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Diccionario
inmobiliario

Términos clave del mundo inmobiliario explicados con claridad, en varios idiomas.

Contratos

Alquiler con opción a compra: A double contract: an ordinary rental and, attached to it, the tenant's right to buy the home within an agreed period at a price fixed from the start. While the option is alive, the owner cannot sell to a third party. Its essential terms must be in writing: purchase price, duration of the option, initial premium if any, and what part of the rent paid is deducted from the price if the tenant buys — a freely negotiable percentage. Raised to a public deed, the option can be registered at the Land Registry, protecting it against third parties. It is useful for those who cannot yet finance the purchase (waiting to sell another property, for example) and for the owner, who secures a tenant with the vocation of a buyer.
Arras: Sum of money the buyer delivers to the seller as a sign of a future sales contract. Three types: confirmatory (part of the price), penal (penalty for breach) and penitential (allow withdrawal with loss or double return).
Contrato de arrendamiento: Private or public document by which the owner (landlord) grants use of a property to a tenant in exchange for rent. Regulated by the Urban Leases Act (LAU): minimum 5 years (7 if landlord is a legal entity) for habitual housing, with rent updates capped at CPI. Different from seasonal contracts (1–11 months) or tourist (1–30 days, subject to specific regulations).
Contrato de compraventa: Agreement by which the seller undertakes to deliver a property to the buyer in exchange for a certain price. It can be private (signed between parties without notary) or public (notarised deed). Only the notarised deed allows registration in the Land Registry, an essential requirement for ownership to be fully effective against third parties. In practice, the typical process is: deposit contract → public deed.
Exclusiva: Agreement by which the owner appoints a single real estate agency to sell the property for a defined period (typically 3–6 months). In exchange, the agency commits to an intensive marketing plan: professional photography, video, home staging if applicable, publication on premium portals and partner network. Exclusivity usually achieves a better sale price and shorter time on market than open listings, by concentrating expert effort.
Mandato de venta: Contract by which the owner formally entrusts a real estate agency with the management of the sale of their property. It defines conditions: duration, exclusivity or not, minimum acceptable price, fees, marketing plan, exclusions (the owner's own buyers) and information obligations. A professional mandate protects the owner (management transparency) and the agent (right to fees if an efficient cause exists). Always recommended in writing.
Señal / Reserva: Small amount (typically €3,000–€6,000) that the buyer delivers to the seller or agency to reserve the property for a short period (7–15 days) while the deposit contract is prepared. The reservation temporarily takes the property off the market. Usually refundable if the parties do not sign the deposit contract within the term, unless the buyer withdraws without justified cause. Private document, no notary required.
Vicios ocultos: Defects in the home that were not noticeable at the time of purchase and which, had they been known, would have led the buyer not to buy or to pay less: structural damp, aluminosis, faulty installations behind the finishes. For resale homes the Civil Code applies: the buyer has six months from delivery to claim repair, a price reduction or contract termination from the seller — a short period that makes a technical inspection before signing advisable. For new builds the periods of the Building Act apply: one year for finishing defects, three for those affecting habitability (damp, insulation, installations) and ten for structural ones, the latter covered by the developer's ten-year insurance.

Derechos reales

Dominio: Most complete property right over an asset: includes the right to use it, enjoy its fruits and dispose of it (sell, donate, mortgage). In full ownership, the holder has all powers over the property. It may be divided into bare ownership (title without use) and usufruct (use and enjoyment), which reunite when the latter ends.
Nuda propiedad: Ownership right without the use or enjoyment of the property, which belongs to the usufructuary. The bare owner holds title but cannot use the property while the usufruct lasts. When the usufruct ends, the bare ownership recovers full dominion.
Propiedad horizontal: Legal regime applicable to buildings divided into flats or premises belonging to different owners, with common areas (stairs, facade, roof, installations). Regulated by the Horizontal Property Act (LPH). Defines the rights and obligations of the owners, how the community works (meetings, agreements, president, administrator), the division of expenses by participation share and the limits on individual owner's freedom of use.
Servidumbre: Property right that burdens one estate (servient) for the benefit of another (dominant) or of a person. Typical examples: right of way (crossing a property to access another), views, light, aqueduct (water passage), electrical line easement. Easements are recorded in the Land Registry and are an encumbrance that the buyer inherits when acquiring the servient estate. Before buying, always check the existing easements in the nota simple.
Usufructo: Right in rem allowing a person (usufructuary) to enjoy property owned by another, with the obligation to preserve its form and substance. In a home, the usufructuary may live in it or rent it out, while the bare ownership remains with the original owner.

Documentos

Carga registral: Any limitation, encumbrance or restriction on a property recorded in the Land Registry. Typical examples: mortgage, lien, easement, resolutory condition, right of first refusal or tax affection. Before signing the deposit contract, it is essential to request an updated nota simple to verify all encumbrances. Encumbrances follow the property, not the owner: if you buy a property with an uncancelled lien, you inherit it.
Cédula de habitabilidad: Administrative document certifying that a dwelling meets minimum habitability requirements to be occupied as a residence. Required to contract basic utilities and usually valid for 15 years. In the Valencia region it is called 'License of second occupation'.
Cédula urbanística: Document issued by the town hall containing the urban planning status of a property: land classification, buildability, permitted uses, alignment, setbacks and urban easements. Different from the habitability certificate. Essential for developers, investors and buyers planning to renovate, extend or change the property's use.
Certificado energético: Mandatory official document for sale and rental that classifies the property's energy efficiency on a scale from A (most efficient) to G (least efficient), assessing energy consumption and CO₂ emissions. Required to register the sale and must appear in any listing. On the Costa Blanca, properties prior to 2007 typically rate E, F or G; new builds since 2020 must reach class A or B. Lower class means higher energy bills.
Embargo: Judicial or administrative measure that links an asset (typically a property) to the payment of a debt. The lien is recorded in the Land Registry and limits the power to dispose of the asset until the debt is settled or the measure lifted. Before purchasing, an updated nota simple reveals active liens. Buying a property with an active lien exposes the buyer to enforcement by the creditor.
Escritura pública: Notarial document that records an act or contract — in a property sale, the definitive agreement between seller and buyer — and gives it public faith: the notary verifies the identity and capacity of the parties, the ownership, the charges and the payments. A sale in a private contract is valid between the parties, but only the public deed allows the purchase to be registered at the Land Registry, protected against third parties and mortgaged; that is why every financed purchase goes through a notary. The buyer has the right to choose the notary. Costs are split by law (the original deed to the seller, the first copy to the buyer), although it is common to agree that the buyer bears them all.
Licencia de ocupación (primera y segunda): Municipal authorisation certifying that a dwelling meets the conditions to be inhabited. In the Valencian Community, the first occupation licence is required for new builds: the developer must obtain it to hand over the homes, and without it utilities cannot be contracted. The second occupation licence — now processed as a responsible declaration — is requested on transfers and new rentals once the previous one has expired: it is valid for ten years. It is also a requirement for using the home as a holiday rental. When buying, ask for the licence in force or, failing that, check with the town hall that the dwelling can obtain one: its absence may reveal an unlicensed construction or pending planning infringements.
Licencia turística: Official authorisation issued by the Valencia regional government —called VV (Vacation Housing)— required to legally rent a property to tourists (stays of 1 to 30 days). Without a VV licence, tourist rental is illegal: fines from €2,000 to €600,000. Applied for via responsible declaration, fee €65.11, processing time 5–15 working days. Before buying for tourist rental, verify that the community statutes do not prohibit it.
NIE (Número de Identidad de Extranjero): Personal, unique and permanent number that Spain assigns to foreigners for any economic or administrative matter: buying a property, opening a bank account, signing up for utilities or paying taxes. Without an NIE you cannot sign the deed or settle the purchase taxes. It is applied for in Spain (at National Police stations, by appointment) or at the Spanish consulate in your country of residence, and it can also be obtained by a representative with power of attorney, common among foreign buyers. It does not expire and does not imply residency: it is only an identifier. It should not be confused with the TIE, the physical card of those who actually reside in Spain, nor with the EU citizen registration certificate.
Nota simple: Document issued by the Land Registry containing updated information about a property: ownership (who is the legal owner), registry description, current encumbrances (mortgages, liens, easements), marginal notes. Essential to obtain before signing the deposit contract: it lets you verify the seller is the true owner and the property is free of undisclosed encumbrances. Cost: €9.02 online at the Registry's website.
Poder notarial: Public document granted before a notary by which one person (grantor) authorises another (attorney) to act on their behalf in certain legal matters. Widely used by foreign buyers who cannot travel to Spain to sign: the power of attorney allows a lawyer or representative to sign the purchase, the mortgage or any procedure on their behalf. Requires the Hague Apostille if granted outside Spain + sworn translation if in another language. Typical cost €80–€250 at a Spanish notary, more at consulates.
Referencia catastral: Twenty-character alphanumeric code that the Cadastre assigns to every property, identifying it unequivocally: where it is, its surface area and its attributed use. It appears on the IBI receipt and in the deed, and anyone can use it at the Cadastre's online office to look up the property's physical data. When buying, check that the cadastral reference matches the registered plot being purchased: the Cadastre and the Land Registry are separate bodies and their data do not always agree (different surface areas, undeclared extensions, boundaries). Spotting the discrepancy before signing allows it to be corrected through the rectification procedure and avoids problems when reselling, mortgaging or inheriting.
Registro de la Propiedad: Official public institution that registers the ownership and encumbrances of properties in Spain. Registration provides legal certainty to the buyer: after the public deed before notary, the purchase must be registered for the buyer to be recognised as owner against third parties. There are Registries by territorial demarcation; each property is registered in a specific one. Procedures such as the nota simple, mortgage registration and cancellation of encumbrances are managed here.
Tasación: Technical valuation of the market price of a property carried out by an appraisal company approved by the Bank of Spain. Mandatory for granting a mortgage: the bank finances up to 70–80% of the lower of appraised value and purchase price. Cost: €300–€500 paid by the mortgage applicant. Different from the technical inspection (which evaluates the physical condition). Valid for 6 months from issue.
Vivienda de uso turístico (VUT): Administrative category designating a property intended for short-stay tourist rental (1–30 days). In the Valencia region, equivalent to the VV (Vacation Housing) licence. Requirements: habitability certificate, minimum equipment, energy certificate, complaint form, not being in a declared saturated zone, and no prohibition in the community statutes. The massive presence of VUT in specific areas has generated debate about tourism saturation and housing prices for local residents.

Financiación

Cap Rate: Capitalisation rate: key metric in real estate investment measuring the annual net return of a property relative to its purchase price. Calculated as (Net annual income / Purchase price) × 100. On the Costa Blanca, typical Cap Rates range between 4–6% for long-term rentals and 6–8% for vacation rentals. It is the fundamental metric for comparing investment opportunities.
Cashflow inmobiliario: Net cash flow generated by a rental property: rental income minus all expenses (mortgage, IBI, community fees, maintenance, insurance, taxes, management, vacancy). It can be positive (the property generates monthly profit) or negative (the owner contributes capital expecting future appreciation). On the Costa Blanca, modest positive cash flow is achievable with moderate financing in high-demand vacation rental areas such as Torrevieja or Calpe.
Dación en pago: Legal mechanism by which the debtor delivers an asset (typically a property) to the creditor to settle a debt, usually a mortgage. In Spain it is not automatic: the bank must accept it and there are specific conditions regulated by the Code of Good Practices (insolvency exclusion threshold). Different from eviction: here the debtor voluntarily delivers the property and the debt is fully cancelled. Useful when the property value covers the outstanding debt.
Euríbor: Interbank interest rate at which major European banks lend money to each other in euros. It is the most widely used benchmark for variable-rate mortgages in Spain. Your variable monthly mortgage payment is calculated as Euribor + spread (typically +1% to +1.8%). Published daily and reviewed every 6 or 12 months according to the contract. In 2026 the 12-month Euribor stands around 2.5–3%, after peaks above 4% in 2023.
Hipoteca fija, variable o mixta: The three main mortgage types in Spain. Fixed: constant interest rate throughout the loan's life, predictable instalment (2026 APR between 3.2% and 4.5%). Variable: instalment tied to Euribor + spread, reviewed every 6 or 12 months (riskier if rates rise). Mixed: fixed rate for the first 5–10 years + variable thereafter. The choice depends on your time horizon, risk tolerance and rate expectations.
Hipoteca para extranjeros: Mortgage loan offered by Spanish banks to individuals without Spanish tax residence. More conservative conditions than for residents: up to 70% of appraised value or purchase price for EU/EEA non-residents, up to 60–65% for non-residents from other countries. Fixed rates in 2026 between 3.8% and 4.5%. Enhanced documentation: NIE, income proof, asset statement, tax residence certificate.
Rentabilidad bruta: Basic performance indicator of a real estate investment: annual rental income divided by the purchase price, expressed as a percentage. Does not deduct expenses (IBI, community fees, maintenance, management, taxes). On the Costa Blanca, average gross yields in 2026 are: Torrevieja 7.4%, Pilar de la Horadada 6.2%, Calpe 5.1%, Moraira 3.8%. Useful for comparing opportunities quickly, but net yield is the decisive metric for real investment.
Rentabilidad neta: Real return indicator of a real estate investment: annual rental income minus all expenses (IBI, community fees, utilities, cleaning, maintenance, insurance, management, taxes), divided by the total acquisition cost (price + taxes + purchase costs). On the Costa Blanca, typical net yield is 50–70% of gross. A bungalow in Torrevieja with 7.4% gross may yield 3–3.5% net. This is the metric that tells you how much you actually earn.

Impuestos

Actos Jurídicos Documentados (AJD): Regional tax on notarial documents with economic content that can be registered: new-build declarations, horizontal division, termination of co-ownership, mortgage loans or purchases subject to VAT. In the Valencian Community the general rate is 1.5%. In practice: the buyer of a new build pays it together with VAT (resale homes pay ITP instead of AJD); on mortgage loans the bank has borne it since November 2018; and in a termination of co-ownership it is the only tax paid by the co-owner who keeps the property, which makes it far cheaper than a sale between co-owners. It is settled with form 600 within the month following signature.
IBI (Impuesto sobre Bienes Inmuebles): Annual municipal tax on real estate ownership. The amount is calculated on the cadastral value and varies by municipality (between 0.4% and 1.1% of the cadastral value). Paid by the owner as of January 1st each year.
ITP (Impuesto de Transmisiones Patrimoniales): Regional tax levied on the purchase of second-hand properties. In the Valencia region, the general rate is 10% on the registered price. Reduced rates apply in some cases: 8% for habitual housing for buyers under 35 (with max price €180,000), 4% for large families and disabled persons. Paid by the buyer within 30 days of signing. Not applicable to new builds (which pay VAT + AJD).
IVA en la compra de vivienda: The first delivery of a finished home — the one the developer sells to the first buyer — is taxed with 10% VAT, plus AJD (1.5% in the Valencian Community). Up to two parking spaces and the annexes transferred together with the home also qualify for the 10%; commercial premises and plots pay 21%. VAT is paid to the developer on every invoice, including stage payments during construction, while AJD is settled when the deed is signed. Resale homes carry no VAT: they pay ITP instead (general rate of 10% in the Valencian Community, with reduced rates for young buyers, large families or protected housing). The tax cost of new build and resale thus ends up very similar: around 11.5% versus 10%.
Plusvalía estatal (IRPF): Tax on the capital gain obtained from selling a property, managed by the State Tax Agency. For tax residents it is integrated into the IRPF at 19–26% according to the scale. For non-residents (form 210/211) the rate is 19% (EU residents) or 24% (other countries). If the seller is non-resident, the buyer withholds 3% of the price (form 211) as a payment on account. Exemptions exist for reinvestment in habitual housing (residents) and persons over 65.
Plusvalía municipal: Local tax (Tax on the Increase in Value of Urban Land) levied on the transfer of urban properties. Paid by the seller (unless otherwise agreed) within 30 days of signing. Calculated on the cadastral value of the land and years of ownership. Following the 2021 Constitutional Court ruling, it only applies if there is a real increase in value between purchase and sale; the taxpayer can choose between the objective and real methods.
Valor catastral: Administrative value assigned to each property by the General Directorate of the Cadastre, based on objective criteria (location, surface area, age, construction quality). It serves as the basis for calculating several taxes: IBI, municipal capital gains, imputed income (form 210 for non-residents). Typically between 40% and 60% of real market value. Updated periodically through municipal valuation reports. Found in the latest IBI letter or consultable online at the Cadastre's electronic office.

Otros

Agente inmobiliario: Authorised professional who acts as intermediary between buyer and seller (or landlord and tenant) in real estate transactions. In the Valencia region, the activity is regulated by the Real Estate Agents Registry (RAIC). Registered agents must hold mandatory professional liability insurance and accredited training. Clients can verify the agent's RAIC number before hiring.
Gastos de comunidad: Monthly fees paid by owners in a building or development for the maintenance of common areas and services: cleaning, gardening, pool, lift, concierge, administration, community insurance, reserve fund. On the Costa Blanca they range from €30 (simple building) to €250/month (premium development with all services). Before buying, request the administrator's certificate with current fees and any pending levies.
Home staging: Technique for preparing a property to optimise its sale or rental: depersonalisation, furniture reorganisation, minor aesthetic improvements, neutral lighting and decor designed to appeal to the maximum number of buyers. Professional studies in Spain show that a home-staged property sells 15–30% faster and at a price 3–8% higher. Typical investment: €800–€2,500 for an average home.