What is an Escritura?

This is the Title Deed to property and includes information such as who owns the property, property details and exact address. This is always signed in the presence of a Notario.

What is a Notario?

This is a public official who will officially confirm that the details are correct and the contract of sale is understood by both parties and deemed to be fair. The Notary is impartial and offers no advice on points of law.

What is the Nota Simple?

This is an official document lodged with the Land Registry which outlines basic details of the property and whether there are any loans outstanding on the property.

What is an NIE number?

This is a fiscal number for all foreigners and is required before any financial transactions take place, and identifies you with the Spanish tax authorities.

What taxes are there to pay?

The main tax is the Spanish Transfer Tax and in Ibiza it is 7% on re-sale properties. However there are additional costs to be included such as the Notary, solicitor, Land Registry so we always suggest you budget for an additional 10% on the sale price although it is lower than that in most cases.

What if I cannot return to Ibiza to sign at the Notary?

A Power Of Attorney to be given to your solicitor in your absence.

How long does the process of a purchase take from start to finish?

This obviously depends but we normally work on a 5 week timeframe to ensure that everyone is fully aware of the conditions of the sale and of course to allow sufficient time to book time of work to return to Ibiza for the official signing. Should you wish to reduce or extend the timeframe we can negotiate and agree terms with the vendor.

Do you need permission to buy property in Ibiza?

Generally no permission is needed to buy a property in Ibiza

How complicated is the legal process?

The legal system is a lot quicker and simpler than the system in the UK. Solicitors will carry out the necessary checks on your behalf as well as calculate all relevant taxes and payment dates for you. As a very general rule you can allow 10% in additional charges to your house purchase. Phoenix Property S.L. will refer you to experienced English speaking lawyers who can help in every aspect of the process. As a general rule you can go from reservation deposit to Notary signing in 5 weeks.

How can I ensure the property I am buying is legal and has no financial outstanding debts?

The solicitor will check the Title of the property to ensure the person selling has a right to sell. They will check if there are any financial encumbrances outstanding like loans or mortgages or and default finances. They will check all licences are in order for any additional work carried out and that all taxes and bills are up to date.

What happens once I have signed at the Notario?

Once the property has been registered in your name and you have the Title Deeds, they are taken to the Property Registry for formal inclusion.

Whose names should I include on the Title Deeds?

It is important to consider which names are to be included on the Title Deeds, whether it is in both names, or a sole name, or indeed in the names of children over the age of 18. Phoenix Property S.L. can help you through the benefits of each option to ensure maximum tax efficiency.

What are my options in financing my property in Ibiza?

Many people raise finance through increasing their existing mortgage on their UK property to utilise the gains made in recent years. However, there are other options open to anyone wishing to finance their second home in Ibiza and Phoenix Property S.L. can help in this area by making introductions to major finance lenders in Ibiza.

Is there anything else I should do prior to the purchase?

Yes, prior to signing you will have to transfer sufficient funds to Ibiza to ensure that the cost of the purchase is covered and including any taxes and legal fees. Phoenix Property S.L. can also put you in touch with wholesale money transfer companies who guarantee to get a better exchange rate than your bank for these large transfers. This means you get more euros for your pound sterling and the saving can be used for other areas such as furniture or swimming pools. We can introduce you to local banks should you require to receive your transfers from the UK.