Spanish mortgages are getting better

The current economic crisis has forced the Spanish banks to find ways to allow their clients to survive the difficult situation many of them find themselves in. The result has been the introduction of much more flexible and affordable mortgages.Until recently it was hard to get anything other than a traditional repayment mortgage in Spain, unlike other countries...

Spanish bank account

You need a Spanish bank account, as the utility companies will only connect you to the services if they can set up a direct debit with a Spanish bank for payment. Most banks in Torremolinos have english speaking staff nowadays. Some banks may also produce statements in English on reque...

Don´t buy debts when buying your house in Torremolinos

In Spain, debts are attached to the property, not the person, so ensure that your lawyer obtains proof that the vendor has paid all his obligations, including community fees if the property is on an urbanisation, and all utilities and taxes. Also ensure that the property is free of mortgages. It may be boring, but ask to see all the receip...

Paying a deposit for your new home.

Don’t pay a deposit when buying your house in Torremolinos or another place on the costa del sol... unless you are certain this is the home for you. In Spain, once you hand over a deposit, you are committed to the purchase. If you withdraw later, you’ll lose your money, which is typically 10 percent of the asking price. There are plenty of properties on the...

Buying a house on rural land

Be aware of the infamous Valencia Land Grab Law (LRAU) of 1994. Introduced to prevent rural landowners standing in the way of necessary expansion, the law in Valencia was badly drafted and has been used to compel householders to either surrender part of their land or contribute towards local infrastructure. Your lawyer should ensure your planned property is...

Buying a house on the beach??!!

You might fancy a home on the beach, but be aware of the 1988 Ley de Costas (Law of the Coast). Spain wants to halt the overdevelopment of its coast, and many home owners face the prospect of having to seek permission to remain in a home they purchased in good faith years before the law came into effect. Coastal land is public land, and many builders went ahead...

Buying your house off plan

Unless you’ve set your heart on a shiny new build, don’t buy off plan at the moment. Several builders have gone out of business, and even the well established ones have curtailed their building until things improve. You could be waiting years for your home in the sun.If you do buy off plan, ensure your builder is well established. NEVER BUY FROM A BUILDER WHOSE...

A LAWYER??? YES or NO???

Choose an independent lawyer. (Abogado)Your agent may make recommendations, but an independent lawyer will make serving your interests his only concern. Your lawyer should also ensure that you receive translations of all documents connected with the purchase. DON’T CONSIDER COMPLETING THE PURCHASE WITHOUT A LAWYER.Again, ask around!! be sure his fee is reasonable...

Choosing a real estate agent in Torremolinos

More and more people are buying a home in Spain, whether as a retirement home, holiday home or investment. With prices falling daily as people panic over the credit crunch and the weakness of sterling against the euro, now can be a good time to buy, but hey, - be careful out there! This is the Costa del Sol in Spain!How to pick the right real estate agent! ...

Where to buy in Torremolinos

If you decide to go to Torremolinos it is wise to know the town before you are going to buy something. most neighbourhoods have ther own caracter. The old town near town hall is for example way different then Playa Mar or carihuela. El Pinar is quiet with Villas, the center is busy with bars and terraces. Torremolinos is pretty big. don´t go crazy scrolling...

Spanish real estate jargon

spanish real estate jargon gives you some help with spanish words. Try to learn some before buying your house or appartment at the costal del Sol, Torremolinos. You will find out that even foreign real estate agents are used to use some spanish words during the process of buying. good luck studying.Abogado – lawyer or solicitorApostilla – an official stamp on...

More legal information

The next article gives you more legal information you need, before buying a second hand house or a new development in Torremolinos or Spain in general. This is crucial information before buying real estate in Spain.Below are some of the things you need to consider when buying a property in Spain:Prior to viewing houses in Torremolinos.Prior to arriving in Spain,...

Where to start. About your N.I.E.

The first step when you decided to buy a house or move to Spain for a period longer than 3 months would be arranging a NIE identification number.•An NIE code is essential when buying property, opening a bank account, starting a business, use short-term employment agencies or receive social security benefits •The NIE number is both a Social Security number, and...

Buying a house in the Financial crisis. Smart or Stupid??

Currently we are in one of the biggest financial crisis ever. Spain is doing even worse then most EU- members. Is it wise to buy a house now?First of all we can tell you it is not easy to get a mortgage in this time. Specially spanish banks are very difficult. Most banks will say no on forehand. One of the most flexibel banks is IBER CAJA. They still give 80%...

Why buy a house in Torremolinos??

Why should you buy a second home or even maybe your first home in Torremolinos? On the Costa del Sol are more posibillities. For example Benalmadena, Fuengirola or Marbella....The towns mentioned above are all big tourists resorts in Spain, Costa del Sol. Same climate, beaches and shops for everybody.What makes Torremolinos different:1) Closest resort to an...

Real Estate Torremolinos

This blog is for every body who is interested in buying a house in Torremolinos, Costa del Sol, Spain.We will give you information about the local market, tips, ideas and other useful suggestions.Ideas from reader´s point of view are very welcome of course. We are not a real estate agent or an inmobilliaria in Torremolinos and we dont sell anything. More to follow s...