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Reserve of the real estate object

After choosing a property, it is time to prepare a purchase. The first step is a statement of intention to purchase the selected object. In order to do this is preparing and signature   “Property Reserve Agreement” on the object, according to which the owner of the object undertakes to suspend advertising and sales processes for a certain period for a certain fee.

The standard period (according to the current legislation) is 30 calendar days, fee – part of the value of the object, which paid to the bank account of the owner. The final cost of the property will be less by the amount of the reserve payment.

The amount of the reserve payment agreed directly with the owner of the object. In the event that the purchase does not take place within the terms specified in the contract due to the fault of the buyer, the reserve payment is not refundable.

In the event that the purchase does not take place within the specified period due to the fault of the owner of the property, the reserve payment returned to the buyer in a double amount through the court.

Procedure of buying a property

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

The buyer with the help of our company:

– opens an account with a Spanish bank to transfer the remaining amount. To open an account, you need the identity documents of the person who wants to open an account, the basis for opening (in this case it will be the previously signed reserve agreement) and documents, which is confirm the legality of the origin of the money funds (for example, documents on the sale of other property in another country or availability of deposit savings in a foreign bank);

– 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;

– translates and notarizes all documents, proving the identity of the person, which is wish to purchase the property (a person, who will directly appear on the extract from the notary register as a new owner of the property).

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

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

Realization of the deal of purchase of the real estate object

The final stage of the purchase is the actual purchase of the real estate object directly in the notary’s office with the entry of all transaction dates in the state notary register of real estate transactions.

After carrying out all necessary checks, a certain time assigned and both parties, in the presence of a notary with a state license, sign a contract of sale of the property. The notary fixes the fact of transfer of ownership rights and entry changes in the state register.

Costs for the purchase of property

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 value of the property, which was indicated in the contract of sale;

– expenses for the conduct and notarization of the purchase 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 to receive an extract from the register of real estate transactions.

Obtaining a long-term residence permit or residence permit

Buying a property in the Kingdom of Spain gives an opportunity for the owner to obtain permission for a long-term stay. The presence of property entails the need to monitor its condition, pay taxes and related fees and payments, which accordingly facilitates the receipt of long-term visas with the right to re-enter at the territory of the Kingdom.

Also, the availability of real estate property in combination with additional economic requirements (the presence of a certain amount of money on the account and/or confirmation of other sources of existence in the amounts, provided for by Spanish law) may become the basis for obtaining a temporary (requiring renewal) residence permit without the right to work.

Acquisition of real estate property for amount from 500 000,00 € or an investment in the economy in the amount from 1 000 000,00 € (business investment) guarantees the owner (investor) a “golden visa” – obtaining a permanent residence permit with permission to maintain any work activity.

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