As the Spanish economy continues to show encouraging signs of growth following on from recession, there has never been a better time to invest in property in the country. With low purchase prices and the promise of increased future returns, Spain boasts some attractive real estate investment opportunities.
If you are intending either to make a business investment in Spanish real estate, or to sell your investment, it will be essential to seek independent Spanish legal advice to ensure that your interests are protected and that you minimise your risks, whether relating directly to the assets or to your tax liability.
With offices in the UK and in Spain, E&G Solicitors in Spain has the expert knowledge and experience necessary to make certain that your business interests are protected in respect of any property transaction.
Buying and selling a property in Spain
If you wish to proceed with a property purchase in Spain, E&G Solicitors in Spain can advise and assist you in respect of all of the essential steps that an individual or a company will need to take. These include requesting a Spanish tax number and opening a Spanish bank account on behalf of you and/or your company. Without these two elements purchasing a property and paying bills relating to the property will not be possible.
E&G Solicitors in Spain will also be able to make the necessary property enquiries prior to purchase, draft or amend on your behalf a private agreement in respect of a sale and purchase, and advise you in relation to paying of a deposit to secure the property. We can complete the transaction on your behalf before a Notary in Spain, if you are unable to attend in person, or attend the meeting with you.
If you are selling property in Spain we can manage its marketing and sale, as well as handle the legal aspects of the sale. It is a requirement that either the seller or someone representing the seller be present at the completion meeting. E&G can prepare a draft power of attorney for you to sign before a Notary Public. The document can be drafted in English and Spanish, double column, so that you understand its content, but avoiding the need to translate it into Spanish, thereby saving costs.
We can also guide you through the essential costs involved in a property purchase, including Notary’s fees, Purchase Tax and Property Registry fees. We will also be able to advise you, as the seller, as to clearing any debts associated with the property and providing an Energy Performance Certificate.
It is imperative to have the relevant national and regional planning permissions in place before you and your business embark on any building works on a property.
Often planning disputes occur where there has been a breach of Spanish planning rules or building regulations. Where it has not been possible to pre-empt a dispute in regards to boundary, access or planning permissions before your purchase in Spain, E&G Solicitors in Spain will be able to assist you in minimising the effects of any breach, as well as helping to limit any financial risks to your business.
Developing a property in Spain
Not taking the correct course of action at the pre-planning stage of a project can see the development of a Spanish business property run into significant financial difficulties. In the worst case scenario, where planning permissions have been overlooked the local authorities can seek to have your development demolished for non-compliance.
Our experienced Spanish property lawyers will be able to guide you through the complex maze of regional and national planning laws applicable to your property and recommend architects and engineers to help you bring your building proposals to fruition.
To avoid the risks associated with unlawful developments, such as demolition, it will be essential to obtain expert Spanish property law advice to ensure your building project succeeds.