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StumbleUponPurchasing Property in Spain? Caution is Advised
Buying a property or investing in a timeshare or holiday club in Spain is the dream of many sun-loving Brits. However, it is not always straightforward and buyers should keep their wits about them and avoid too much Sangria until the deal is settled and safe.
It is wise to hire a local and independent lawyer to assist with any property or legal transactions. The British Embassy website (Madrid) contains a list of English-speaking lawyers throughout Spain. Needless to say, purchasers should deal only with reputable and established estate agents and any transfers of money should be made within a bank or through legitimate banking methods. Note that the purchase price (in total) should always be written on the deeds (escritura). Buyers are also warned against paying money to a seller directly, even if the deal appears more attractive with apparent tax advantages; the problem being that the buyer could end up paying capital gains tax which should have been the responsibility of the seller.
The British Consul in Spain is not able to help with individual problems if a property deal goes pear-shaped. Land tenure rights in certain parts of Spain, including Valencia, Alicante and Castellon, can be seriously affected by local laws and if an ownership dispute arises buyers should speak with a lawyer immediately.
There are many companies and agents selling timeshares and running legal and ethical businesses. However, the downside means that there are always going to be rogue companies offering tempting incentives (i.e., airline and accommodation discounts, stocks) to those wishing to exchange timeshares or buy into holiday clubs. Caution is advised as the offers may vanish into the Mediterranean sunset after a contract has been signed!
For more information about Spain visit out Travel Guide which contains a link to the Foreign and Commonwealth Office for expanded advice and information about purchasing property in Spain.
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This entry was posted on Saturday, July 5th, 2008 at 12:55 pm and is filed under Europe, Holiday Destinations, Travel News .You can leave a response, or trackback from your own site.
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