The whole process of buying any type of property or land in Spain is strictly regulated.
There are three main options available to pay for a property:
Whether buying for cash or with a mortgage there are some costs to be funded directly by the buyer:
Normally, based on their valuation on the property, Spanish banks will lend between 60 and 70 percent to non-residents and more to residents. They send a valuer to assess the value of the property; the cost of this is included in the charges made by the bank for the mortgage application, which varies according to the purchase price of the property. Banks vary in their charges and this can often be negotiated. Once the mortgage has been applied for, funds will be needed to cover the cost of bank charges.
If a mortgage is needed to buy a property, establish a price range and determine if enough cash funds for the deposit and legal fees are available and if income is sufficient to afford the monthly cost of the mortgage.
It is strongly advised to seek professional advice about the basic lending criteria and the various options and mortgage products available. There are several options:
Banks will ask for pay slips of employed applicants or one or two years accounts if the applicant is self-employed. Tax declarations from the buyer's country of tax residence will be required.
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