Spot. This is how increasingly buying homes in Spain. You need only take a look at the statistics to prove that the payment on the nail is gaining popularity over the months. During the first half of this year have made 115.895 home mortgages for a total of 171.008 sales transactions, according to INE data. Namely, that in just six months with no mortgage have been bought over 55.100 housing, against the 44.641 all year 2012.

There are several reasons that have triggered this practice. To begin with, the credit crunch has led the crisis mortgage lending to record lows. The banks have tightened access to financing possibilities leaving buyers with no savings. But, also, those who do have cash are not willing to assume the growing rise of mortgages. To make matters worse, since 1 January 2013 can no longer deduct from income tax for the purchase of a home, what also less attractive to funding. The decrease of 30% average of the prices of the apartments and the cost savings, as the appraisal, or in interest and fees generated by a loan also helped dispense mortgages.

¿Cómo se compra una vivienda al contado?

But, How do you buy a home for cash? Despite having the money on the table, must be performed at least ten steps.

1. Aunque es opcional, nunca está demás being advised by a professional, as a lawyer or a manager, for the whole process of buying the property correctly and not leave any loose ends that could lead to future problems.

2. Solicitar al vendedor una copy of the notarial que le acredite como propietario del inmueble. The person named as the owner is the only one who can sell the flat.

3. En el Registro de la propiedad hay que pedir una nota simple informativa para comprobar que el inmueble está libre de cargas económicas pendientes, as a mortgage, fiscal conditions or liens. If the house appears as mortgaged, the seller must pay the outstanding mortgage, a process that can be done before a notary in the act of sale.

4. Verificar que la casa está al corriente de los pagos de la contribución urbana o IBI (Property Tax). You can apply the last bill the seller or ask at the town hall of the municipality where the home is located.

5. Acudir al presidente de la community o al administrador de fincas para confirmar que la vivienda está al día en el pago de las cuotas o si se prevé alguna derrama o gasto extra aprobado por la comunidad de vecinos.

6. Realizar el contract deposits, that is just the delivery of a signal in order to reserve housing. That amount will be deducted after the final price to be paid at the time of the deed. The owners and buyers sign, and ideally in this paper are collected in detail the agreement between the parties, as the deadline for formalizing the transaction before a notary (in normal circumstances be the Land of the three months), the agreed amount and form of payment.

¿Cuáles son las formas de pago más seguras?

But, What are the safest payment methods? By a certified check, and the bank certifies that no funds in the account of the person who issued, sealing or signing it as proof of assurance that the document will have sufficient funds when the beneficiary to submit it for payment. Or through a transfer via Bank of Spain, whose fundamental difference is that classical transfers are paid on the same date, accounting and courage with which emit. They are almost instant.

7. Después de la reserva, el siguiente paso es sign the sale contract, which is binding and valid for parties, but then you have to raise it to a public. It will show all the data of the seller and buyer (name, surnames, age, DAYS) and housing is clearly described (plan, quality report, useful area and built, cadastral reference).

8. El acto formal de la compraventa se realiza mediante un contrato firmado ante Notario que se denomina deed. Después de liquidar los correspondientes gastos e impuestos, this scripture is taken to the Land Registry. The original deed of sale will be for the buyer.

9. Todos los gastos de compraventa corren a cargo del comprador, except for capital gains tax. These are the VAT in the case of a new home (Now the 10%) o el Transfer Tax (ITP) if the home is second hand (between 7-8% depending on the autonomous). Also on Stamp Duty Tax (IAJD), paid if you sign a notarized document. The seller must pay the tax or capital gains tax on the increase in Value of Urban Land (IIVTNU).

10. Enlisting basic supplies como la luz, water, gas and telephone.

Source: Five Days