THE DELIVERY OF A PROPERTY THAT IS DIFFERENT TO THE ONE CONTRACTED IN AN OFF-PLAN PURCHASE.

Any off-plan purchaser can take legal action

BREACH OF CONTRACT red stamp textthat requires the vendor/promoter to cancel the off-plan purchase contract if the finished property does not significantly match what was described in the contract or promotional publicity, said legal action seeking the return of stage payments and fees, with interest.

Continue reading “THE DELIVERY OF A PROPERTY THAT IS DIFFERENT TO THE ONE CONTRACTED IN AN OFF-PLAN PURCHASE.”

INHERITANCE & GIFT TAX UPDATE

Planning Law legal conceptSpain’s autonomous communities have devolved powers to legislate in certain tax matters. In the case we are examining here, that of inheritance and gift tax, the Canaries enjoys certain tax benefits for children and spouses that are greater than in other autonomous communities, specifically:heirs belonging to groups I and II (spouse, parents and children) are granted a 99.9% discount of the tax payable on lifetime gifts (“inter vivos”) provided that the donation is formalized in a notarial deed.
Spouses, descendants and adopted children also enjoy a 95% reduction on the net value of elements of a business or professional activity developed by the donor, provided that a series of requirements are met. Continue reading “INHERITANCE & GIFT TAX UPDATE”

HIDDEN FAULTS OR DEFECTS IN PROPERTY PURCHASES

wall background with broken plaster seamless
Hidden problem after purchasing a property

This article considers the legal procedures which protect buyers when they purchase a property with serious faults which were concealed by the vendor when the property was transferred at notary. Continue reading “HIDDEN FAULTS OR DEFECTS IN PROPERTY PURCHASES”

BANNED AND ILLEGAL ACTIVITIES IN COMMUNITIES OF OWNERS

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Problems in neightborhood

What should we do in the case of a resident in a community of owners who is carrying out in a dwelling activities that are either disturbing other residents, banned in the Statutes, or are even illegal? Continue reading “BANNED AND ILLEGAL ACTIVITIES IN COMMUNITIES OF OWNERS”

TAXATION OF VIVIENDA VACACIONAL (PRIVATE HOLIDAY RENTAL) PROPERTIES

For Rent Real Estate Home Rental House SignGiven the numerous enquiries and questions received in respect of Decree 113/2015, of May 22, which approved the regulation of holiday homes in the Autonomous Community of the Canary Islands (BOC No. 101 of 05/28/2015), the Canarian Tax Authorities have announced on their website that a vivienda vacacional rental (defined as a temporary holiday let to someone in exchange for money and which has been advertised in tourism-related channels) is an activity subject to, and not exempt from, Canarian Indirect General Tax (IGIC).  Continue reading “TAXATION OF VIVIENDA VACACIONAL (PRIVATE HOLIDAY RENTAL) PROPERTIES”