10 Steps to buy a Property in Spain
The process for buying and selling a property may vary a great deal from country to country. My Lawyer Abroad International Lawyers Network offers you all of the expertise and experience required so that you, whether as a seller or buyer, can feel secure and satisfied throughout the entire process of your Spanish property transaction.
01 Find a property.
Visit your local estate agents and discuss with them you are looking for and the budget available. The agents should know the properties that will suit your criteria and will recommend a number of English speaking solicitors.
02 Research the property.
Organise a survey; your independent Abogado (solicitor) will provide a publicly registered title deed or escritura publica. The estate agent will have copies of the simpla nota (a report from the Property Registry). Don’t forget to get a copy of latest utility bills from the seller to ensure the property is debt free.
03 Get legal and tax advice.
Your Lawyer will be able to give you a breakdown of all local, regional and national taxes, rules and regulations, and costs associated with the property. Allow 7-12% for legal, notary fees and taxes related to the purchase of the property.
04 Place offer.
Place an offer through the agencia inmobiliaria (estate agent) – usually between 5-10%. Don’t forget to find out what’s included in the price and negotiate the best deal.
05 Sign the Arras/ Pre-Contrato privado de compraventa (pre-agreement contract).
Ensure it includes the agreed selling price, what’s included and the date for the final payment. You would lose your deposit and seller would have to pay double if either pull out of the agreement. Don’t forget to include conditions in the contract (e.g. financing, survey results, planning, etc.).
06 Get a NIE.
New owner must have NIE number; a fiscal number stating whether owner is Spanish or non-resident. If this does not take place, the property will not officially be yours.
07 Sign the Escritura Publica (the deed).
Make an appointment with the local notary to view the signing and register it at the Registro de la Propiedad.
08 Arrange funds for the purchase.
You will need to pay the outstanding balance to the vendor at the moment of the signature, or, in some cases, once the deed has been signed.
09 Register the property.
Ensures ownership rights are fully protected. There will be a standard fee charge.
10 Enjoy your new House!
The sale of property is usually an (officially) unregulated activity in foreign countries, yet touches upon significant financial, tax, estate planning and other ownership issues. If you are at all unsure about how to navigate the many issues this presents then please do contact an independent lawyer. Either you decide to Contact us, or search for a Lawyer outside our Network, please do ensure you use a truly independent lawyer to handle any purchase you make.
Related: Buy a property in Spain, Commercial and Residential Lettings in Spain. Conveyancing in Spain, Debt Collection and Recovery, Estate administration. Eviction Proceedings, Golden visa program, Inheritance and Wills in Spain, Landlord and Rental Agreements, Mortgages and re-mortgaging in Spain, Obtaining a NIE, Obtain a Power of Attorney, Property litigation in Spain, Property ownership options, Real estate investment, Property Purchase in Spain, Residential development, Segregations, Sell Spanish Property, Unregistered land /property, Updating property Deeds, Other Legal Services in Spain…
We suggest you always use the services of a Specialist Lawyer.
Feel free to CONTACT us if you wish. Our team will be happy to assist you. Thank you for your trust in our Lawyers Network!
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