Buying property in the Canaries could be the dream of a lifetime, but it can also turn into a nightmare if you overlook certain legal aspects. Here we present 5 common mistakes you should avoid to ensure a safe and successful purchase.
Not Verifying Property Legality
Make sure the property you’re buying is fully legal. Failing to do so could lead to legal issues that could have been easily avoided with a simple check.
Ignoring Local Taxes
The Canaries have a specific tax regime. Not knowing the taxes you’ll need to pay as an owner could result in fines and penalties. The most common taxes are the Property Transfer Tax (ITP) and the Property Tax (IBI). It’s crucial to understand these taxes and how they apply to your case to avoid unpleasant surprises.
Note on Local Laws
It’s important to note that although tax laws are consistent across all the Canary Islands, land regulations can vary between different municipalities and even between islands. This can affect aspects like zoning and permitted land use.
Signing Contracts Without Reading Them
Contracts are binding. Signing without fully understanding the terms could result in unwanted obligations.
Unawareness of Local Laws
Although tax and property laws are consistent across all the Canary Islands, land regulations can vary between different municipalities. Not knowing these variations could result in legal non-compliance.
Not Hiring a Specialized Lawyer
A lawyer will give you the legal confidence you need to navigate the complex world of property law in the Canaries.
Advantages of Hiring a Specialized Lawyer
Here are 5 significant advantages of hiring a specialized lawyer:
- Expert advice on local laws and regulations.
- Complete verification of property legality.
- Contract negotiation in your favor.
- Tax advice to optimize your investment.
- Efficient resolution of any legal disputes that may arise.
For More Details
For more details on how to avoid these mistakes, check out “Laws and Investment Opportunities in the Canaries”.
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