How to Buy Property in Spain?
Our real estate agents know all paths for an easy and smooth process. We offer comprehensive customer service, from finding your dream home to getting your title deed. You can look at our free Before and After-Sales Services here.
We have written the essential steps of the process for you to be familiar with.
1. Research
There are thousands of properties in Spain. It requires a significant effort to find the right one for you among all these alternatives.
There are lots of questions you need to answer:
What features do you want in a home? How much can you budget? Which region is suitable for you according to your living standards? Are you buying property for investment?
We ask you the right questions and listen to your needs and expectations. You create a wish list together for your dream home.
We give you professional support to balance unlimited needs and limited resources for your wish list.
2. Property Viewing Tour
We choose the best suitable properties for you and inform you about the details. We organize a viewing for them. In the tours, you inspect the properties and make sure they meet your expectations. You will receive immediate and complete answers to many more questions that may arise during the tour.
3. Legal Consultancy
You should have a lawyer for the process in Spain. You can work with your lawyer or someone your agent will recommend. A legal adviser who follows the procedure with your power of attorney will save you money and time for a period of 2 to 3 months.
Your lawyer should:
Your lawyer should:
Understand you and your financial situation.
Inform you about legal procedures and related costs.
Answer all questions.
Give the most accurate advice.
4. Situation Analysis
To make a correct situation analysis is the basic rule of protection from risks in the property purchase. The following items should be checked to ensure that there is no problem:
The legal status of ownership and property
Debt-free
Up-to-date public services
Availability of the property
We check all these issues beforehand for all the real estate in our portfolio. You see the exact property prices, not overprices, on our website. We offer you only trouble-free real estate.
5. Contract
When you decide to buy the property, you pay a reservation deposit and sign a proposed contract. This contract will give you some time to complete all legal checks before registering the property.
The property will be removed from sale when you pay the deposit. The deposit is around €5,000 and refundable.
If all is well, your lawyer approves and you sign the main purchase contract. Even if this agreement is not registered in an official book, it is considered binding. You should read and understand all the contract details.
When signing the contract, you make a down payment. The amount may vary depending on the seller or the situation of the construction.
If you give up after signing the contract, it is often possible that you will not be able to get the deposit back. That’s why you should be sure before signing. You may have a right to get compensation if the seller withdraws from the contract.
6. Getting an NIE Number and Opening A Bank Account
NIE (Número de Identificación de Extranjeros) indicates that you are registered with the Spanish authorities. It is mandatory for you to buy a property in Spain.
Getting an NIE is simple. You just need to go to the Foreigners Office with the required documents. We assist you with the application.
After you get the number, we open a bank account in our partner bank’s office.
7. Title Deed
You should sign the title deed in a notary public. You pay the remaining amount of the purchase price at this stage. You are a homeowner in Spain now!
You get also a copy of the document. It is known as Copia Simple. If you get a mortgage for your property, the bank will keep the original document until all the debts are paid.
8. Land Registry
After the deed is signed at the notary, your data is recorded in the Land Registry. At this point, if the Title Deed is in the name of a company, all cases, such as the change of the company title, must be reported with legal documents.
9. Taxes and Legal Fees
Having a lawyer is also important at this stage. Taxes and legal fees can vary based on many factors. While paying, you should ask for detailed receipts so you know exactly what you are paying for.
You must receive original invoices for notary fees and taxes paid. You should also keep all these documents, invoices, and receipts.
When the purchase is complete, there will be regular ownership taxes payable as IBI (Municipality Tax). All property owners, whether living in Spain or not, are responsible for IBI.
You can ask all your questions about taxes and legal fees to our experts.
10. Getting Your Keys
All process is completed with Zero Failure and 100% Happiness in Spain Homes ®. You may move into your dream home any time from now on.
You can ask questions that come to your mind at any point in the process written above. If you want to apply for Spain Golden Visa, we have a team of experts. We handle the process for you.
Our up-to-date website offers thousands of properties for sale in Spain. If you search for your dream home to buy in Spain, contact Spain Homes ® now!
