This information by leading Spanish Mortgage broker, International Mortgage Solutions.

Many UK and Northern European citizens are finding the idea of buying abroad more attractive and achievable. Because these properties offer a good level of capital growth, lower airfares and low European interest rates have made buying in countries like Spain more attractive. Spain offers short air time, excellent sunshine and plenty of growth. Buying in Spain may have gotten some bad press, but it can be safe if you follow some basic rules. Here is your basic buyers guide for purchasing real estate in Spain:

• Arrange your finances first.
• Take expert legal advice before you sign on any dotted lines.
• Avoid overstretching yourself financially.
• Be prepared for time deadlines to be stretched.
• Do not commit yourself to a private purchase contract until you have the funding that you need.
• Be prepared for the Spanish purchase process, which is different in Spain than in the UK and elsewhere.
• Fully understand the way taxes are accrued based on the specific ownership structure that you choose.
• Do not allow anything to convince you to take action that you would not consider doing otherwise.
• Work with a lawyer independent of the sales agent that you are working with. You need an unbiased party to help make sure that your best interest is being considered at all times.

Before you make any purchases, it would be wise for you to approach the situation with a list of questions that your lawyer in Spain should have answered for you. There have been a lot of situations where buyers from abroad do not get the results they seek because they asked the wrong questions or did not ask questions at all before hand. Before you sign on any dotted line, then, you should consider the following questions and any others that you need answers for

1. Is the entire sum of this Spanish purchase legally registered?
2. Is the land that the purchase sits on registered as urbanized or rustic? What are the implications of purchasing on land that turns out to be rustic?
3. What costs will have to be accounted for, including standard legal costs and tax costs?
4. Are there any licenses in place, such as building licenses or first licenses of occupancy?
5. Is there a 10year building warranty in place, if the building is less than ten years old?
6. Is this purchase being bought direct or as part of a cessation of contract? What are the implications based on the structure of the purchase?
7. Will there be any under declaration in this purchase?
8. Are there any additional costs that you will be responsible for, like capital gains, inheritance, wealth taxes or income taxes?
9. Do any deposits need to be paid? At what point in the process are they considered nonrefundable?
10. What lawyer costs and other legal fees will need to be paid?