Zariko – Asunto Espanjasta – Property from Spain

Asunto Espanjasta – Property from Spain

Vocabulary

Vocabulary

NIE-number:

Número de Identificación de Extranjeros. The NIE is a tax identification number for foreigners in Spain. It is required by Spanish law for any individual with economic interests in Spain.

Escritura de compraventa:

Title Deed, legal document constituting evidence of right of ownership of a property, signed before a Notary Public.

Escritura de hipoteca:

Mortgage Deed, signed before the Notary Public. Document specifies the rights and obligations of the financial entity and client (borrower), to which the Notary Public bears witness.

IVA:

“Impuestos sobre el valor añadido” (VAT)
7% of the amount specified in the Title Deed. This rate can vary depending on the province where the property is located. For buying a parking space that is registered separately, the applicable rate is 18%.

Nota simple:

Document provided by the Property Register. This document identifies the current owner and whether any charges / debts are registered against it. This can include court orders for distraint or seizure, conditions for resolution, rights of use and any other rights / obligations applying to the property.

Plusvalía:

This is a local tax based on the increase in value of the urban developments, accumulated during the years of ownership by the vendor. It is calculated taking into account the registry value and the number of years passed since the previous sale. The applicable rate is established by the Municipalities according to legally defined maximum and minimum limits. According to Law, this tax has to be paid by the vendor, except if agreed otherwise between the parties.

Señal de arras or señal de reserva:

Down-payment contract that describes the property, sales price and terms of payment. This document obliges the vendor to sell the property, and the purchaser to pay the specified price for it.

Impuesto sobre Bienes Inmuebles (IBI or SUMA)

Property tax. This tax is specific to the property and the owner is obligated to pay it.

Contrato de alquiler temporal:

Temporary Tenancy Contract.

La fianza:

Deposit.