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From A-Z : Tropicana Properties guide to buying a property in SpainA ABOGADO: Lawyer ACTA: A document prepared by a notary to enter a property into the land register AFECCIONES REGISTRALES: Noted encumbrances on the property in the land register AGRUPACIÓN: Combining parcels (plots) of land (either rustic or urban) ALTA CATASTRAL: Official value of property (calculated by the town hall and always lower than the true value) B BOLETÍN DE ENGANCHE: Certificate for the installation of electrical facilities, a precondition for getting access to electrical power from the electric company or for water from the water company C CANCELACIÓN: Cancellation CERTIFICACIÓN: Certification CERTIFICADO DE BANCARIO DE DIVISAS: Certificate from the bank that the price of purchase was paid CERTIFICADO FINAL DE OBRA: Certificate from the Architect that the construction is complete COMMUNIDAD DE PROPIETARIOS: Community of owners in an urbanisation COMPRAVENTA: The pre-purchase contract; and basis of agreement between vendor and buyer before sale is presented before the public notary COPIA SIMPLE: Stamped notarised copy of title of deed (escritura) COPROPIETARIOS: Co-owners CORTIJO: Small rural property CORREDOR: Broker – not to be confused with un-official and non-registered property agents (or runners) often found in village communities CUOTA: Membership fee; normally the community fee payable calculated by the number of co-owners in the same community D DECLARACIÓN DE OBRA NUEVA: The declaration of the construction of new buildings. Needs to be declared by the notary DERECHO DE SUPERFICIE: Land rights DIVISION: A claim to disband a joint owner community, and/or to separate part of a larger plot of land or building E EMBARGO: Seizure or embargo of land or property ESCRITURA: The certificate of purchase document issued by the notary F FIANZA: Security payment or deposit FINCA: Rural farm land with or without a built property on it H HACIENDA PÚBLICA: Federal Income tax office, or Treasury HIPOTECA: Mortgage I IMPUESTO SOBRE BIENES IMMUEBLES (IBI): Common ground tax, local authority annual contribution IMPUESTO DE ACTOS JURIDICOS DOCUMENTADOS: Stamp duty; approximately 0.5% of the purchase price IMPUESTO DE TRANSMISIONES PATRIMONIALES: Purchase tax on real estate, 7% of the sum stated in the escritura. The amount is reduced to 3.5% for those purchasing the first main property, under 35 years of age and resident Spanish. IMPUESTO SOBRE CONSTRUCIONES, INSTALACIONES Y OBRAS: Local tax for registration of new constructions, usually 1% of the sum mentioned in escritura IMPUESTO SOBRE EL PATRMONIO: Property tax, usually 7% of the sum mentioned in the escritura IMPUESTO SOBRE SUCESIONES Y DONACIONES: Death duty and inheritance tax IMPUESTOS MUNICIPALES: Local or municipal tax IMPUESTO SOBRE EL VALOR AÑADIDO: Value added tax, 16% for store room, commercial unit or garage, 7% for property and also for a garage or storeroom if purchased at the same time as the property L LEY DE SUELO: Ground law LICENCIA DE OBRAS: Licence for building permission obtained from local authority or town hall N NÚMERO PERSONAL DE INDENTIFICACION DE EXTRANJERO (NIE): Spanish identification number for non-residents NUMERO INDENTIFICACION FISCAL (NIF): Tax identification number for residents NOTA SIMPLE INFORMATIVA: An extract of the property estate deeds giving details of ownership, debts, property size, location, etc. obtained from the local land registry office O OBLIGACIÓN PERSONAL: Unlimited tax obligation for residents OBLIGACIÓN REAL: Limited tax obligation for non-residents OCUPACIÓN MAXIMA: Maximum permitted roof area of the property P PARCELA: Plot of land PERMISO DE OBRA MENOR: Permission for small construction works obtained from local authority or town hall PERMISO DE OBRA NUEVA: Permission for property extension or new construction works obtained from local authority or town hall PLUSVALIA: Growth of value tax PODER GENERAL: A general and specific power of attorney notarised before the office of Public Notary between you and your legal representative in Spain that allows them to act on your behalf legally during the transaction PROPIEDAD: Property or possession PROPIETARIO: Owner of property or possession R REGISTRO DE LA PROPIEDAD: Land registry office S SOCIEDAD ANÓNIMA (SA): Public limited company SOCIEDAD LIMITADA (SL): Limited liability company SEGREGACIÓN: Separation of a part of the property or building SEPARACIÓN A LINDEROS: Minimum distance between neighbouring properties SUELO RÚSTICO: Country or farm land SUELO NO URBANIZABLE: Land protected from building construction SUELO URBANIZABLE: Unprotected land for building construction - parameters determined by local authority SUELO URBANO: Urban land - parameters determined by local authority T TASA: Rates TRASPASO: Payment for the transfer of a rental or lease contract, usually payable for an established business premises U UTM: Number of a registered plot URBANIZACIÓN PRIVADA: Private community or development V VALOR CATASTRAL: Official value of the property (calculated and used by the local authority town hall to generate the rate of ground tax due) VALOR COMPROBADO POR LA ADMINISTRACIÓN: Assumed value of property as the baseline for the property tax VALOR REAL: Real or actual value | |||||||||||||||||||||||||||
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