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Glossary of Terms.
A useful guide to Spanish Property
related phrases translated into English.
Completion Date
This is the previously agreed date when the balance of the purchase
price must be paid together with all the corresponding fees and the
title deeds are signed over to the new owner(s). The latest completion
date is set when the reservation/holding agreement is signed. An
actual date will then be agreed in consultation with all parties once
preliminary legal checks have been carried out.
Key Ready
A new property that has been built by a developer but not yet sold on.
Completion times and payment terms on such properties are usually
similar to those of resale properties.
Legal
Representation
Your Spanish lawyer will carry out all the necessary searches and
handle all payments on behalf of the purchasers. You may employ the
services of any lawyer you wish. Sunset Casas can also recommend
lawyers should you require.
New Property
A new property sold by a developer. Although this may be key ready, it
is more likely to be in construction. Completion times on properties
in construction are usually between 6 months and 2 years. All new
properties sold by Sunset Casas are freehold and carry a minimum 10
years structural guarantee.
Notary
A person legally empowered to witness and certify the validity of
legal documents such as title deeds, powers of attorney and mortgage
agreements.
Placing a Holding
Deposit
Once you have found the right property for you a holding deposit is
required in order to reserve it and remove it from the market. For
resale properties, this is usually 10% of the agreed purchase price.
We realise that it is not always possible to pay this amount straight
away, so will ask for 3.000€ to hold the property until the full 10%
can be paid, usually within 1-2 weeks of the initial holding deposit.
For new properties, the amount of this deposit is set by the
developer, and is typically between 3.000€ and 10.000€.
Resale
Property
A resale property is owned by an individual or individuals. Sunset
Casas has a wide selection of resale properties available in and
around Puerto de Mazarrón to suit the tastes and pockets of everyone.
Signing a
Reservation/Holding Agreement
On paying a non-refundable holding deposit on a property the buyer
signs a reservation/holding agreement thereby reserving the property.
Signing of the
Escritura (Title Deed)
The title deed is signed on completion in the presence of the Notary,
either by you in person or by someone with power of attorney to sign
on your behalf. This is done at the same time as full payment is made.
Some Spanish terms
you’ll come across:
Abogado
– lawyer
Caja de Ahorros
– savings bank (often used for mortgages)
Chalet
– villa
Escritura
– deeds
Euribor
– euro base interest rate
Finca
– rural estate, normally including a house
Gestor / gestoría
– an agent/agency that deals with legal and administrative issues on
your behalf. A gestor is not a lawyer.
Hipoteca
– mortgage
IBI
(impuesto sobre bienes inmuebles)
– annual real estate tax
Impuesto
sobre el patrimonio
– capital gains tax
Licencia de obra
– building permission
N.I.E.
– Identity number
for foreigners
Notario
– notary
Nota simple
– certificate from the property registry
Pago en efectivo
– cash payment
Parcela
– plot of land
Piso
– flat
Poder
– power of attorney
Plusvalía
municipal
– capital gains
tax on the sale of property
Registro
de la propiedad
–land
registry
Representante fiscal
– official tax representative
Residencia (permiso)
– residency permit
Residente
– resident
Se vende
– for sale
Seguro
multiriesgo hogar
– house insurance
Señal
– deposit or downpayment
Tasación
– independent valuation of property
Terreno
– plot
Tipo de
interés
– interest rate
Valor
catastral
– assessed value of property for tax purposes.
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