Information about buying property in Spain
BUYING PROPERTY IN SPAIN
This is not a complicated process. It is advisable to appoint a lawyer. If you have no preference we can recommend a suitablelawyer who will deal with you in your own language.
- RESERVATION OF PROPERTY
A deposit of €6 000 to €10 000 is normal to remove the property from the market.
Payment is usually made to the Estate Agent until further instructions from your lawyer.
- PROPERTY CHECK
Lawyer will check Land Registry to approve documents.
He will check that there are no debts or embargos against property
He will confirm the owner is the legal vendor.
- PRIVATE CONTRACT
Once all details are confirmed correct the buyer pays 10% deposit less original deposit.
Requires buyers and sellers details and ID numbers plus an agreed date of transfer.
Unless otherwise agreed:
If buyer withdraws from the purchase they forfeit the deposit.
If the seller withdraws they repay double the deposit to the buyer.
- NOTARY - LAST STEP
Balance of sale price paid to the seller/vendor and keys handed over to the buyer.
Title Deed/ Escritura signed in the presence of the Notary.
Finally your lawyer will register the property in the local land registry.
- PURCHASE COST
5.1 . Direct from Developer
5.2. RESALE PROPERTY
Transfer Tax (ITP)
e.g. Purchase Price Tax Due
0 to 400 000€ 8%
400 000 to 700 000€ 9%
above 700 000€ 10%
Notary Fees and Land Registry fees together:
Depend on the selling price e.g. for a property of 200 000€ up to 1 500€ and for a property of 400 000€ up to 2 000€.
Lawyer fees: Normally 1% .
OTHER DOCUMENTS REQUIRED
Spanish Nationals: ID only
Non Residents: NIE number via local police station in Spain or Spanish consulates and embassies.
(Allow working hours/ time to complete this at the local Spanish police station).
Open bank account in Spain for direct debits, water and electricity.
Finance and mortgages: we can advise you of a selection of options.
Make a Spanish will for Spanish Assets. If there is an unfortunate death this will reduce costs and complications and speed up closure of the estate. Your lawyer will deal with that.