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Page 2 of 2 9. Buying a property in Spain from a non-resident If you are going to buy a property located in Spain from a non-resident property owner, be aware that you should deposit 5 % of the purchase price against any tax due from the seller, previous file of the corresponding form available from Spanish Tax offices (Oficinas de Hacienda)...Should you fail to do this, your new property will be subject to a lien in order that the Tax authorities can recover the due amount. Here you should remember that if the purchasing price which is declared is much lower than the approximate market value the Tax inspectors could feel that the purchasing price is too low and you may have heavy penalties applied. Your Spanish Lawyer can inform you about the market value of the property that you are willing to buy. These are only general guidelines and not definitive statements of the law, all questions about the law's applications to individual cases shall be directed to a Spanish lawyer. Purchasing a property in Spain, can seem a difficult process but with the help of a good lawyer, its really no more complicated than buying property any where , the points to remember are, Always use the services of your own lawyer, who you have engaged to act on your behalf. Read around the subject, and ask questions any good lawyer should be more than happy to answer any questions you have, if not find someone else to represent you. If you’re planning on buying a property, as a holiday home, make sure you have a full picture of any plans for the local area, and that it will retain is resale value. If you are buying a property as a perminate home, consider renting in the area for at least six months before you buy, it will give you a better understanding of the area thought-out the year and give you time to put into place all of the tools you need to make the process of buying as painless as possible. This Article was original created by iAbogado Servicios Jurídicos SL (Madrid, Spain).Visit www.iAbogado.com for more articles with content on legal matters in Spain. Reprinted with the kind permission of iAbogado.
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