WOULD YOU LIKE TO BUY A PROPERTY IN SPAIN?
by Maryem | Apr 26, 2022 | Blog
This article presents the different steps to follow in order to buy a property in Spain. Marfour International Law Firm can assist you
during all the property acquisition process.
First of all, if you are not a Spanish national, you have to get a NIE number. If you are a resident from an European Union country, you have the choice between the Temporary NIE number if you do not want to stay in Spain or the Resident NIE if conversely, you would like to stay after your purchase.
If you are from a non-European Union country, you can apply for the Resident NIE number of for the Non-resident NIE in the case you are not a resident.
This NIE has to be requested at the General Immigration Office. It is also well recommended to open a bank account in Spain in order to facilitate the property purchase.
First and foremost, there are legal procedures to follow before purchasing a property.
There is the diligence of the property part which consists of investigating the documentation of the property in order to be sure of its validity.
After that you have obtained the NIE number, you need to sign the reservation contract (which corresponds to 1% of the property price). It is the official way of making the offer to the seller. If the seller accepts, you will have to pay the pre-sales agreement. (10% of the total price). This agreement permits to formalize the transaction between the buyer and the seller. Once it is paid, the seller is obliged to sell the property to this buyer.
Then, 3 months after having paid the pre-sales agreement, you will go to the Notary in order to pay the remaining 90% of the property price. The different payment conditions will be defined in a deposit contract.
Concerning the payment:
After opening a Spanish bank account, the buyer sends the necessary funds from his personal bank abroad to this new Spanish account. These funds will be used to cover the transmission price, the Transfer Tax, notary fees and registration fees.
Then, the buyer asks his bank to prepare a certified cashier’s check in the name of the seller on the date of signing at the Notary’s office. Just after the signature of the deed of sale by both parties, the buyer gives the cashier’s check to the seller, and the seller gives the keys to the buyer.
After that the transaction and the contracts are signed, the house can be registered in the Property Registry under the name of the new ownership thanks to the public deed delivered by the Notary.
After the purchase:
After that you have registered the property in the Property Registry in your name, you have to pay the different taxes referred to the payment of property transfer taxes which are the following: the property transfer tax and the stamp duty in a lapse of time of 30 days.
Finally, you will have to transfer the ownership of public services such as gas, water and electricity.