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Mortgage in Spain, advice from an independent Spanish Mortgage Broker.

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Glossary of legal, mortgage and real estate terms in Spain
This glossary includes some Spanish words which will be useful in buying property and mortgaging or remortgaging in Spain. You will encounter some of these words at various times throughout the purchase and Spanish mortgage process. Buying Spanish property is a serious business, and even if you don't speak Spanish, if you learn the basic concepts you will feel more confident as you go through the procedure of buying your house and obtaining a mortgage in Spain.

Spanish term

English term

Abogado Spanish Lawyer
Administrador de Fincas Licensed property administrator
Agente de la Propiedad Inmobiliaria (API) Property agent (although most agents that you encounter will be unregistered in Spain )
Amortización Depreciation. Redemption. The process of your mortgage in Spain reducing over time as you repay it. Use our mortgage calculator.
Arras Down payment, deposit. If you are non-resident you will probably need to allow for 30% of the property price, plus around 12% for the costs and taxes.
Aval Guarantee requested by the bank to approve a mortgage application
Cargas Charges. Burden. Such as an existing mortgage or other loan or charge. When buying a property in Spain the mortgage bank will always check to see if there are any other charges on the property.
Certificado registral Certificate informing about debts of a specific property. The debts will be registered at the land registry. There may be a mortgage debt, but it could also include such debts as personal loans, income tax owed, fines etc etc
Comunidad de propietarios Community of property owners, such as on an apartment development.
Contrato de Compraventa Private property sales contract. The buyer pays a 10% deposit and the contract is signed by buyer and vendor. You will need to supply a copy of this when applying for your mortgage in Spain
Documento privado Private document
Documento público Public document
Escritura Deeds
Escritura pública de compraventa Title Deed
Euribor Euro Interbank Offered Rate
Finca Estate or farm. May refer to a large area that has been used for a large development, or a smaller individual property.
Gestoría Firm specialised in obtaining official authorisations, permits, licences etc. Often employed by banks to handle the paperwork pertaining to a mortgage in Spain .
Hipoteca Mortgage
Impuesto sobre Bienes Inmuebles Yearly property tax
Impuesto sobre el Incremento del Valor de los Terrenos Tax on the increase of land value
Inmobiliaria Estate agent
IBI: Impuesto sobre Bienes Inmuebles Annual real estate tax
Impuesto sobre el patrimonio Capital gains tax
Incremento de patrimonio Capital gain
Libre de cargas Free of debts
Libro del edificio Documents which must be handed over by the promoter when building is finished.
Licencia de obra Building permission
N.I.E. Identity Number for Foreigners. This will be needed before you complete on your property and mortgage in Spain .
Notario Notary. You must go to the Notary office in order to sign for your property and mortgage in Spain .
Nota simple Certificate from Property Registry. This is the extract of the title deeds of a property, which has all the basic relevant information, such as size of plot and buildings, existing mortgages and other charges etc etc
Obra nueva Document certifying a brand new building
Oferta vinculante Bank document certifying the exact mortgage conditions
Pago en efectivo Cash payment
Parcela Plot of land
Piso Flat or apartment
Poder Power of attorney. If you are not able to come to Spain to complete your property purchase or mortgage, you may give power of attorney to your lawyer, or another trusted party, to act on your behalf.
Préstamo con techo Loan with variable interests with fixed minimum and maximum
Préstamo hipotecario Mortgage loan
Plusvalía Municipal Capital gains tax on the sale of property
Registro de la Propiedad Property ownership Register
Representante fiscal Official tax representative of foreigner
Residencia (permiso) Residency (permit)
Residente Resident
Se vende For sale
Seguro de amortización de préstamos Loan repayment insurance
Seguro Multirriesgo Hogar House insurance
Señal Deposit, down payment
Tasación Independent valuation of property. With a Spanish Mortgage the bank will normally appoint their own valuer from a panel. This will provide the basis on which they will approve your mortgage in Spain .
Terreno Plot of land
Tipo de interés Rate of interest. Normally a margin above the Euribor rate.
Título de propiedad Deeds stating the ownership of property, date of sale etc.
Valor Catastral Assessed value of property for tax purposes

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