Among all the professional norms set out in the Code of Ethics of the College is that every offer from an API guarantees that the seller is in a legal condition to transfer the property and that the buyer can own and make use of it without any impediment.

The buyer must have the certainty that the property is not subject to any registered charge or, if subject, he will be so informed and where necessary the charge will be lifted with the absolute security that it will be correctly done. Currently, the Notary is also obliged to obtain information from the property registry.

The will also give you precise information about the fiscal consequences of your acquisition .

There still remains the sorting out of your home with respect to taxes and, should this be the case, with the Proprietors Association and with the Town Hall with reference to the town or country planning relating to the property.

THE CONTRACT AND THE TITLE DEED.

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It is advisable that property transfers are recorded as soon as possible in deeds authorised by a Notary. Nevertheless, experience has shown that normally the initial transfer document only takes the form of a private contract.

In the private contract you will find the property you are getting, the price, the way of paying it, down payment, last payment, expenses, situation of debts, etc. A private contract is enforceable before a Court of Law.
A solicitor will help you, also in this process.

DEALING WITH THE TITLE DEED. TAXES

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Within thirty working days of being signed, the Title Deeds has to be presented to the Cashier's Department of the autonomous Government Tax Office for payment of the Capital Transfer Tax of 7%, if dealing with a second hand property.

If the property is new the Deeds has also to be presented to the Tax Office itself, and within the same time period, for payment of the Tax on Legal Documents at 1%. In this case, VAT at 7% has to be paid beforehand. If it were a company the rate of tax would be 7%.
This numbers may change in same especial cases.

CHOOSING THE HOME

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After listening you, the will advise you from the start you decide to buy a home. You will find the best opportunities with them as they have the widest knowledge of the market.

 

THE REGISTRY

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When the deed has been dealt with in the Cashier's Department of the Autonomous Government Tax Office it is advisable to present it to the Property Registry for it to be registered. The registration of the deeds means that the ownership of the property is recognised for all effects.
Frequently the Cashier's Department of the autonomous government Tax Office and the Property Registry are at the same placeo.

CHANGING THE NAME IN THE CADASTER

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Your . Will help you. As well as to make direct debit of future bills.

 

OBLIGATIONS OF THE SELLER

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It must also be remembered that the seller has to hand over the Hability Certificate (Cédula de Habitabilidad) as well as the First Occupancy Licence (Licencia de Primera Ocupación) issued by the Municipality where the dwelling is located. The Hability Certificate provides the purchaser with the guarantee that the dwelling has the minimum conditions of habitability.

In the case of new buildings the seller must also hand over the certificates from officially recognised installers (plumbers, electricians, etc.).

Both the Hability Certificate and the First Occupancy Licence are necessary in the order to contract for the water, gas and electricity supplies.

THE FINANCING

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It is of great importance to study which is the best way of financing the purchase with respect to each case and each particular time. The API, because he is continually in direct contact with the finance houses, will be in a position to supply you with the information you need.

 

Today you can find in the market, mortgages where you can past the first year without paying any thing. Or fix the monthly payment all trough the live of your mortgage.