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INSPECTIONS ON PROPERTIES OLDER THAN 50 YEARS. SPANISH CONSTRUCTION 940 788 TLA

INSPECTIONS ON PROPERTIES OLDER THAN 50 YEARS. SPANISH CONSTRUCTION

It is widely known in all EU countries (including Spain) that owners of constructions and buildings,  must keep their Properties, Plots, buildings and constructions in perfect health, security and maintenance estate making the necessary Works to keep them in perfect conditions, and to be used with no problems to destiny of the building: residence, comercial,…

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SPANISH REAL ESTATE MARKET. EXPECTATIVES FOR 2020. BUY TO RENT 2000 1315 TLA

SPANISH REAL ESTATE MARKET. EXPECTATIVES FOR 2020. BUY TO RENT

In recent years we have experienced how the Spanish real estate sector has attracted the look and arrival of important foreign investment groups and funds, with the consequent reactivation of the market. In these years we have been experiencing a significant increase in the volume of sales in Spain, almost generalized. It has been accentuated…

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USUFRUCT. TAX IMPLICATIONS WHEN BUYING/INHERITING PROPERTIES IN SPAIN 2000 1315 TLA

USUFRUCT. TAX IMPLICATIONS WHEN BUYING/INHERITING PROPERTIES IN SPAIN

ARTICLES «Usufruct» is the right to enjoy, use and obtaining profit and rent from a property.  «Bare ownership» is the right of property ownership which remain after the usufruct, and that does not give the right to use or to dispose on it while the usufruct right exists. On many occasions we find that buyers,…

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CADASTRAL VALUE-VALOR CATASTRAL – WHAT IS AND HOW IS IT CALCULATED 2000 1315 TLA

CADASTRAL VALUE-VALOR CATASTRAL – WHAT IS AND HOW IS IT CALCULATED

ARTICLES The “Catastral Value” is a very important value which is calculated by the administration in each real estate in Spain. It is used to calculate Spanish tax like the IBI (Council Tax), and the IRPF (Income Tax), and others, as well as to calculate the FISCAL VALUE of the property in case of sales,…

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SPANIARDS INCREASE THE PURCHASE OF NEW BUILT PROPERTIES 2000 1315 TLA

SPANIARDS INCREASE THE PURCHASE OF NEW BUILT PROPERTIES

(English versión translated from the original in Spanish at El Pais ) These days the buyers of one of the promotions of flats under construction on Maricara Street, in the neighbourhood of Butarque (Madrid), have an important appointment. Perhaps the most important of the last 24 months is worth entering for the first time in…

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BUYING A HOUSE IN SPAIN WITH MORTGAGE? – NEW REGULATIONS – ASK FOR A POA TO YOUR LAWYER 2000 1315 TLA

BUYING A HOUSE IN SPAIN WITH MORTGAGE? – NEW REGULATIONS – ASK FOR A POA TO YOUR LAWYER

For many years now we have been experiencing a series of legislative reforms, and essential changes in the way in which the process of obtaining mortgages in Spain has been developing historically. Spanish banks have been subjected to great stress when it comes to legally confirming the positions and conditions in which they have been…

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LIMITATIONS IN THE USE OF URBAN PROPERTIES – PURCHASE OF CONSOLIDATED AND NOT CONSOLIDATED LAND 2000 1315 TLA

LIMITATIONS IN THE USE OF URBAN PROPERTIES – PURCHASE OF CONSOLIDATED AND NOT CONSOLIDATED LAND

In previous reports, we were explaining the differences between URBAN LAND and RUSTIC LAND. In relation to URBAN LAND, we were explaining that this is a land in which it is authorized to build with determinate specifications contained in the “Development Plans” of the city or area (Plan General de Ordenación Urbana), or in specific areas…

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HORIZONTAL DIVISIONS ON SPANISH URBANIZATIONS 300 124 TLA

HORIZONTAL DIVISIONS ON SPANISH URBANIZATIONS

Horizontal Division in Urbanizations means that the land where the different houses from the urbanization are placed belongs to all the owners “in common”. This Horizontal Division is a way used in urbanizations and buildings where the different owners own the 100 % from their houses and “in community” the land of the urbanization. So, the…

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COSTA BLANCA 2018. RISE OF PROPERTIES TRANSACTIONS. WHAT ABOUT 2019? 2000 1315 TLA

COSTA BLANCA 2018. RISE OF PROPERTIES TRANSACTIONS. WHAT ABOUT 2019?

Purchases of properties to foreigners increased again in 2018 with respect to the year 2017 in the whole Costa Blanca – Alicante. It has been reached the number of 23,000 sales, representing an increase of 7% compared to 2017. (source: Información – Alicante Newspaper). It seems that the adverse international context, such as the economic…

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HOW DOES THE AGREEMENT ON BREXIT AFFECT THE SITUATION OF BRITISH RETIRED IN SPAIN? 2000 1315 TLA

HOW DOES THE AGREEMENT ON BREXIT AFFECT THE SITUATION OF BRITISH RETIRED IN SPAIN?

This weekend an agreement has been reached with regard to Brexit, which affects relations between the European Union and the United Kingdom at different points. Regardless of the commercial and financial points of the agreement, we wanted to focus on one of the points that most affect our clients, which is what is going to…

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PURCHASE OF PROPERTIES IN SPAIN. IMPORTANCE OF CONFIRMING MARRIAGE STATUS 2000 1315 TLA

PURCHASE OF PROPERTIES IN SPAIN. IMPORTANCE OF CONFIRMING MARRIAGE STATUS

If you buy a property in Spain, being married in some countries such as France, Belgium, Italy, Germany, Sweden, Canada, the United States, Latin America, etc., it is important to confirm the marriage status and the marriage system. Normally, there are two marriage systems: COMMUNITY OF ASSETS:  France, Germany, Belgium, Netherlands, Sweden, Switzerland, Denmark, Norway,…

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HOLIDAY RENTALS. VALENCIA REGION. REGISTRATION PROCESS AND TAXES 2000 1315 TLA

HOLIDAY RENTALS. VALENCIA REGION. REGISTRATION PROCESS AND TAXES

Usually, there are 3 ways to rent a property: Short term rentals: This type of rent is for tourists who wish to use the property for tourism/holiday. This type of rentals must be registered in a special registry in Valencia, and one of the requirements is the certificate of habitation. Short term of stay: less…

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HOW TO SET UP B&B – CAMPING – HOTEL IN RUSTIC LAND AREAS 2000 1315 TLA

HOW TO SET UP B&B – CAMPING – HOTEL IN RUSTIC LAND AREAS

Rural land is the one in which only  farming, forest and nature activity may be developed. So, purely, touristic activity is not approved. So,  when a Casa Rural, or B&B, or Camping is projected in this land it is required to get the special approval at the local and regional administration where specifically allow to…

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CERTIFICATE OF HABITATION – CEDULA DE HABITABILIDAD-LICENCIA DE OCUPACION 2000 1315 TLA

CERTIFICATE OF HABITATION – CEDULA DE HABITABILIDAD-LICENCIA DE OCUPACION

Cédula de habitabilidad – Certificate of habitation – License of Occupation Certificate of Habitation – C.H. (Cédula de Habitabilidad or Licencia de Primera o Segunda Ocupación). This is a document which resumes the confirmation from the Town Hall that the property is ready for habitation, and it is applied once the property is finished with…

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TIN – TAX IDENTIFICATION NUMBER – REQUIRED WHEN OPENING A BANK ACCOUNT IN SPAIN 2000 1315 TLA

TIN – TAX IDENTIFICATION NUMBER – REQUIRED WHEN OPENING A BANK ACCOUNT IN SPAIN

Opening a bank account in Spain requires of special procedures. A few years ago, opening a bank account in Spain was relatively simple. Bank accounts could be opened from abroad without the presence of customers in Spain. Lawyers, through power of attorney, were also authorized to open bank accounts in Spain being no necessary the presence of…

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HIDDEN DEFECTS ON HOUSES. RESPONSIBILITY AND PROCEDURES 1973 1315 TLA

HIDDEN DEFECTS ON HOUSES. RESPONSIBILITY AND PROCEDURES

In the property buying and selling process, it is very important to take into account the responsibilities assumed by sellers and builders in the sale of property to buyers. It is very normal to find properties in the market that are sold with defects, in which the buyer does not know very well how to…

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TAX OFFICE INSPECTIONS IN SPAIN – BANKS WILL INFORM ON CLIENTS ACCOUNTS 940 788 TLA

TAX OFFICE INSPECTIONS IN SPAIN – BANKS WILL INFORM ON CLIENTS ACCOUNTS

Spanish Tax office will force Banks to inform about fiscal information from clients We have been informing for long time to friends and clients that the Spanish Tax office was being increasing to control fiscal and finance situation of citizens in Spain. A high number of our foreign clients have been inspected from the Spanish…

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2018 – A GOOD YEAR TO BUY PROPERTIES IN SPAIN? 2000 1315 TLA

2018 – A GOOD YEAR TO BUY PROPERTIES IN SPAIN?

Prospects for the real estate market of the year 2018. 2017 was a good year for the real estate market. We are witnessing price increases, increase of new construction and buildings,  and growth of the number of new mortgages (favoured by of low interest rates – mortgages). Construction sector has increased its contribution to Gross…

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WHY USING A LAWYER WHEN BUYING A HOUSE IN SPAIN? 2000 1315 TLA

WHY USING A LAWYER WHEN BUYING A HOUSE IN SPAIN?

Why should you use a lawyer in the process of buying a property in Spain ?. Notary and lawyer/solicitor in the process of buying properties in Spain. The Spanish buying process is very similar to other countries. Foreign investors in the Spanish system will find many similarities with their home countries. But, however, also we…

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DO I HAVE TO PAY TAXES IN THE PURCHASE OF FURNITURE FROM A PARTICULAR? 2000 1315 TLA

DO I HAVE TO PAY TAXES IN THE PURCHASE OF FURNITURE FROM A PARTICULAR?

In Spain, unlike other countries, the sale of personal furniture between particulars pays taxes. There is widespread confusion in the real estate purchase system in Spain where it is believed that the sale of furniture between particulars does not pay taxes. That is why, sometimes, we fall into the mistake of separating the price of the sale of…

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Castalla Internacional. Unfinished urbanisation. Topics to consider when buying 940 788 TLA

Castalla Internacional. Unfinished urbanisation. Topics to consider when buying

“Castalla Internacional” is an urbanisation built in Castalla, Alicante It was built in the years 2000-2005 where the main aspect to consider is that  the urbanisation infrastructure has not been completed. This urbanization was divided in 2 Phases: Phase I : Which was practically completed in all the urbanisation infrastructure, and from which we have not updated…

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VISITING SPAIN IN PROPERTY SEARCH AND PROSPECTIVE TRIP?. 10 RECOMMENDATIONS YOU MUST NOT FORGET 2000 1315 TLA

VISITING SPAIN IN PROPERTY SEARCH AND PROSPECTIVE TRIP?. 10 RECOMMENDATIONS YOU MUST NOT FORGET

Are you in the process of coming to Spain (Valencia, Alicante, Murcia Almeria, Malaga…) to visit properties to buy ?. What do you have to do? In relation to your future purchase in Spain, let us inform you with the steps to follow and share with you some information that can help you in the…

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AN EXAMPLE OF CALCULATION OF SPANISH INHERITANCE TAX IN VALENCIA, MURCIA AND ANDALUCIA 2000 1315 TLA

AN EXAMPLE OF CALCULATION OF SPANISH INHERITANCE TAX IN VALENCIA, MURCIA AND ANDALUCIA

–       A+B, British, 62 years old each,  and Spanish residents,  own a Spanish property. They have 2 sons. Sons are not Spanish residents. –       Both have made a “mirror Will” (A leaves everything to B, and vice versa), and if they died together they leave to both Sons «SON 1» and «SON 2» in equal parts.…

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PROPERTY NOT SOLD. PURCHASER’S BREACH OF CONTRACT. WHO PAYS AGENT’S COMMISSION? 2000 1315 TLA

PROPERTY NOT SOLD. PURCHASER’S BREACH OF CONTRACT. WHO PAYS AGENT’S COMMISSION?

There is a popular misconception on the agent’s commissions on Spanish property sales. It is understood that agents collect their commissions only on completion, and when the sale has been successfully completed. But, what’s the real position of the agents by the Spanish laws? AN EXAMPLE:  When the buyer pull out the sale without “reasonable…

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