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you are seeking seclusion, but will come at more prices. If you are looking for Spanish experience you should be looking at town or village properties.

A Finca is a rural property, especially a large farm or ranch. Many fincas have a good deal of land and this may have fruit orchards or olive groves.

Once you have made a decision on the location and type of property to invest, you should now talk to the estate agent. Check whether the person concerned is registered and has a license. Please verify all claims made by the agents independently.

Any offers you make to invest in property should be made in writing and should contain the price, the payment plan and the currency. The completion date should be mentioned, taxation issues and details of what is included within the price you pay and what is not. It is done best if you do it with the help of a solicitor. Do not sign any documents in the absence of your solicitor.

When the offer is accepted, the solicitor generally checks the land registry and then goes on to make a contract deal including both parties. The public deeds (Escritura de Compraventa) are then signed before a Spanish notary. On completion the solicitor informs the local land register about the deed and the identity of the new owner is registered and ensure that the property cannot be sold a second time.

There are charges, which are required to be paid such as community fees, electricity, real estate tax, rubbish collection charges and water. The estate agent should be able to provide this information.

A mortgage application in Spain is relatively straightforward. The following original documents need to be shown, passport, if employed, the last three months payslips and if self employed, accounts of the last 3 years, an accountant's reference, and tax returns.

A further 10% of the agreed price will have to be found to cover additional fees that include: Legal fees of approximately 1%, Notary and Land Registry Fees of approximately 1%, Title Deed Tax of 0.5%. A Valia tax, payable on any increase in land value may be payable. On a new construction IVA tax is levied at 7%. It is charged at the full rate of 16% for purchases of land. Purchases of used property are subject to a transfer tax and this like the IVA comes in at 7%.

So these are the brief details, which you should be aware of before buying investment property in Spain.

www.midasestates.com/buying_investment_property_spain.php

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