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The importance of paperwork when buying a property 29/01/2022 / editorial goldenmile

We must be very clear that at the time of acquiring a property we must assume some budgetary obligations regarding the management of certain legal documentation that said property must have. For example, a notary must be paid to carry out the property registration document, and the corresponding taxes must also be paid. The value of these taxes will depend on whether or not the person buying is a Spanish resident. For example, if the person is a resident, the property transfer tax must be paid, if it is not, another tax model will have to be paid.

Sometimes, due to lack of information or not wanting to add one more expense to the purchase of the home, buyers often skip this important step. It is important to point out to the client who wants to buy a home that said property has an added value above the published purchase price. Then, the acquisition value of a home will consist of the purchase price plus the amount of all taxes generated by this property.

Sometimes it happens when a property is taken that it is in legal noncompliance, for example, it may happen that the person who bought the property did not want to make the corresponding arrangements or was simply poorly advised at the time of acquiring the property. Obviously this can lead to big problems with housing. To avoid this type of inconvenience, at Remax Golden Mile, a simple note is always requested before putting up for sale or buying a property where you can check if the property has any legal fault.

Many agencies select properties without requesting this document, which is essential to put a property up for sale. So, when a client interested in acquiring the property arises, it may happen that it is not registered or presents other legal rulings. If you are a buyer and you are not sure if these procedures were done correctly, we recommend that you request a simple note. With it you can verify if the property is up to date with the legal documentation. Always remember that when buying a property it is important to trust professionals or advisors as they can help you carry out all the necessary procedures.

Always keep in mind that it is the buyer’s obligation to appear at the notary’s office to cancel the corresponding tax and register the property. The writing and cancellation of the registration amount must be made. If this procedure has not been done, the property will always remain as a debtor. This procedure can be done through professionals in the sector. At Remax Golden Mile we have a department specialized in this type of procedure. Contact us and we will help you!

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