Glossary

The words of the trade, made plain.

The terms that come up most in Spanish inheritance, property investment and metals, each in one sentence and without jargon.

Real estate investment

NPL: Non-performing loan: a loan in default or unlikely to be repaid. If it is secured by a mortgage, whoever buys the loan steps into the bank's position against the debtor.
REO: Real estate owned: a property that already belongs to the bank or fund after a foreclosure.
Bid assignment (cesión de remate): The right of a creditor who is awarded a property at auction to pass that award to a third party, who pays the price and becomes the owner.
Award decree: The court order that vests ownership of the auctioned property. A certified copy is the title filed with the Land Registry.
Nota simple: A Land Registry extract showing who owns a property and what charges it carries.

Taxes

ITP: Spanish transfer tax (Impuesto sobre Transmisiones Patrimoniales), paid by the buyer of a second-hand asset such as a resale home.
AJD: Spanish stamp duty (Actos Jurídicos Documentados) on certain notarial deeds that are entered in a registry, such as a new-build declaration.

Inheritance

Forced share (legítima): The part of an estate that Spanish law reserves for certain relatives (children, failing them parents, and the surviving spouse) and that cannot be freely willed away.
Usufruct: The right to use an asset owned by someone else and keep its income, without being the owner.
Bare ownership: Ownership of an asset without the right to use it or collect its income, which belong to the usufructuary.
Benefit of inventory: A way of accepting an inheritance in which the heir answers for the debts only with the inherited assets, not with their own.
Declaration of heirs: A notarial record that establishes who the heirs are when the deceased left no will.
Certificate of last wills: A Ministry of Justice document stating whether a person made a will and before which notary the last one was signed.
NIE: Foreigner identification number. Non-residents need one to inherit, buy or pay tax in Spain.

Metals

Troy ounce: The unit in which precious metals are quoted. It equals 31.1035 grams.
Spot price: The cash price of a metal on the international market, quoted in US dollars per troy ounce.
Premium: The gap between the spot price of the metal and what you actually pay for a bar or coin. It covers minting, distribution and margin.
LBMA: London Bullion Market Association: the body that sets the standards for the wholesale gold and silver market and accredits refiners.

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