Many residents of Britain and North Europe are finding the idea of purchasing foreign property a more desirable and realistic goal. Since sufficient capital growth is offered, lower air prices and interest rates have made purchasing property in Spain more desirable. You will enjoy lots of sunshine and it’s just a short trip to Spain. If you’re willing to disregard bad press and follow some underlying rules it can be very safe to buy in Spain. Here is your basic buyers guide for purchasing real estate in Spain:

• Get your finances together before you do anything else.
  An spanish mortgage can steer you through the complex process


• Before you sign any binding contracts, seek expert legal advice.
  


• To save yourself from becoming financially strapped, you should spend wisely and frugally.
• Stand by for time deadlines to be protracted.
  
• Do not commit yourself to a private purchase contract until you have the funding that you need.
  
• Be aware that the procedure for purchasing in Spain has its own idiosyncrasies and don’t assume that it will be the same as it is in other markets.
• Fully realize the way taxes are accrued based on the specific ownership structure that you choose.

Before making any purchases in Spain, it would be advisable to first approach your lawyer with a series of questions to be answered. There have been a lot of situations where buyers from overseas do not get the results they seek because they either asked the wrong questions or did not ask questions at all before hand. Before signing on the dotted line you should get answers to some of the following:

• Is the site where the property is located listed as urban or rustic? What are possible consequences of purchasing on property that is listed as rural?


• What costs will have to be accounted for, including standard legal costs and tax costs?


• Are licenses already in place, for instance property contracts or first liens of residency?


• If the building is less than ten years old, is there a 10year building warranty in place?


• Did you purchase this product directly or was it a cessation of contract?


• Will there be any under declaration in this purchase?


• Are there any additional costs that you will be responsible for, like capital gains, inheritance, wealth taxes or income taxes?


• Do you need to pay any extra deposits? At what point in the process are they considered nonrefundable?


• What lawyer costs and other legal fees will need to be paid?