Lawyer Raymundo Larraín gives us an overview on the points we should cover on buying a resale in Spain. This is the second of a three-part series on buying & selling property in Spain.
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Article copyrighted © 2020. Plagiarism will be criminally prosecuted.
By Raymundo Larraín Nesbitt
Director of Larraín Nesbitt Abogados
8th of April 2020
You have fallen in love with a property in Spain and now it’s time to take the dip and sign the contract!
This short article is written with the aim to provide a buyer with a basic guideline on what you should be asking a seller for. It is not meant to substitute professional legal advice.
Whilst it is possible to buy a property in some overseas jurisdictions, including Spain, without having to appoint a lawyer, it would be very unwise to do so. Buying a house is one of the biggest investments most people make in their lifetime. So why take the risk by not obtaining proper legal advice?
Banks and notaries are not your own personal lawyers and will not carry out stringent legal checks to protect buyer’s legal interests; that is not their job. This is a common blunder buyers’ make, particularly non-resident ones.
Instruct your own independent lawyer and never under-declare; besides being illegal, you will pay a massive Capital Gains Tax bill on selling it later on. It is illegal, it is stupid and only benefits the seller, not the buyer.
Remember to store safely the following invoices on buying which can be used to GREATLY mitigate your tax bill on selling:
Please note I only have in mind physical individuals acting as sellers on writing this rundown, if companies are involved, then far more checks would be necessary.
" We human beings become what we dream as children and during our youth.” – Manuel Patarroyo
Manuel Elkin Patarroyo (1946, Colombia). Is a Professor of Pathology and Immunology who developed, under precarious third-world conditions, the world's first synthetic vaccine against a severe strain of malaria, a disease which kills 1.5 million people per year. The man was offered a fortune by leading US Pharmaceuticals for his patent (rumoured at over 1bn US Dollars). Anyone would have accepted such a generous offer; anyone but him. He altruistically donated his patent to Humankind, and as a result the prices charged for his vaccine are ultra-low, because anyone can mass produce it without having to pay royalties brutally reducing the cost of development. It is estimated his work saves two million lives every year. Much like his childhood hero, the much-acclaimed French microbiologist Mr. Louis Pasteur, he too would grow up to become a real-life hero.
Our world needs more people like Mr. Patarroyo.
At Larrain Nesbitt Abogados we can assist you buying & selling property in Spain and deal with its taxation. Ask us.
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Larraín Nesbitt Lawyers is a law firm specialized in taxation, inheritance, conveyancing, and litigation. We will be very pleased to discuss your matter with you. You can contact us by e-mail at email@example.com, by telephone on (+34) 952 19 22 88 or by completing our contact form to book an appointment.
Article originally published at Spanish Property Insight: Home-Buyer’s Checklist: RESALE
Please note the information provided in this blog post is of general interest only and is not to be construed or intended as substitute for professional legal advice. This article may be posted freely in websites or other social media so long as the author is duly credited. Plagiarizing, whether in whole or in part, this article without crediting the author may result in criminal prosecution. VOV.
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