Buying a property

Define your budget

Buying a property in Spain is a formal process. Below is a list of some of the most important steps to keep in mind during the process. To make the process as smooth as possible we recommend that you get connected with a good attorney that will assist on many of the below items. There are several specialized attorneys present speaking several languages. We can also assist on recommendations from our side.

In addition to the purchase net value, an approximate 10% has to be calculated to cover varies expenses as state fees, Notary, attorney and various registers.

Reservation of the property

The properties in Spain is normally sold without a bidding competition between buyers. If you should find yourself in a situation where there are more people interested in the same property, it is possible to sign a reservation contract and pay a fee to get the property withdrawn from the marked for a period of time. The fee is normally somewhere between 3-5000 euro. If you buy the property, the same amount will be deducted from the properties cost.

Papers required

Phase 1 for reservation:

  • A valid passport
  • Payment of the reservation (done to the real estate or sales agent)

Contract

  • Agree upon the hand over date
  • Agree upon the terms and conditions
  • Additional check done by lawyer
    • Check that the property is free of encumbrance and get a print from the property register (nota simple)
      •  Electricity, Gas, Water, Property tax and garbage fee (SUMA)
      • Re-registration of the property (not valid for villa`s)

Papers required

  • Phase 1: Deposit
    • Payment of the deposit, normally 10% of the purchase (done to the lawyer)
  • Phase 2 for the actual purchase
    • Spanish NIE (an identification number for foreigners)
    • Spanish bank account
    • Verification from your bank account of the money transfers

Handover

The handover is done between the lawyers representing each side.

The meeting include hand over of keys from the seller to the buyer and a bank check to the seller.