Showing posts with label Spanish Real Estate Glossary. Show all posts
Showing posts with label Spanish Real Estate Glossary. Show all posts

Tuesday, December 15, 2009

Spanish Real Estate Terms For Out of Town

We've previously tackled a few terms you need to jot down in your diary/iPhone with regards to looking for a property within the city of Barcelona, but what about if you're sick of city life and are moving to the Mediterranean coast for something a little different. With such a lush countryside, inland Catalonia has much to offer, and those people who are used to commuting 45 minutes to an hour to get to work may find the benefits of living out of the hustle and bustle of the city outweigh the proximity to work, for example.

Any property which is not attached to another, and is spread over more than one floor is generally labelled a "casa" or as we all know it a house. Houses are usually detached and it's rare to find a semi-detached house as you would find in the UK, for example. Semi-detached properties are often on more than one floor, and include a subterranean garage and often a rooftop terrace, too.

A Typical spanish Masia - Barcelona Real Estate Blog

The literal translation of "Torre" is Tower, although this can refer to any property within a plot of land and does not necessarily refer to the height of the property. A "casa" within it's own plot of land can equally be referred to as a "Torre" with maybe a slight inkling towards rural properties in this sense of the word.

Elaborating on the idea of plots of land, this would be known as either a "Terreno" or a "Parcela". The main difference between these two barren pieces of land ready for construction is that a "parcela" refers to a plot of land within an urbanisation which has been divided into separate individual plots, each representing an order. Some of these urbanisation's may be without proper roads and road markings or street lamps, but can be a real steal if bought as an investment. On the other hand, a "terreno" suggests a much more ample terrain, which has many possibilities for construction, although planning permission is likely required before any work can commence.

A "Masia" is one surely reserved for those with a big wallet, and refers to an old farmhouse or vineyard with a construction fit for living. Masias usually come with a hectare or two to manage and are few and far between, being very desired properties in the immediate Barcelona region. Areas such as the Penedes - famous for it's cava production - are very sought after areas for those looking to purchase a Masia.

Mention a "Chalé" or "chalet" and you'd be forgiven for thinking of springs Alpine mountains and Wooden Swiss huts, but in Spain you'll be talking about a small house with a small division between the adjoining dwelling and of similar dimensions to a studio apartment. Chalets are often in seaside towns, and many Spanish residents have chalets as holiday homes.

For an outstanding valuation on Luxury Barcelona Real Estate property, don't doubt in contacting Modus Vivendi, who have an outstanding selection of properties for sale in Barcelona as well as an ample portfolio of long term rentals in Barcelona, too.

Wednesday, November 18, 2009

Spanish Real Estate Glossary - The Legal Stuff

OK, so you've found your dream home, and are ready to take the leap and commit yourself to a new home in the sun - either that, or a hefty mortgage for the next 30 years! After mulling over the various ways a property can be described, it's time for the formal part of the dealings to commence, so here's where you might need another few tips on widening your vocabulary.

Judge's Gavel - Barcelona Real Estate Blog

Any property up for sale must be "libre de cargas" which literally means "free of charges" but can imply an unencumbered property or that which has no outstanding debts from the seller. A notary will always draw attention to this point, having checked over the deeds to previous sales of a property or the deeds of a new dwelling.

Often, a rental or indeed a purchase of a property will require an "aval bancario" which can mean two different things.In the case of a rental property, this means that the renter can deposit a said amount (which is usually one month's rent, but can be more) into a bank account which cannot be touched for the duration of the rental period. This acts as a safeguard to any landlord who may have invested a fair amount of money on a new property to ensure deadlines are met, but can equally be used by any owner as a legal practice.

In a property sale, the term means something altogether different. An aval in a sale means that a person or persons, literally "vouches" for you in that you will make any repayments on a mortgage and has to offer either a cash sum , or another fully unencumbered property or part of said property as a guarantee in case payments are missed. This typically happens with first time buyers, and is standard practice if a first time buyer (or often second, or third) has little or no down payment towards their desired property purchase.

As mentioned, a "deposito" refers tom a down-payment that a potential buyer has to offer in exchange for a home loan/mortgage on a property.

When you hear the word "arras" this refers to an amount of money which is given to an owner of a property from an individual or group who has the intention of buying a property as an initial commitment for the sale. This is typically a percentage of the total price of the property and is used as a measure of trust, severity and commitment towards the sale of a property. Once "arras" are given, a property is taken off the market and each party establishes a given time to which the sale must materialise - to the contrary, the seller is legally entitles to retain the amount given in arras. This is a serious part of any sale and must not be taken lightly. Both parties sign a "contrato de arras" which is a legally binding document.

House Keyring - Barcelona Real Estate Blog

The "fecha de firma" of the "date of the signing" is the date programmed for the signing over of the deeds as a legal procedure and is when the potential buyer becomes the new owner. This date is usually set in the "contrato de arras" (see above) and cannot be exceeded without penalty. If both parties agree, this date can be extended without penalty.


Finally, on the day you will receive the keys to your new home, you will stand before a notary or "Notario" who will (very quickly) review the past deeds to a property (known as the "escrituras", share details of the general "compra-venta" (sale of a property) and then detail separately, the conditions of any home loan/mortgage which is to be initiated by an accompanying financial entity. This process can take place either in the notary's offices or the offices of the bank/building society ("caja") depending on each preference/proximity. After a week or two, and after application of the deeds within the property registry "registro de propiedad" is complete, the buyer and seller can collect a "copia simple" (draft copy) of the deeds which are often necessary to begin life in a new property such as signing up for utility bills, etc., accrediting change of address, etc.

It is very important to have documentation on the day of a signing over of deeds, and often is better to have local documentation if possible. For example, in Spain a national identification document (DNI, or NIE for foreigners) is proof of identification. Be aware that although a Passport is also a widely accepted form of identification, the document does not necessarily retain the same serial number upon renewal, which may present problems of identification within documents later in life. NIE or DNI is always the same for a person for the duration of their life under Spanish law, meaning this is easily the preferred option, if at all possible.


If you don't fancy your chances against such possible complications, and would rather a proessional take care of things fro you, then contact Luxury Barcelona Real Estate Agency, Modus Vivendi, who have an outstanding selection of the best properties for sale in Barcelona as well as an ample portfolio of long term rentals in Barcelona. Their professional service will ensure you are always in the know about the process of buying or selling, and will not have the wool pulled over your eyes.

Monday, November 9, 2009

Spanish Real Estate Terms You Need to Know

Moving to a new country and a new city is a great experience. Nerves and excitement often come in equal packages, and it's completely normal to worry about such things as housing - especially if it's up to you to find the place you're going to be staying in for the foreseeable future. The language barrier can often pose a problem when you start your search for a new home, and sometimes a Spanish-English dictionary will be of little use when embarking on the Real Estate world in Barcelona.

Coupled with the fact that the city is the capital of Catalonia - so therefore has two official languages; Catalan and Castillian Spanish - many Real Estate terms have nothing to do with the literal meaning of the word you might find in a dictionary. Here's a little list to help you decipher those all-important terms within the city centre itself.

For Sale Sign - Barcelona  Real Estate Blog

First up is a simple one. Moving into the metropolis that is Barcelona, it's likely you'll be staying in an apartment or a flat. This is translated into "Apartamento" or "Piso" - no major issues there. Apartments are found in blocks which can vary in size and age - old town properties can bare little resemblance to brand new properties, with installations and communal areas such as stairwells in need of repair. However, history is on your side, and an authentic apartment in an old town block oozes character and charm, whereas new blocks can be bare and empty. Apartments can vary in size and "Studios" are those on the smaller size, often with one bedroom, sometimes in open plan and rarely reaching above 35m2.

If you see a "Duplex" advertised, this refers to a property which has one entrance, but is distributed over two floors - more often than not by an internal staircase. Many upper floors in apartment blocks are constructed with higher ceilings than those floors which prop them up, meaning it's easy to add another level - be it for a bedroom, a living room or simply an "internal balcony". The difference between a two-storey property and a duplex is basically that it occupies the same floor space as an apartment, whereas a two storey property allows for the construction of the staircase.

Spanish "Lofts" are contrary to the English translation and are not a space directly below the roof of a house with sloping walls! Quite the opposite. Lending itself from 1950s New York a "loft" is a very open space with large windows, very few partitions and generally very little has been done to a somewhat industrial construction (such as a warehouse) to make it hospitable. Think old factories and warehouses converted into large, open dwellings, with ceiling to floor windows. The term is abused slightly in Barcelona to refer to any space which has few partitions - and on any level within a block, so that's something to be aware of.

"Local" refers to the space on the ground floor of a building which is typically destined for commerce - be it a shop, restaurant, bar or cafe. It's the street-level front to the building - most typically having one either side of the apartment block's main entrance. Locales are usually large, open spaces, but often have difficulty in obtaining a legal living permit, known as a "cedula de habitabilidad" - given the fact that they are destined towards retail or hospitality. If you fancy looking for one of these properties, ensure you ask for an up to date permit.

Finally, we come to "Bajos" which literally translates as Ground Floor, but can differ from a "Local" as there can be many bajos within an apartment block - some interior some exterior - whereas locales generally occupy either half or whole of the ground floor of an apartment block. Bajos are also usually accessed from the same main apartment building door, rather than an exclusive entrance, as locales are. Bajos tend to be a little darker in terms of natural sunlight given the proximity of buildings within the city centre, but can often make up for this deficit with fantastic terraces which stretch the same length and breadth of the living space itself.

If you're having trouble deciding on your favourite type of living space, or fancy checking out a few of each, then contact Luxury Barcelona Real Estate Agency, Modus Vivendi, who have an outstanding selection of the best properties for sale in Barcelona as well as an ample portfolio of long term rentals in Barcelona.