In the Spanish property sector, some words often go untranslated. here are a few you need to be aware of.
Traspaso: In Spanish, traspaso literally means transfer, and the English legal equivalent of this term would be “lease.” That means that the buyer is purchasing a right of use for a given period of time. Many traspasos have no been replaced by cesion, and you’re advised to get legal advice to know exactly what your rights are.
Finca: It’s a bit like a farm, a bit like a ranch, but it’s really something all of its own, which is why the term finca is still used for large rural properties. A finca is, effectively, a large or small estate – a piece of land with a house or houses on it, and often close to a farm area such as a vineyard.
Aljibe: This Arabic-derived term refers to a stone covered water tank. These were vital to every Lanzarote home in the day before fresh water was regularly available, and many properties still use water that is supplied to an aljibe by the mains. Aljibes can be converted into all sorts of other things.
Comunidad de propietarios: A rare concept in the UK, the community of owners is a legal necessity anywhere in Spain where facilities are shared by homeowners. It will have an elected president and treasurer, and hold annual general meetings devoted to the upkeep of shared assets such as entrances, communal swimming pools etc.
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