FAQ

Zone vs. Property

The most important thing is to see where you would like to make an investment.
Once you have already decided the area and you have chosen mountain side, beach side, golf views, or downtown… Then, we will help you to find it.

Why you will need a professional agent?

Because all of our agents have an excellent and extensive knowledge of urbanized areas and they will be pleased to help and advise you about advantages and disadvantages.

What documentation do I need if I get a property under construction?

If that was your election, make sure that the developer gives you:
• insurance policy or bank guarantee.(organic law of buildings. 38 law of 1999)
• quality memory
• copy of plan(property map)
• property title
• planning permission
• insurance for construction defects(last 10 years)
• a lawyer you trust

We advise to ask for a topographic survey of the land

How to negociate a purchase-sale?

The best references respect the property values will be the real prices of the market.
Shore Investment Group will help you to find the property and get a good agreement between seller and buyer.
We do not recommend making an offer very low from the market values to avoid an offence to the seller. Make a deposit for a reasonable offer and a written bid will show you as a serious buyer.

Municipal Added Value Tax ( Plusvalia )

This tax corresponds to the vendor. This is an “added value” tax based upon the increase of the Town Hall index value of the land only, from the prior purchase to the present sale. It is usually not a significant amount with respect to apartments or townhouses but can be more in the case of villas with a large tract of land.

Do non- residents must pay tax on capital?

The wealth tax need to be paid by individuals with prosecutor residence in Spain and also by the non-residents with properties or rights located in Spanish territory.
The new Spanish Real Decree under law 13/2011 of 17th September 2011 reestablished this tax and sets new limits on tax bases and law 16/2012, of December 27 of 2012, holds it for the year 2013.
All non-resident sellers, regardless of when they acquired the property are subject to 3% retention of the sales price.

Which are the addittional costs when you get a property?

Total costs represent approximately 10%- 11% from the values property, and are made up as follows:
-Tax: 8%, 9% or 10% according to the type and value of property. This tax needs to be paid by the buyer, except for the person who is engaged in the sale of properties.
• V.A.T
• villas, apartments, garages attached to houses: 10%
• shops, garage not attached to houses, land: 21%
• Legal acts: 1,5%
Notary and Registration Fee at the Property Registry: between €1600 and €1800 approximately.
-Added Value: is very variable, it depends on the land and on how long has the property been without being sale. For this reason it is important to remark that all negative and positive details of the property must be talked so that there is no surprise when notarized.

Your purchase offer has been accepted what should I do?

A lawyer must do a private contract where both parts are obligated to purchase-sale after verify that the property is clean of debts. After that, you will be able to sign in the notary.

What taxes must the seller pay?

CAPITAL GAINS TAX and RETENTIONS
Capital Gains tax on the sale of properties for non-residents is set at 21% for 2012, 2013 and 2014 payable on profits earned on the difference of the property value between the year of purchase the year of sale, based on the approved annual percentage increase on the base law value.
Capital Gains Tax for residents for 2012 and 2013 is set at 21% for the first 6.000€ profit, at 25%, for profit between 6.001€ up to 24.000€ and at 27% for profit of over 24.001€. Law 16/2012 of December 27 is an amendment to capital gain for residents obtained as a result of the sale of a property that has been less than a year in the taxpayer’s assets. In this case, the Capital Gains is taxed based on the general Capital Gains tax scale mentioned above.
All properties acquired prior to December 31, 1994, will apply special taxation.
Capital Gains Tax for residents has undergone changes in 2013. We always recommend to consult an tax accountant before buying or selling a property.

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