Engaging legal counsel with expertise in Spanish property law and fractional ownership models is paramount to ensuring the transaction is legally sound, transparent, and in the buyers’ best interests. Oceans 11 Platinum can reccommend a lawyer for you.

Lawyer’s Responsibilities

The lawyer’s role is to protect the buyer’s interests and ensure a smooth purchase process from start to finish:

✅ Due Diligence

• Conduct a thorough investigation of the property’s legal and financial status.
• Identify any debts, liens, encumbrances, zoning issues, or other hidden liabilities.

✅ Contract Review and Negotiation

• Draft and review preliminary and final purchase contracts.
• Ensure all contractual terms accurately reflect the agreement.
• Negotiate clauses to protect fractional buyers’ rights and obligations.

✅ Compliance with Spanish Law

• Confirm that every stage of the transaction complies with relevant Spanish legislation and regulations.

✅ Representation at the Notary

• Attend the signing of the title deed on behalf of fractional owners.
• Oversee the notarial process to confirm the transaction is legally valid.

✅ Registration of Property

• Register the property purchase with the Spanish Land Registry to secure legal title.

✅ Payment Management

• Manage deposits and the transfer of the final purchase price.
• Ensure all payments are handled securely and transparently.

✅ Tax Advice

• Advise on all applicable taxes and fees, including:
  • ITP (Property Transfer Tax)
  • IVA/VAT (where applicable)
  • Plusvalía (capital gains tax levied by the local council)

Fractional Ownership Governance Support

In addition to the purchase, the lawyer can help establish clear governance structures:

• Property Renovation and Furnishing:
  • Outline costs and legal considerations for preparing the property for shared use.
• Operational Costs:
  • Define how ongoing expenses (management fees, insurance, utilities, taxes, maintenance) will be shared among owners.
• Usage Rights:
  • Draft clear rules on allocation of usage time and equitable access to peak seasons.
• Usage Calendar:
  • Develop a fixed or rotating schedule to balance fairness and flexibility for all fractional owners.

Additional Services Available to Each Fractional Owner

• NIE Application:
  • Assistance obtaining the Número de Identificación de Extranjero (NIE), which is mandatory for property ownership in Spain.
• Power of Attorney:
  • Draft and register a Power of Attorney to allow representation during the transaction or for ongoing management.

In Essence

The lawyer acts as a safeguard for fractional property buyers—ensuring they are fully informed, protected, and confident that the purchase and ownership arrangements comply with Spanish law and best practices.