Legal Stuff, Closings & Inheritance
In order to be a Notary here, you must be a lawyer.
Lawyers/Notaries handle closings in their office or another office (i.e., the real estate brokerage or a bank office if a Mortgage is involved) and can charge up to 1% of “the value of the doc” (i.e., sales price and/or mortgage amount) . . . plus there is about .7% in government fees. Buyers often pay legal costs but these are always negotiable, however if no written agreement to the contrary, the assignment of these fees is approximately 70% to the Seller and 30% to the Buyer.
We have 2-3 lawyers that we use regularly, and recommend depending on the “deal” . . . complexity, etc
Inheritance laws here are important to know . . .and are being updated now at the end of 2020….we will post as soon as info is clear!
We are governed by Spanish Civil Law . . .
In a nutshell: children inherit . . . and if you are married, whatever you buy, your spouse owns 1/2. If a parent dies, the children inherit the deceased portion of any property owned. A Will allows you to bequeth 1/3 of any portion of your belongings to a spouse to establish “control” or it can be granted to a particular child or another party as set forth in the Will . . . It is best to consult with a lawyer for any concerns with this. Corporations can be formed affording some protection.
After a death, we highly recommend dealing with an estate ASAP as it can take a year to get the estate probated.
Lastly, most of the people here on island are very good hearted and very honest . . . but “weigh” what you are told and re-check information with professionals . . . what you hear in the local watering hole is most likely different than what you will hear from a licensed Broker.
Good Luck……….and WELCOME to our island Paradise.
Contact us for assistance and to set up an appointment. We suggest familiarity with the island before looking to buy. . .
RECOMMENDED READING (should be required) before considering buying property on any small island . . . DON’T STOP THE CARNIVAL by Herman Wouk.