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We don’t just sell or rent your property, we help you get the most out of your property at every stage of your life.
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Frequently asked questions
The real estate agent
What is a real estate agent?
He is a professional with extensive training in the sector and a specialist in the area in which he works, who helps sellers and buyers to agree on the purchase and sale of a property and charges on a results basis.
What does it take to be a real estate agent?
Being a good person, empathetic, eager to help others, resilient, developing your personal brand, and possessing strong negotiation skills. In addition, having a good mentor and a supportive team is essential.
What do you need to study to become a real estate agent?
You need to complete specialized studies in Real Estate Agent. There are different options, for us one of the best is the one carried out, for 20 years, by the Professor of Economics of the UB, Analyst, Consultant and Real Estate Advisor, Mr. Gonzalo Bernardos https://www.masterinmobiliarioub.es/.
Throughout one’s professional life, it is also very important to take refresher courses and adapt to new market demands, as well as all regulatory changes.
What does a real estate agent do?
Negotiate objectively and professionally to guarantee maximum benefit to your seller and buyer clients, saving them problems during and after the transaction.
Buy a home
What can I, as a buyer, demand from the seller of a home?
In Catalonia, the Housing Law (Llei del Dret a l’Habitatge) regulates this, specifically in Article 65, “Documentation that must be provided to purchasers.” This applies to all cases: community regulations, certificate of occupancy, ITE (in specific cases), updated land registry extract, energy performance certificate (CEE), and documentation necessary for contracting utilities, etc. Additionally, for new construction: plans and specifications.
What taxes do I have to pay when I buy a home?
It depends on whether it’s a new build or a resale.
NEW BUILD: VAT and IAJD (Tax on Documented Legal Acts).
SECOND TRANSFER: ITP (Property Transfer Tax).
VAT is a state tax and has the same tax rate in all communities, while the other two depend on the community and change their tax rate.
Which is better, a fixed or variable interest rate?
It depends on the risks you are willing to take, the time period in which you want to amortize the loan, whether your income is constant or variable…
For example, a short-term mortgage is probably better at a variable rate, while a long-term mortgage is better at a fixed rate.
What should I do if I want to make renovations?
Be clear about what you want to do and seek advice from professionals; check that they have Civil Liability Insurance, that they are up to date with their tax and social obligations, are certified and have all the corresponding authorizations.
Get several quotes and don’t settle for the cheapest one; choose the one that offers the best guarantees. And if you opt for a complete renovation, contact a full-service company.
How long does it take to get a mortgage approved?
We typically estimate it at around a month and a half. Keep in mind that the aim of the new Mortgage Law is to achieve greater transparency from banks, which is why the process takes longer.
Your advisor will carry out the feasibility study immediately, but final approval may take up to two weeks. In addition, the buyer must visit the notary no more than 10 days in advance so that the notary can explain in detail what they are about to sign and they can sign a document called a “transparency agreement.”
What is FIPRE?
It is the Pre-Contractual Information Sheet, a standardized document that outlines the general conditions of the mortgage, a non-personalized mortgage “brochure” that is not binding.
What is FEIN?
The FEIN is the European Standardized Information Sheet, a personalized and binding document with all the financial information of the loan, specific conditions and other agreed terms.
What is FIAE?
The FIAE is the Standardized Warnings Sheet, a document attached to the FEIN that explains the most sensitive clauses of the loan offered.
What is a hidden vice?
These are defects that are not noticeable in a home at first glance, but are discovered once you live in it.
When will I receive the deed of sale once it has been signed?
When it is registered in the Property Registry. The management of tax payments at the Tax Office and the filing at the Property Registry is usually handled by a management agency.
What do I need to consider when buying a home?
Calculate your budget, savings, and consider any other loans you already have and your borrowing capacity. Banks typically allow a maximum loan amount of 40% of your income. Think about your priorities and what you’d like. A real estate agent will make the process easier and save you time.
Documentation
When does the term of an earnest money contract expire?
The deadline is agreed between the seller and the buyer.
What is the usual term of an earnest money contract?
It depends on each sale and the personal circumstances surrounding it.
The best thing to do is to put yourself in the hands of a real estate professional who will advise you on setting a time-frame with enough leeway for the required flexibility.
When can I make a deposit conditional on financing?
Always. Seeking greater protection for the buyer, in Catalonia, since 2018, it is mandatory to indicate a clause in which the buyer can withdraw if they do not obtain financing (art. 621-49 of the CCC).
Can I buy the bare ownership of a property with a life tenant?
The buyer acquires only the bare ownership and will gain full possession once the life tenant passes away
What is a Land Registry Extract?
It is a document issued by the Property Registry and provides information about the owner(s) of the property, description of the property, location, possible charges, encumbrances or restrictions on use that it may have.
What is the EPC of a home?
The acronym EPC stands for Energy Performance Certificate, it is a mandatory document for the sale or rental of a property.
It provides information on a home’s energy consumption and CO2 emissions, and also offers recommendations for reducing energy consumption.
Who carries out the Energy Performance Certificate (EPC) for a home?
An authorized technician such as an engineer, architect, or specialized technician.
What is the purpose of a home’s Energy Performance Certificate (EPC)?
To determine the comfort and energy consumption of a home, taking into account construction characteristics, installations and finishes, it is possible to ensure that the home remains at a constant and pleasant temperature.
Better sealing (enclosure): better comfort, lower energy consumption and greater efficiency.
How long is the Energy Performance Certificate (EPC) for a home valid?
It is valid for 10 years.
Can you be penalized for marketing, renting or selling without an energy certificate?
Yes, if a property owner wants to rent or sell their property and does not have a valid document, they could be fined between €300 and €6,000, as established in Law 8/2013 of June 26, where non-compliance entails minor, serious or very serious offenses.
What is the energy label in the EPC?
This is the first page of the Energy Performance Certificate (EPC) where the property’s rating is specified, using a letter scale from A to G, with G being the worst rating. It also provides information on the amount of CO2 emitted and the annual energy consumption.
What is a certificate of occupancy?
It is a document that guarantees compliance with the minimum requirements for a dwelling to be inhabited by people in terms of health, hygiene and solidity.
What is the purpose of a certificate of occupancy?
To determine that it meets the minimum requirements to be habitable and to establish the maximum number of people who can live in it.
How long is the occupancy certificate valid for?
Currently, it has a validity of 15 years.
Who issues a certificate of occupancy for a dwelling?
An authorized technician such as an engineer, architect, or specialized technician.
What does the occupancy certificate contain?
It states that it complies with the requirements of the habitability decree, the type of housing, location, usable area, rooms and spaces of the housing, maximum occupancy, validity period, law that regulates the document, the technician who has requested it and the registration and validation office.
What is ITE?
The Technical Inspection of Residential Buildings (ITE) consists of a report prepared by a qualified technician, based on a visual inspection of the building to determine its state of repair and safety. It also advises owners on potential improvements. It is not intended to detect hidden defects.
Once the technical report has been obtained, prepared using the ITE Report Generator, the building’s suitability certificate must be requested from the Administration.
Which buildings must undergo the ITE (Technical Building Inspection)?
All buildings older than 45 years.
What is a property lien?
It is a real right of a third party over some property; the most common encumbrances are mortgages, liens, resolutory conditions, rights of first refusal and redemption, or rights of use.
How can I tell if a property is free of encumbrances?
Requesting a simple property note from the relevant Property Registry.
How can I tell if a property is mortgaged or under lien?
Requesting a simple property note from the relevant Property Registry.
What is a tax condition?
It is a marginal note that the registrar records each time the property changes ownership; it is a payment notice.
The tax office reserves the right, for five years, to verify that the new owner has paid the taxes, such as the Property Transfer Tax (ITP) or the Inheritance and Gift Tax (ISD), and furthermore, whether they have paid the amount they deem “correct.” They may issue a parallel (additional) tax assessment, if necessary, during those five years. If the tax authorities issue a supplementary assessment, the responsibility falls on the individual who generated it.
What is an earnest money contract?
Private document where buyer and seller formalize a firm purchase-sale commitment through a series of agreements and conditions.
The price and the maximum timeframe for formalizing the sale (deed before a notary) are agreed upon. In this contract, the buyer gives the seller a sum of money, usually equal to 10% of the agreed value, as a down payment. If either party breaches the agreed terms, they must compensate the other.
How many types of earnest money contracts are there?
There are 3 types:
- Confirmatory: If one of the two parties backs out, they can demand compliance with the contract and/or compensation for damages.
- Penalty clauses: These guarantee the fulfillment of the contract. They are not expressly regulated in the Spanish Civil Code and are equivalent to obligations with a penalty clause. Unlike confirmatory and penitential earnest money, penal earnest money is not an advance payment of the purchase price nor does it grant the parties the right to withdraw from the main contract.
- Penalty clauses: Also called withdrawal clauses, either party may withdraw from the contract. If it is the buyer, they will lose the amount paid, and if it is the seller, they must pay double that amount.
A good real estate agent will be able to advise you on the best option for your situation when the time comes.
Renting a home
Who pays the property tax and garbage collection fee in a rental?
In most cases, the owner is responsible for the property tax (IBI), while the garbage collection fee is paid by the tenant on a pro-rata basis along with the monthly rent.
What is the HUT registration number?
The acronym stands for Habitatge d’Ús Turístic and is a number provided by the town hall, upon payment, in order to obtain the license for tourist use of the property.
Who pays the community fees in a rental?
In most cases, it is the owner who has to face the community fee.
