Differences between Spanish in Spain and Latin America :
These differences are similar to differences between British and American English. People in Spain and in Latin America can understand each other.
In pronunciation :
c before e, i and z is pronounced „th” in Spain, but „s” in Latin America.
In grammar:
Vosotros means „you all” in Spain (you when one speaks to more than one person). Usteded is used in this sense only formally, when one speaks to an unknown or older person. In Latin America „vosotros” disappeared and ustedes is used both formally and informally.
Tense : Latin American Spanish uses present perfect forms much more rarely than Spanish in Spain.
In vocabulary : some words are different, like coche (Spain) / carro (Latin America) for a car.