Glossary of Terms
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Abogado |
Lawyer |  |
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Escritura |
Title Deed |
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Escritura de compraventa |
The Purchase Contract |
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Escritura Publica |
The Official Registered Title Deed |
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Hacienda |
The Tax Office |
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ITP |
A type of VAT on resale property (7% on property/land with property or 12% on land only) |
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IVA |
VAT on new property (i.e. bought from a developer). Currently 7% |
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Nota Simple |
A copy of the property deeds available from the Property Registry that will show details of any mortgages. Your solicitor will use this to prepare his searches on the property. This is not the same as the actual deeds (Escritura), which will be needed for completion to take place. |
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Notary |
An official who will witness the signing of the contracts, and who will satisfy him/herself that the contracts are valid and that the people who are signing the contracts are who they say they are. |
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Plus Valía |
Local Capital Gains Tax |
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Poder |
Power of Attorney |
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