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Guarantees for the purchase of used housing in Spain

If you buy a used home, consumer protection is weaker than in Norway. In Spain you buy used housing “as is”. Therefore, you should be interested in warranties.
It is different if you buy a property under development, or electricity is planned to be developed. If you buy such a project, you are entitled to a bank guarantee for the amount paid during the construction period.

It will be issued by a bank or insurance company and will give you

bank

The money back if you have the right to withdraw the purchase. You do not have to pay extra for this guarantee. Spanish law mandates all developers to provide guarantees for advances paid. Often this is missing. 1 times when property prices go up is mostly good.

However, there will be periods of stagnation and some decline, the risk increases sharply. Of course, although the Spanish market has risen sharply for a long time, it is not natural to say that it will be the case in all future periods. The risk is, therefore, wherever the sea is me or the intermediary says.
If you do not get such a guarantee, it is advisable to drop this project. There are certainly others that are just as interesting and also have a guarantee.
It is not long since a new law was passed regarding new buildings. There are now three different time levels of responsibility.

For small deficiencies it is one year

bank

There are three years for deficiencies affecting the dwelling.
For defects in the structural safety of the building, the warranty period is ten years.

About Real Estate Agent in Spain
When you buy housing through Norwegian sales reps, they are basically agents for players in Spain. You must be aware that there are many interest sales reps who have no organization in Norway behind them. The seriousness among them varies greatly.

Good Finance is a municipal value-added tax

Good Finance is a municipal value-added tax

That is included in all purchases. It is based on the number of years of ownership, and on the number of square meters of land belonging to the property. For each year the seller owns the property, the tax payable on sale increases. After 20 years the tax does not increase anymore.

The law states that the seller must take the cost, but this is always negotiable. The buyer may be liable to pay the fee if the seller has not / has paid the tax even if agreed upon.

Sharon Kirschner

Lindsey is a financial consultant and blogger who mainly writes about personal loans and money management. She already has a number of articles and blog posts about the subject and continues to post more about the best tips and tricks on these topics.
Sharon Kirschner

Latest posts by Sharon Kirschner (see all)

Author: Sharon Kirschner

Lindsey is a financial consultant and blogger who mainly writes about personal loans and money management. She already has a number of articles and blog posts about the subject and continues to post more about the best tips and tricks on these topics.