My Folder: Properties that you are interested in are saved to your own folder: Email Us: You can email us with an enquiry and we will respond within 24 hours: Call Us: You can call us with an enquiry and if we can't take the call straight away, we will respond within 24 hours: 01603 763117 Book a Call: You can book a call with us and we will call you back at your convenience:		Resale properties... There is a perpetual argument as to whether to buy Off-Plan or Resale. If we add to this now the many Key-Ready properties, the choice is quite startling. Resale and Key-Ready properties have a great advantage in that they do actually exist! However, the same need for care pertains in that the property’s existence does not necessarily prove its legality. The same discipline of working closely with your agent and lawyer is key and the perceived advantages of buying as a Resale introduce other contradictory parameters which you might not have thought of. Debts may well be on the property, not the person... For instance, debts (personal or business) may have been charged to the property. There could be outstanding bills for community fees, electricity, water etc. To avoid these being passed on to you as the new purchaser, this needs to be checked out, as well as being sure that rates, telephone bills etc are also up-to-date right until the date of selling. Key-Ready properties... These are fully constructed, but have not yet been purchased. All the usual checks need to be done through the lawyer and your agent, especially regarding building licences, proper construction certificates, licence of first occupation etc. Off-Plan properties... "Will they ever be built?" ...is now the most common question! Such doubt is understandable in some cases, but certainly not all. Knowing your agent, the builder, what he has done, what is his progress on current projects, up-to-date local knowledge – these are all essential. As again is the need to have financial guarantees (AVALES) against any stage-payments that you make. MORE> The opportunity is now... There are certainly opportunities available now to buy property in Spain at exciting prices. But please remember that not all properties at a discount represent good value. Which opportunities are worth pursuing? ... At Pinto, we have many properties available where we have proven documentation available which will show amongst other things – bona fide valuations, original purchase-price, escrituras where applicable etc. There will, therefore, be verifiable equity in the properties which can be realistically assessed. Many such properties will be able to be bought by investing only a small amount of capital and mortgages (subject to status) will be available to be taken over by the purchaser with the minimum of fuss and expense. This is really the Key... • Low capital input. • Advantageous mortgage facility (where required by the purchaser). • Proven high equity in the property. Use of capital... Money is money, but the way it is used in the purchase of property in Spain can be crucial to the profit or problems that come with it. Currency/Foreign Exchange: Many purchasers are going to face the decision about buying property where the price is in euros, but their capital and/or income is in pounds sterling or yet another different currency. Exchanging Currency: The main choice is between Banks and specialist Currency Houses. In the majority of normal transactions, the better rate is going to be obtained from the Currency House. However, this could depend on your relationship with your Bank and how much they want to keep your business. Put pressure on them to come up with a good rate – they can do it, if they want to or feel they have to. Equally, not all Currency Houses will quote the same rate, so make sure you obtain a “guaranteed best rate” and that guarantee actually means what it says.		When should I exchange my money: There are times when the decision to exchange from one currency to another has to be immediate or certainly within a short period. However, especially when buying a property which is not yet fully constructed or off-plan, there may be more choice available to you. The reason is that one or more stage-payments will be made over a period of time before the property is purchased fully and finally. The purchase contract will almost certainly indicate a fixed-price for the property. Therefore, given the vagaries of the currency markets, the rate of exchange applicable is fundamental in determining the final purchase price the purchaser will pay. The purchaser has the choice under normal circumstances to exchange monies immediately prior to having to send the various stage-payments, but alternatively (if the capital is already available at the outset) may decide to benefit from a “forward-buying” option of the amount, say, in euros which is required. This needs to be discussed with the specialists at the time, but it is well-worth investing the time because the savings in money spent can be immense. Capital and/or mortgage: This is fundamental to the whole purchase process. MORE> Taxes... A favourite subject in all countries! In the context of Spanish property purchase, it should be realised that there are potentially taxes in Spain and at home to be considered. Resident/Non-Resident: If the purchaser decides to become resident in Spain, some taxes will become predominately payable in Spain itself, but remember that others may not e.g. this can depend not only on your residence but also your domicile. Don’t ignore it: This may sound like a frightening proposition, but only ignoring the facts would be frightening. Help is there: At Pinto, we are happy to help by having available tax-advisors and lawyers abroad who are highly-regarded in their field. To us, it is all part of an important jigsaw where our role does not end with the buying or selling of a property – we are there to offer continuing help. Income Tax: Changes will again be brought in during 2010, but some will be phased in over more than one year. VAT: Increases in the two levels of VAT have taken place from July 2010. As regards VAT on property purchases, this is now 8%. VAT on services is now 18%. Capital Gains Tax: Changes were brought in recently on Capital Gains Tax which meant improvements for EU property owners in the level of tax they have paid or would have to pay. However, as regards the claiming back, there are time constraints and anyone who thinks they may be eligible needs to contact us soon so that we can put them in the right hands. Wills/Inheritance Tax: The importance of having a will cannot be over-estimated. The need for it to be kept up-to-date and relevant is equally important. You will realise already the importance of making a will in your own country, but different countries vary enormously in their treatment of the “Law of Succession”, wills and perhaps worst of all intestacy. Spain is certainly very different from, for instance, the UK. It is not a legal requirement to have a separate will in Spain but it is certainly advisable for a host of reasons. Another reason to be working with a competent Spanish lawyer and with whom matters can be kept under constant review whilst your property is being purchased and on an ongoing basis thereafter. This will maintain your peace of mind and also ensure that you are not storing up problems for your dependants and/or beneficiaries.