Marbella Foreign Property Acquisition and Rights Legal Advice Report Released

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( — May 26, 2020) — Marbella, ES — Andalucia Realty in Marbella, Spain’s Gold Coast has released a report. It is aimed at ex-pats who are interested in purchasing a property in this beautiful area of Spain.

Andalucia Realty in Marbella, Spain has released a new report. The report reveals important information for foreigners and the property rights they have in Spain.

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This release reports that foreigners have a right to buy and resell all kinds of property: residential, commercial, and land. Interested parties are encouraged to hire a professional local real estate agent.

Hiring a local Marbella real estate agent can help property buyers in the buying process. The benefits afforded to clients using a local Marbella real estate profession are outlined in this report.

A professional real estate can check the deeds in the Registro de la Propriedad and check for any outstanding mortgages. In Spain, debts are charged to the property and any outstanding mortgage will be passed on to the buyer.

The report tells readers to be sure that the real estate agent obtains a Nota Simple and when all is well, the parties are advised to sign a Contrato privado de compraventa. Andalucia Realty in Marbella can handle all due diligence, checking the legal documents necessary for the purchase. This saves buyers from the task of dealing with foreign legal paperwork.

The final result after all the paperwork and finances is complete is the signing of the Escritura de compraventa, the definitive contract. In Spain, the notary is a public official and is required to witness the deed of sale.

The report highly recommends using a third party to in addition to the notary so that the buyer’s interests are protected. The notary prepares the official contracts and makes sure they comply with Spanish regulations.

The release of this report gives a timeline for completing transactions at approximately 12 days. Transaction costs include the lawyer, notary, registration, and agent’s fees. Impuesto Sobre Transmisiones Patrimoniales y Actos Jurídicos Documentados range between 6%-10%. Buyers of new residential properties must pay a 10% Value Added Tax.

For more information see the above URL.