Buying and selling real estate in Spain | JD Supra

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KEY FACTS ON ACQUIRING REAL ESTATE UNDER SPANISH LEGISLATION

I. Real Estate Transaction Procedure

• 1.

The formal procedure for a real estate transaction in Spain, starting with the signing of the purchase agreement (including the closing of the deal) and ending with the official transfer of ownership rights to the buyer.

Before proceeding with any formal transfer, it is advisable to conduct several preliminary checks regarding the legal, tax/economic, and urban planning status of the property.

• Legal information is usually obtained from the Cadastre (by requesting excerpts regarding current encumbrances and obligations).

• Tax and economic information can be obtained from the City Hall and from the "community of owners" ("comunidad de propietarios"), if it exists, since according to Spanish law, the person acquiring the property is responsible for paying any amounts owed to the community of owners and for paying the local property tax.

• Information about urban planning can be obtained by requesting from the seller or the City Hall regarding the availability of a license for activity/first occupancy license ("Licencia de Actividad/Licencia de Primera Ocupación") for commercial/residential purposes, or in the case of a land plot - urban planning information ("cedula urbanística").

For more information, see the full publication below.

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