Glossary

A brief report from the Land Registry (Registro de la Propiedad) which includes important information about a property, including its current owner, any existing debts or mortgages, and its legal status. It’s critical for verifying who owns the property and ensuring there are no hidden liabilities before you buy.

The official document that formalizes the transfer of property ownership, signed before the notary. This deed secures all legal requirements are met and must be registered in the Land Registry to certify the new ownership.

The official registry where property ownership is documented. Registering your property here is critical to secure your ownership rights and give legal protection. It also makes property transactions public.

A unique identification number for foreigners, mandatory for any financial activities in Spain, including buying property. You will need this number to sign contracts and open bank accounts.

An initial agreement where the buyer gives a deposit, usually 10% of the purchase price, to secure the property for themselves. This contract sets the conditions of the sale and commits both parties to complete the transaction.

A yearly local tax established on the assessed value of the property. This tax, just like

property taxes in other countries must be paid by the property owner each year.

A tax levied by the local authorities on the increased value of the land since it was last sold. Commonly paid by the seller, it’s important for the buyer to make sure this tax is paid to avoid future problems.

An evaluation conducted to determine the market value of a property. This is always required by lenders to ensure the property’s worth matches the loan amount being requested.

A loan arrangement for financing a property purchase. It details the loan quantity, interest rate, reimbursement terms, and any penalties for late payments.

The official record that shows property boundaries and values for tax purposes. different from the Land Registry, it helps determine property size, permitted use and value established by the government.

The main sales contract between the buyer and seller that outlines all the terms and conditions of the sale, including the price, payment schedule, and closing date. This contract is legally binding.

The first occupancy permit necessary for new properties, ensuring they comply with local building codes and are safe to live in. This license is critical for legally occupying a newly built home.

An energy certificate that rates the property’s energy efficiency. This document is obligatory for all real estate operations in Spain.

An obligatory inspection for all buildings older than 45 years, to make sure they meet safety and habitability regulations. This is critically important for properties over a certain age.

Fees paid by property owners in apartment buildings or residential complexes to cover the maintenance and preservation of common areas and services.

A tax imposed on the total net value of an individual’s patrimony, including real estate. This wealth tax applies to high-value properties and is assessed annually.

A tax imposed on the purchase of second-hand properties. The rate differs by region, and the tax is commonly paid by the buyer based on the purchase price or the property’s value determined by the government.

A value-added tax on the purchase of new properties, typically at a rate of 10%. This tax is similar to a sales tax and is paid by the buyer.

A certificate of occupancy is a document issued by the city hall, certifying a property´s compliance with applicable building regulations and other laws, and indicating it to be in proper conditions for occupancy.

The lease agreement for rental properties. It establishes the conditions of the rental, including the rent price, duration, and obligations of both the landlord and tenant.