When it comes to buy a resale property you need to have a look and consider many things, the structure, the permissions and how it’s all set up so you can be sure what you buy and understand the pricing of said property.
Buying a Resale property can be good But as everyone knows, properties that have been lived in suffer from wear and tear, so resale properties often need some degree of refurbishment after purchase. This may range from nothing more than a lick of paint and some minor repairs to a full refurbishment of the property. Even without going so far as a full refurbishment buyers often find that new kitchens and bathrooms are required, as these rooms tend to depreciate the most from use. However only 10% of British buyers claim they are prepared to take on major reforms, which suggests that expectations are on the low side concerning the extent to which refurbishments are necessary. On the other hand about 40% of British buyers claim that they are prepared to undertake minor reforms when buying resales in Spain.
Points To Look
Because you are buying from a particular, it is even more important to carry out the relevant pre-contract checks; in particular you need to:
1. Prove that the vendor does own the land: you need to see his escritura, and consult the land registry.
2. Check that there are no loans outstanding: you need to obtain the proper report from the land registry over the property.
3. Ensure that the property is paying the Impueso sobre Bienes Inmuebles (IBI): If unpaid, this tax is attached to the property so the new owner will become liable. You should ask to see the receipt for the last year, the period for which liability for unpaid taxes can be transferred to the new owner. If the current vendor can not produce this, you must ensure your lawyer obtains confirmation from Recaudación Provincial (the Provincial Rates Office).
4. Obtain a certificación catastral to ensure that the property is duly registered and check that the size and conditions are the same ones as described to you.
5. Check with the urbanismo, the town planning office, to ensure that the property is in an area zoned for building and that planning permission has been granted, and that there are no other developments planned nearby that could affect your new property.
6. Check that there is not any fine or limitation affecting the property due to its construction.