Buying a Property in Spain - Glossary of Terms

Here you have a selection of spanish terms which will be useful if you want to buy a country, rural, inland property in Andalucia, Spain. Learning the basic concepts you will feel more confident as you go through the procedure of buying your property in Andalucia, Spain.

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A

Abogado
Lawyer, Solicitor, Attorney

Administrador
Administrator, Manager, especially of the affairs of a community of Property Owners

Acta
Minutes of Meeting

Agente de la Propiedad Inmobiliaria (API)
Property agent

Al Contado
Cash

Albacea
Executor of Will

Alquiler
Rent

Amortización
Depreciation. Redemption.

Arras
Down payment, deposit

Arbitrio sobre el incremento
A sort of Capital Gains Tax on increase in land value, also called Plus Valía

Asegurar
To insure

Asesor Fiscal
Financial Adviser, Tax Consultant, Accountant

Autorización de residencia
Residence Permit

Aval
Guarantee requested by the bank to approve a mortgage application

Ayuntamiento
Town Hall

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C

Caja de Ahorros
Savings Bank (usually offer good mortgage deals)

Cargas
Charges. Burden

Certificado de cambio de divisas
Certificate of Exchange of fereign currency into Spanish Pesetas

Certificado de empadronamiento
Certificate showing a person resides or owns property in a given municipality

Certificado penal
Certificate showing any prison record or legal judgement against a person

Certificado registral
Certificate informing about debts of a specific property

Cobrar
To cash a cheque, to collect a payment

Comprador
Purchaser/Buyer

Compensación extranjera
Percentage deduction applied to Spanish Income Tax due in order to compensate for tax paid abroad

Comunidad de Propietarios
Owners association in an apartment building or complex of attached houses

Contrato de compraventa
Contract of Sale and Purchase

Contribución dineraria extranjera
Foreign money contribution, necessary to start a business in Spain for non-EC persons

Contribución Urbana
Former name (still used colloquially) of municipal real estate tax Now IBI

Cuenta corriente
Cheque account in bank

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D

Declaración de impuesto
Tax Return

Declaración de obra nueva
Declaration and Registry of new Construction

Declaración de renta
Income Tax Return

Demanda
lawsuit

Documento privado
Private document

Documento público
Public document

Documento unificado
Combined Work and Residence Permit

Domiciliación de pagos
Standing Order to Bank for payment of electric, water, tax bills, etc

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E

Escritura de compraventa
Notarized Contract of Sale and Purchase

Escritura pública
Notarized and Registered Deed of Title to Property

Estatutos
By-laws, Statutes, especially of owners association of condominium apartment buildings

Euribor
Euro Interbank offered rate

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G

Gastos
Expenses

Gestoría
Firm specialised in obtaining official authorisations, permits, licenses, etc.

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H

Hacienda
Treasury, Finance Ministry, Tax Ministry

Hipoteca
Mortgage

Honorarios
Fees

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I

Impuesto sobre Actividades Económicas (IAE)
This tax replaces the former fiscal licence for professionals and business operators

Impuesto sobre Bienes Inmuebles (IBI)
Replaces the former contribución urbana as the annual municipal Real estate tax

Impuesto sobre el incremento del valor de los terrenos
Tax on increase of land value

Impuesto de transmisiones patrimoniales
Real Estate Transfer Tax

Impuesto extraordinario sobre el patrimonio
Capital Assets Tax/Wealth Tax

Impuesto municipal sobre la renta de las personas físicas
Income tax

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L

Ley de arrendamientos urbanos
urban Letting Law covering rental of apartments, houses

Ley de la propiedad horizontal
Real Estate Law setting forth the legal framework for condominium buildings, and rights and obligations of individual owners

Libre de Cargas
Free of debts

Licencia de apertura
Licence to open a business

Licencia fiscal
Former annual business licence, replaced in 1992 by IAE

Licencia de Obra
Building permission

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M

Memoria
List of all materials and specifications for a construction job.

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N

Notario
Notary

Nota Simple
Certificate from Property Registry

Número de identificación de extranjeros (NIE)
Foreigner's Tax Identification Number

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P

Pago en efectivo
Cash payment

Parcela
Building Plot

Patrimonio
Patrimony/Capital Assets

Plan Parcial
Plan of building plots in a housing development

Plusvalía Municipal
Capital gains tax on the sale of property

Poder
Proxy, Power of Attorney

Préstamo con techo
Loan with variable interests with fixed minimum and maximum

Préstamo Hipotecario
Mortgage loan

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R

Registro de la Propiedad
Property Registry

Representante fiscal
Offical tax representative of foreigner

Residente
Resident, Holder of an Official Residence Permit

Retención
Withholding Tax retained from salaries, earnings on rentals, bank accounts etc.

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S

Seguro de amortización de préstamos
Loan repayment insurance

Seguro Multirriesgo Hogar
House insurance

Señal
Deposit, down payment

Solicitud
Petition, Request, Application

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T

Tasación
Independent valuation of property

Tarjeta Comunitaria
EC Registration Card

Temporada
Season, Short Period of Time

Testamento
Will/Testament

Tipo de interés
Rate of interest

Todos los gastos
All charges, often stipulated in Home Purchase Contract to buyer

Traspaso
Transfer/Lease of Property

Trimestre
Quarter

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U

Urbanización
Housing Estate

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V

Valor Catastral
Official Valuation of Real Estate for Tax Purposes

Visado de residencia
Visa required for living in Spain more than period allowed regular tourists

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