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How to buy a real estate property in Spain?

How to buy a real estate property in Spain?

Spain is a country of many cultures. Favorable climate, delicious cuisine, friendly and open people make it very interesting for living, and relatively low prices for real estate – investment attractive. Therefore, buying the property in the Kingdom by the Sea is a very real and achievable goal in the life of many persons.

And so you decided that you need real estate in Spain, which one and in what format you want to interact with it.

Now there is a natural question, what to do next? After all, the process of buying real estate, from the point of view of an uninitiated person, is quite complex and involves several risks.

Let’s try to dispel your doubts – we will describe the whole process from the beginning to the end.

Buying property in Spain – the process is quite fast. It takes about a month. The entire documentary process passes through a public notary, which guarantees its transparency and purity.

It should be noted that since the beginning of 2018 real estate prices across Spain are inexorably growing, but this issue and the analysis of prices for the first half of the year we will consider later. Legislation in the field of real estate transactions has not undergone any special changes.

The process of buying a property

Now we will examine the process in more detail.

The first step after selecting a property is a statement of intent to purchase this object. In order to do this, the so-called “Reserve Property Agreement” is drawn up on the real estate object, according to which the owner of the object undertakes to suspend advertising and sales processes for a certain period of time for a certain fee. The standard period (according to the current legislation) is 30 calendar days, remuneration – part of the value of the object, which is paid to the account of the owner.

After the signing of the “Reserve Property Agreement” within the period specified in this agreement, both parts (the seller and the buyer) conduct documentary preparation for the transaction.

Buyer:

– opens an account with a Spanish bank for transfer of the residual amount;

– receives the tax identification number of the foreigner in the specially authorized state body (Numero de Identificacion de Extranjero, NIE). This number is mandatory for receipt for any sale and purchase operations in the Kingdom;

– prepare and notarizes all documents proving the identity of the person wishing to purchase real estate.

The seller prepares documents for ownership of the property and documents proving his identity.

All of the above documents, both from the buyer and the seller, are provided to the notary office for legal verification before the transaction.

The final stage of the purchase is the transaction of the sale of the property directly in the notary’s office with the entry of all transaction data in the state notary register of real estate transactions.

Transaction costs

In addition to the actual value of the property in the expenditure part for the acquisition include:

– state tax on the purchase of real estate in the Kingdom. It is 10% of the indicated value of the property;

– expenses for the conduct and notarization of the purchase and sale transaction. This amount is not fixed, it depends on the complexity of the registration of documentation for real estate and is determined by a notary and state duty for receive an extract from the notary register of real estate transactions.

It should be noted that the price of services of a real estate agency are usually included in the cost of the property and are paid by the seller. But, this is recommended to be specified in advance.

Conclusion

We hope, the buying process has become clearer now. You just have to decide on the choice of partner for the implementation of your dream – to have a property in the “Kingdom by the Sea”. From the choice of the agent or the company depends the quality of the transaction and your satisfaction with the acquisition.

Bogdan Gladchuk, Sales Manager & SMM

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