GLOSSARY OF SPANISH WORDS & TERMINOLOGY

 

ABOGADO 

The name given to a Spanish Lawyer

COMPRADOR                                  

The Purchaser

COMMINIDAD   

The community of property owners, who share the community charges for the development

CONTRACTO DE VENTA                

The contract of Sale

CONTRIBUTION URBANO            

The local rates levied by the local Town Hall annually

COPIA SIMPLE   

The photocopy of the Escritura officially stamped at the Notary’s office to show the original has been signed

ESCRIBANO        

Commissioner for Oaths.  All legal documents are signed in front of a Notary

ESCRITURA        

The Title Deed

FINCA   

This term applies to a country property, but legally it is used for any property

GESTOR              

The name given to a personal administrator.  Their main function is to deal with personal paperwork, such as arranging resident’s permits, work permits, identity numbers, registration of vehicles etc.

HACIENDA          

Spanish Tax authority

HIPOTECA          

Mortgage

IMPUESTOS       

Taxes

I.V.A.    

Spanish VAT @ 7% on housing and food.  This is payable on the value of the property declared in the Title Deed.  The normal rate is 16% on most items & 0% on books, water & medicine.

N.I.E.    

Numero de Identification Extranjero – foreigner’s I.D. number.  A legal requirement for all foreign property owners.

NOTA SIMPLE    

Certificate from Land Registry showing the property has been properly registered & is free from any charges

PATRIMONIO    

This is an annual wealth tax paid by foreign property owners.  It is 0.2% of the notional value of your property.  It is normally only a small amount.

PODER 

Power of Attorney.  The legal document that gives powers to a third party to act on your behalf.  Convenient if you are unable to return to Spain to sign the Deeds of Transfer

PLUS VALIA        

A local tax levied when purchasing a property

TESTAMENTO    

A will.  It is not obligatory but advisable for all new property owners make a Spanish will, which will only cover the property in Spain.

VENDEDOR        

The seller – vendor

 

Don’t worry as we are always with you throughout the buying process.