we do advise
you shop around for alternative lending options. Many devel-
opers’ mortgages contain adverse terms and conditions, so it
might be in your best interest to consider some alternatives for
comparison.
The arrangement fee is the fee payable to the company
who arranges for the property and mortgage to be prop-
erly registered in the local land registry.
Most banks will require that you use their chosen com-
pany to arrange for the deed to be inscribed, because they
want to ensure it’s done properly.
This fee is typically no more than a couple of hundred
euros and varies between lenders.
On occasion, this fee is negotiable.
Arrangement Fee Valuation Fee
All banks charge a valuation fee and while it varies
from lender to lender, it is typically 0.1% of the valu-
ation.
Therefore, this fee can range between a few hundred
euros to a thousand, depending on the value of the
property.
€
€
€
€
27

28. Following the 2007 credit crunch, the
days of frivolous lending have passed
and banks are more cautious towards
potential irresponsible lending.
28

29. Following the 2007 credit crunch, lenders in Spain were reluctant—like the rest of the world—to
lend money. Previously, banks would willingly predict the value of a property to rise 20% per year, but
almost immediately they were reluctant to be as optimistic.
Lenders avoided exposure to bad debt as much as possible. Unless buyers had an immaculate credit
history and a 50% deposit, it was unlikely they would have access to a Spanish mortgage.
Spanish Mortgages Background
Current Spanish Mortgage Market
While the mortgage market is ticking upward, buyers need to produce all required paperwork. This might have been over-
looked in the past, but now all necessary documents need to be produced in order for lending to occur.
Most banks have lending targets they have to meet in every branch and are able to lend between 60%-70% of the valu-
ation of a property to non-residents. In an effort not to over-expose themselves, they typically will not lend at a higher
percentage.
Gone are the days of frivolous lending, but the current market is such that loans are available.
Interest-Only Mortgages
Interest-only mortgages are no longer as readily available
as they once were in Spain.
While banks played around with this type of product be-
fore the credit crunch, it’s no longer easy to find this type
of loan.
Banks may occasionally offer a limited period of time
where you pay interest only, but overseas buyers will likely
not have access to this type of product.
You’ll have a capital and interest repayment loan product.
Mortgage terms typically range between 20-30 years in Spain.
Age restrictions for maximum terms vary from age 60-75 years old and from bank to bank.
! Mortgage Terms
29

30. Four Main Steps to Buying Property in Spain
Create a Property Brief
Select a Real Estate Agent
Arrange a Viewing Trip
Start Making Offers
While buying property in Spain may seem overwhelming for an overseas buyer, we’ve broken it down
into four straight-forward steps that will help you tackle this process like a champion.
You’ll own property in your dream location soon!
30

31. Select a Real Estate Agent
Create a Property Brief
Once you’ve pinpointed exactly what kind of property you want, where you want to be located, and how you’ll finance it, you can
put together a brief.
A brief will help you clearly communicate with your real estate agent what type of property you want, and it will be a great
resource for you to revisit when determining how a property lines up with your priorities.
The Spanish buying process can be lengthy, and a brief will keep you focused. Remember, you don’t want to veer off course and
end up getting a property that you don’t like in an area you don’t want to be in.
Your brief can be created from your answers to the questions in the “Getting Started” section.
We recommend you select a real estate agent before planning a trip to Spain for in-person viewings. A qualified and experienced
real estate agent will give you the best chance at successfully finding property. By making contact and even meeting an agent
via online video conferencing before a potential trip to Spain, you can make the most of your trip. An agent can line up viewing
appointments prior to you arriving, so you can view properties immediately.
Has Experience Works Legally and Ethically
Is Proactive Is With You Every Step of the Journey
You want to select an agent who knows the area you want to
purchase in, but you should also look for a real estate agent
who has experience working with overseas buyers.
You want an agent who responds to queries quickly and is
enthusiastic about your buying journey. In the beginning, you
can determine if your agent is proactive by sending your brief
and a query and seeing how long it takes him or her to get
back to you.
It’s important that you find out which professional associations
your agent belongs to and what his or her registration number
is. Professional associations include: API, GIPE and LPA.
A good agent will keep you informed through every step of
the process and won’t just forget about you once the contract
is signed. If you haven’t chosen a real estate agent who was
referred to you, you can ask a real estate agent if he or she has
any testimonials or past buyer feedback in order to determine
how helpful and committed an agent will be.
Select a qualified estate agent Make sure they are proactive Make sure they work legally
Dont feel pressurised
Stick to the brief, dont veer off courseSpend time making a brief
Make sure they are experienced
31

32. Arrange a Viewing Trip
When it comes to your viewing trip, there are no rules. Structure it how you feel most comfortable and in a way that you feel
you’ll get the most out of your visit. Whether your first trip is one of leisure, one of business, or a little bit of both, you’ll surely
enjoy delving deeper into the Spanish lifestyle and culture. You can find more information to help you on your viewing trip in
our “Finding the Right Property for You” section.
We advise you to visit Spain during the off-season, so you can
get a feel for what the weather is like (how cold does it really
get?), and experience the country during a slower time. Real
estate agents will be less busy, so you should receive more
one-on-one attention. Do your research regarding off-season
holidays, however, to ensure everything will be open and to
check public holiday dates.
Rather than booking a hotel, consider renting a holiday house
in a particular area, and gain perspective to what living there
is like. Get groceries, cook, and live like a local. Experience the
nightlife and make sure that the noise levels are going to be
ok for you. If you’re next to a nightclub or a bustling street, you
might decide 11p.m. dance music is not something you want to
fall asleep to every night.
Visiting properties in person may be the best way to truly get a feel for the property you want to purchase. Why not plan a nice
holiday and a trip to view properties. Don’t put a ton of pressure on yourself to purchase a property, but rather get a feel for the
areas, visit attractions, speak to locals, and visit neighborhoods.
Visit during off-season
Check public holiday dates
Shop at local supermarket
Speak to locals
Experience some nightlife
Get a feel for the area
Dont skip local research
32

33. Start Making Offers
Your agent should let you know what comparable properties in the area have sold for and what a good offer price is, but keep in
mind that many agents negotiate higher sales prices in order to get the highest commission.
Take a close look at the comparable market sales and how they measure up to your property, and don’t be afraid to make a
lesser offer. You may be positioned to negotiate.
If, however, there are multiple offers on the table and your property is a hot one, it might be a good idea to take your real estate
agent’s advice and come in with a strong offer.
Remember that while the price of the property in Spain is fixed, it will rise and fall in line with the exchange rate for your cur-
rency.
Before you make an offer, it might be a good idea to contact a currency exchange specialist to secure the rate you’ll need for a
future purchase.
If you are buying in a non euro currency, its a good idea to contact your currency specialist
and try and secure a rate for a future purchase because even a 1 cent fluctuation can save or! Currency fluctuations to consider
Look at the market Check exchange rates
It might take you some time to make an offer on a property or your home buying journey might be a relatively short one. You’ll
likely have had a viewing trip (or two), picked your property, have your financing in order, and now you’re ready to make an offer
and sign the contract.
Dont rush into offers
33

34. When it comes to purchasing
a property in Spain, you want
to ensure you find the right
property for you.
34

35. Finding the Right Property for You
Sandy beaches and stunning coastlines may be calling your name,
but keep in mind that properties near the sea are typically more
expensive than those located further inland.
Seaside apartment blocks and complexes charge community fees, so
you’ll have to take these costs into consideration.
If you’re ok with being a 20-30 minutes’ drive away from the beach,
you can find properties that offer more living space at a better
value.
From apartments to homes in small villages or towns, there are a
lot of neighborhoods that cater to locals and foreigners.
You have your own distinct likes and dislikes, your own unique personality, style, tastes, and lifestyle. When it comes to
purchasing a property in Spain, you want to ensure you find the right property for you.
Once you’ve created your brief, you’ll have a good understanding of what you want in a property and where you want to
purchase.
Along the Spanish coast, you’ll find villas of varying styles
and sizes. If you’re looking at the mountainous regions of
Spain, skiing and other winter activities are widely avail-
able in the winter months, and hiking and bird-watching are
popular in the summer months.
The mountain ranges in Granada offer many properties with
rental income potential.
Apart from well-known resorts, there are also many options
within smaller villages and towns that are available at more
affordable prices.
You may prefer a beachside apartment, a Spanish villa,
stone village house, or mountain chalet. From luxury wa-
terfront apartments to comfortable villas, you will discover
every imaginable property type across Spain.
New construction homes must follow strict building regula-
tions, and they come with energy-efficient insulation and
heating as well as modern bathrooms and kitchens.
In nearly every town, you’ll find classic, early 20th century
apartments. These properties have intricate details and
plasterwork, high ceilings, and double doors. Many have
been renovated and boast modern updates.
These are typically quite expensive and are located in
sought-after areas, but you can find them in smaller towns
at more reasonable prices.
Stone houses and fincas are usually filled with charm and
character, because they are typically older properties. Many
have also been renovated to include modern features and
amenities.
These houses are located more inland and closer to villages.
A finca is a rural type of home and is typically associated
with farming or livestock. Many village houses have ter-
races or small gardens. If they haven’t been fully renovated,
many still have original stairs and flooring, many nooks, and
fireplaces.
Spain has a variety of landscape to suit.
The Sierra Nevada is only 2 hours from
the beaches of the Costa del Sol and you
only need to go a few minutes inland to
find some great rural property.
35

36. Planning Your Viewing Trip
You wouldn’t buy a property in your home country without looking at it first, so chances are it’s important
to you to see the properties in person before you purchase. Since your viewing trip is a huge part of the
process, you’ll want to make sure it is adequately planned. While it would be wonderful to fly back and
forth to Spain numerous times, this is neither practical nor cost-effective.
You can structure your viewing trip however you would like, but here are some different types that might be helpful to you.
Viewing with an Estate Agent
One of the most popular viewing trips is to go with a real estate agent. A real estate
agent can handle the logistics of setting up viewing appointments and really keep
you organised due to his or her familiarity with the area and local knowledge.
If you’ve sent your property brief to your agent, he or she will show you suitable
properties that fall within your criteria and price range.
Your agent will be able to show you resale properties and development properties
and know what developers are the best to work with. Using a real estate agent will
help take some of the load off of you and may save you time and money.
Time is of the essence when going on a viewing trip, so using an agent may be the
best way for you to maximise your time in country. MOST POPULAR VIEWING TRIP OPTION
36

37. Viewing with a Developer
While this type of developer-organised trip was popular in the early 2000s, it has become less popular over the years. While it is
less popular, there are still a number of large developers that offer viewing trips at affordable rates. You’ll likely book a two or
three night stay and view various properties and complexes.
On a viewing trip with a developer, the developer will take up the majority of your time, and you will only see that developer’s
properties. You are under no obligation to purchase, but the developer’s objective is that you will purchase with them.
Self-Organising Your Trip
If you want to look at a wide range of properties in a wide range of areas, a self-organised trip may be the best option for you. The
advantage to organising your own trip is that you can go at your own pace and explore a wider section of Spain.
The disadvantage is that it will require a lot of leg work on your end, and you’ll have to arrange all of your viewings. The amount
of research and planning you put into your trip will determine the success of your self-planned viewing trip. Make sure you make
contact with developers, sellers, or agents before you go to ensure hassle free visits.
Final Points for Your Viewing Trip
Your viewing trip is meant to be an adventure, albeit one focused on business. It should still be an enjoy-
able experience where you get to learn more about specific neighborhoods and property types. Keep these
final pointers in mind, relax, and commit to thoroughly enjoying your property search in Spain:
Keep your eyes open—Stay mindful—just like you would in your home country—and watch for red flags. Is the
developer or agent avoiding your specific questions? If the property has been on the market for a really long
time, is there a reason why? If many units are being sold in the complex, ask why. How are communal areas?
Does the neighborhood look well-maintained? Keep your eyes open, and watch for signs that something is
amiss or not as presented.
Agree in writing—If you do commit to a developer viewing trip, make sure to get everything in writing that is
and isn’t included in the price. You don’t want to misunderstand the arrangement and arrive in Spain to find
you have additional expenses you didn’t arrange for.
Get documents checked—Before you sign anything, have it checked over by an independent lawyer. Don’t suc-
cumb to pressure by an agent or a developer, even if you do find a property you want, make sure you thorough-
ly understand the contract.
37

38. Buying Process
You may be wondering what exactly the buying process in Spain looks like. It may seem daunting be-
cause you’re unfamiliar with it, but with the right information and help, you’ll have a grasp of it in no
time. Let’s take a closer look at the stages of the process and the role of lawyers. You’re on your way
to a stress-free home buying journey.
Paying Your Deposit and
Signing the Contract
Your lawyer will liaise with you throughout your buying
transaction. He or she will check the contract and deed,
remind you when payments are due, notify you when
it’s time to sign the title deed or sign on your behalf. In
Spain, certain aspects of the conveyancing process are
completed by a public notary. A notary represents the
public, draws up the deed, and witnesses the signatures.
The Lawyer’s Role
Checking the
Contract
Transferring
Your Money
Final Checks
and Payment
Signing the
Deed and
Registration
38

39. Paying Your Deposit and Signing the Contract
Once you’ve found your property, you may sign a reservation contract and pay a reservation fee. While this is
not an essential step in the buying process, it does ensure that a property is taken off the market and reserved
for you. Otherwise, you will sign a private purchase contract. In many instances, a 10% deposit is paid to the
seller at this time, but that is not always the case. This step usually takes anywhere from 7-28 days.
Checking the Contract
Once you’ve signed, your lawyer will check the contract to make sure the property is legally owned, debt free,
and that bank guarantees are in place (if off-plan). Once the lawyer is satisfied that everything is ok, he or she
will ask you to transfer your funds or will liaise with your lender regarding your mortgage.
Transferring Your Money
You will transfer your funds to the lawyer’s holding account either via the bank or your currency exchange
specialist. The amount of money you will be required to transfer will depend on your agreement and the type
of property you purchase. For resale properties, 10% of the purchase price is typically due at this stage. For off-
plan properties, the payment terms will vary, but 20%-50% of the purchase price is typically due.
Final Checks and Payment
When the notary receives all documents relating to your purchase, he or she will liaise with your lawyer and
request the balance of the purchase price and the mortgage amount (if applicable). In addition, the notary will
send the invoice for his or her services. If you haven’t already done so, you will transfer the remaining funds to
your lawyer’s holding account. Your lawyer will check the draft deed and arrange for the signing.
When the deed is signed, it means that you accept the property in the condition it is in. It’s a good idea to have
your agent or solicitor (if you are overseas) check the property to ensure it hasn’t been damaged since you
signed the contract. Do a spot check and make a snag list immediately before completion. Take an inventory of
the fixtures or fittings that were included in your purchase contract to ensure they are present. If something is
missing or not in good working order (as before), you should insist on restitution and in most cases, the notary
will delay the signing of the deed until everything is settled.
Signing the Deed and Registration
On the agreed upon date of closing, you or your power of attorney will sign the title deed at the notary’s office.
Once the deed is signed, it is lodged at the registry office. The lodgement typically occurs within 30 days of the
deed being signed. This is the most important step of the process, because your property is not legally yours
until it is registered in your name. After registration, the deed is returned to your lawyer and is either returned
to you or held by the bank (in the case of a mortgage). The deed is usually returned within one to three
months following registration.
Completion is a term that is used throughout the buying process. This typically takes place one to
three months from the date you first signed your contract unless there are any delays. Completion
involves signing the deed, transferring ownership, and paying the balance of the purchase price, taxes,
duties, and fees (although you pay certain fees a bit later).
The Five Main Steps of the Buying Process
39

40. Post Completion
Post completion, there are a number of things you still need to do regarding your property. Utility com-
panies in Spain do not accept payment from overseas accounts and prefer to set up direct debits against
your Spanish bank account. Therefore, the first thing you should do is set up a bank account in Spain (if you
haven’t already).
Setting up a Bank Account
If you are not in Spain yet, your lawyer or solicitor can set
up a bank account for you. It’s a relatively simple process
and can be done right away. Ask your lawyer or solicitor
which banks they prefer, do some research regarding ac-
count fees and products to ensure you’re selecting a bank
that will suit all of your needs.
Once you have signed the title deed, you can apply for wa-
ter and electricity contracts. Since utility companies prefer
to set up direct debits, you will be able to do that now that
your bank account is open. Your lawyer or solicitor can
also arrange this on your behalf should you not be in the
country yet.
Organising Utility Contracts
Furnishing Your Property
If you’re moving to Spain permanently, you might hire a
moving company to ship your furniture and possessions;
or, if you don’t plan on shipping items, you may hire a fur-
niture specialist who caters to your tastes and preferences.
Many buyers shop around for items once they’ve arrived in
Spain as well as hire a furniture specialist.
If you are purchasing your property for strictly investment
purposes and you’re taking a hands-off approach to the fur-
nishing and design, you may hire a home furnishing com-
pany. The company will furnish your property based on your
specifications, so you don’t have to deal with this aspect.
When it comes to your budget, you can find companies that
fit within it and cater to you, you can furnish your property
yourself, or you can do a little of both.
The banking system in Spain is very advanced, so dont have any doubts as to the services
offered by a Spanish bank. For example, in Spain, cheques are not common at all. Most bank-
ing is done with direct debits and bank transfers.! The Banking System in Spain
40

41. Making the Move to Spain
If you have friends or family members who have moved overseas, ask them for a recommendation. They’ll likely be able to share
their experience and suggest who to steer away from or who to look into, which will save you time during your search. If you
don’t have any recommendations and are moving from the UK, we recommend selecting a company who is a member of The
British Association of Removers Overseas or the International Association of Movers.
The very first thing you’ll need to check when looking for a prospective removals company is the status of their insurance. Some
questions to ask are:
• Does the moving company’s insurance cover your possessions while in storage or while waiting for removal?
• Does the moving company have marine insurance? In other words, does the insurance policy cover your possessions while
they are in transit by sea?
• Does the moving company’s insurance cover your possessions after they’ve arrived in country and as they’re delivered to you?
You should contact prospective removals companies within three to six months prior to your moving date. They will need to
give you a quote and potentially survey your belongings for an even more accurate one.
Another important question to ask is whether or not the removals company will pack your belongings. It might be worth your
time and money to pay a little bit extra to have your goods professionally packed, especially due to the long journey ahead and
potential for damage. Many removals companies will not guarantee goods unless they professionally pack them.
Moving abroad can be nerve-wrecking and exhilarating. This may very well be the biggest decision you’ve
ever made and the biggest adventure you’ve ever embarked on. If you decide to sell all of your possessions
and move with a few suitcases in tow, you won’t have to hire a removals company. If, however, you are plan-
ning on packing your possessions and bringing quite a lot, you’ll need to find a reliable, insured removals
company.
Finding a Removals Company
Packing
If you choose to have your items professionally packed or
the moving company requires it, make sure you have them
write the contents of the box on every box. Also keep a
complete inventory of every item that is packed.
It’s important to keep important possessions and items
you’ll need to access regularly at hand, because your items
will be in transit for weeks, making them inaccessible. Set
your car keys, house keys, office keys, etc. aside, label them
and hand them over to the appropriate people before you
leave. This will ensure you don’t forget to hand over keys.
Shred important papers and bank statements to protect
yourself from identity theft. A bonus to shredding is that
you could use the shredded paper as packing material..
41

42. You may not be looking to relocate permanently to Spain and may rather want an investment property or holiday house. Either
way, it’s important to hire a property management company to ensure your property remains in tip-top shape. Property manage-
ment companies offer a range of services from key-holding to tenant management to rental booking management.
Before you purchase in a specific location, be sure to check with a rental agency or the town hall to find out the regulations. Most
regions in Spain require you to have a license in order to rent out property.
A property management company in Spain typically offers the following services:
Property Management
A property management agency can pay
your reoccurring bills such as utilities,
cable, or internet. They can also collect
rent or booking fees as well as produce
financial reports.
Many property management agencies will
prepare everything for rental guests, includ-
ing meeting them and inspecting during
changeovers.
From changing pool filters, testing chemical
levels, and cleaning the patio, management
companies can handle all levels of pool
maintenance. They can also maintain your
garden and provide regular lawn mowing
and weeding.
Even if you’re not renting out your property,
key-holding can be of value to you. In the
event that someone needs to enter your
property due to a domestic emergency, a
management company can hold a set of your
keys in your absence.
Reporting and Accounting Changeovers and Cleaning
Garden and Pool Maintenance Key-Holding
42

43. Final Thoughts
Thank you for taking the time to read through this information. We hope that you’ve found it valuable and
helpful. You can pull these tips out again and again, and reference them as your journey unfolds. Remem-
ber, your dream of owning property in Spain is made up of actionable steps that can be taken one at a time.
You don’t have to tackle each stage alone, because help is always available. From a reliable real estate
agent to a trust-worthy lawyer to an experienced currency exchange specialist, you can create your very
own property buying team to help you succeed. Now, go forth and start outlining what your dream home in
Spain will look like and where you’d like it to be.
Copyright & Disclaimer: Winkworth Buyers Guide to Spain
First published in Spain in 2015 by: Winkworth Spain.
Copyright © Winkworth Spain, 2015
No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic,
mechanical, photocopying, recording or otherwise, without the prior permission of Winkworth Spain.
Visit our website at: winkworth.es.
The author and publisher of this publication have used their reasonable efforts in preparing it. The author and publisher make no
representation or warranties with respect to the accuracy, applicability, fitness or completeness of the contents of this report. The in-
formation contained in this guide is strictly for educational purposes. Therefore, if you wish to apply ideas contained in this guide, you
are taking full responsibility for your actions. The author and publisher disclaim any warranties (expressed or implied), merchantabil-
ity or fitness for any particular purpose. The author and publisher shall in no event be held liable to any party for any direct, indirect,
punitive, special, incidental or other consequential damages arising directly or indirectly, including from any third party services or
products publicised or promoted through the report, from any use of this report, which is provided ‘as is’, and without warranties.
43

44. Glossary of Legal Terms
Abogado Lawyer/solicitor
Administrador de fincas Spanish licensed Community Administrator
Agente de la Propiedad Property Agent or Estate Agent
Amortización Repayment of loan/mortgage, depreciation
Arbitraje Arbitration
Arrendador Landlord
Arrendatario Tenant
Aval Loan guarantee or Bank guarantee
Avalista Guarantor (of a loan)
Caja de ahorros Spanish savings banks
Cargas Charges, burden or arrears
Catastro Spanish Land Register
Cláusula Clause or conditions in a contract
Cláusula abusiva Unfair/ abusive clause in a contract
Cédula de habitabilidad Certificate of occupancy
Certificado registral Certificate informing about debts of a specific property
Compra sobre plano Off-plan property purchase
Comunidad de propietarios Community of property owners
Contrato de arrendamiento Letting/renting contract
Contrato de compraventa de vivienda Private property sales contract
Derecho de tanteo Right of first refusal
Derecho de retracto Right of repurchase
Desahucio Eviction
Documento privado Private document
Page 1 of 3
44

45. Documento público Public document
Escritura Deeds
Escritura pública de compraventa Title deeds
Euribor Official Euro Interbank offered interest rate
Fianza Estate
Folleto informativo Information leaflet/brochure
Gestoría Firm specialised in obtaining official permits
Hipoteca Mortgage
Hipotecar to mortgage
Hipoteca de inversión Endowment mortgage
Hipotecable Mortgageable
IBI Impuesto sobre Bienes Inmuebles Spanish yearly property tax or Council Tax
Impuesto sobre el patrimoniomentados Capital gains tax
Inmobiliaira Estate agent
IVA Vivienda Property VAT
Libre de cargas Free of debts
Licencia de obra Building permission
Notario Notary
Nota simple registral Certificate from a property register
Novación Document certifying a brand new building
Obra Nueva Right of first refusal
Oferta vinculante Bank document certifying the exact mortgage conditions
Pago en efectivo Cash payment
Poder Power of attorney
Glossary of Legal Terms Page 2 of 3
45

46. Préstamo con techo Loan with variable interest rates with a fixed min and maximum
Préstamo hipotecario Mortgage loan
Plusvalía Municipal Co-ownership, when a property has more that one owner
Proindiviso Repayment of loan/mortgage, depreciation
Promotor Property developer
Registro de la propiedad Property Registry
Representante fiscal Official tax representative
Residencia (permiso) Residency permit
Residente Resident
Segunda vivienda Second home
Seguro multirreisgo hogar Household insurance
Se alquila For rent
Se vende For sale
Seguro de amortización de préstamos Loan repayment insurance
Señal Deposit, down payment
Subvención Subsidy
Superficie útil Useable square metres in a property
Tasación Independent valuation of property
Tipo de interés Interest rate
Titulo de propiedad Deeds stating the ownership of property, date of sale etc...
Valor catastral Registered value of land
Verificación Verification
Page 3 of 3Glossary of Legal Terms
46

47. Adosado/Pareado Semi-detached
Piso duplex Duplex apartment or flat
Apartamento Apartment
Ático Penthouse or top floor apartment with terrace
Casa House
Casa de época Old house/period home
Casa rural Rural house
Casa urbana urban property
Caserio country house
Chalet detached house/villa
Cortijo country estate/country house/farmhouse
Garaje garage
Trastero storage room
Casita Cottage
Finca Farm house or small estate
Terreno Plot of land
Glossary of Property Types
47

48. Abogado Lawyer
Albanil Bricklayer
Architecto Architect
Assesoria Economica/Contable Accountant
Constructor Builder
Ebanista /carpintero Joiner
Escayolista/Yesero Plasterer
Fontanero Plumber
Inmobiliaria/agente Estate agent
Limpiadora Cleaner
Notario Notary
Pintor Painter
Representante fiscal Foreigner’s official tax representative
Tasadores Official Bank Valuers
Glossary of Professional Services
Informatico IT person
48

49. Sales Price EUR
Winkworth Spain
LocationProperty Type
Bedrooms Bathrooms Built Size Plot Size
Distance to Amenities In the 4 boxes below list the four most important amenities to you which are near the property.
For example: School 5 km, Beach 500 metres, Supermarket 1 km (your agent will be able to answer these)
Amenity 1 Amenity 2 Amenity 3 Amenity 4
@winkworth.es.......................................
This worksheet allows you to keep a track of the property that you are interested in and to make sure that you are asking the right
information about your property in order to avoid issues at the completion stage.
If you need phone assistance at anytime, please feel free to call us on +34 952 880 941 or email info@winkworth.es
Community Fees Basura (Rubbish Tax)IBI (Council Tax)
Running Costs All property in Spain is subject to 1 or more costs. Ask your agent about the following costs. Usually com-
munity fees only apply if you are purchasing a property within a community of properties.
Definitely Ask These Questions
Does the property have any debts against it?
Yes No
Does the property have an existing EPC certificate?
Yes No
Does the agent hold a valid copy of the Escitura?
Yes No
Does the agent hold a valid copy of the Nota Simple?
Yes No
(if yes, ask what they are)
(if no, ask why not as all properties in spain
require one)
(if no, then ask them to get one otherwsie
there is no proof of ownership)
(if no, ask why not)
(if yes, is it recent?)
usually this is annual this can be monthly/qtr/anual usually this is annual
Does the property have planning permission?
Yes No (if no, ask why not)
Notes
Property Worksheet
Reference number
Agent
Contact Name Tel
Email Address
49

50. Experience the Difference