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Real estate purchase in Spain

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1. Real estate item selection

In order to help you to choose real estate, we need to know for what purpose you want to buy it, it depends on whether you want to change your main residence, have a place to spend vacations from time to time, invest in order to rent a house or a flat out in the future, or resell it.

We can help you to choose the most suitable real estate item by offering you a variety of options in order to give you the opportunity to compare their pros and cons and take the best decision.

2. Deposit

Another important step in the process of a real estate purchase is a deposit payment carried out in order to withdraw a real estate item from the market. We make a collateral contract with the seller and the buyer pays 10% of the price of the selected item as a deposit (it is a standard deposit amount but it may vary depending on the price of the property). If the deal falls through the fault of the seller, the buyer gets 200% of the deposit amount.

Before paying the deposit to the seller, our employees carry out every possible type of inspections of the item: we check the absence of debts and encumbrances, the availibility of the necessary licences and permissions.

3. Document preparation

We will help the buyer to get a N.I.E. (identity document of a foreigner). The legal paperwork takes from 1 to 7 days depending on the city where the property is situated.

4. Money transfer

In order to transfer the remaining sum of money necessary to finish the deal, we will help our client to open a bank account in his or her name. Next, a money transfer from the client's main bank account to his or her Spanish bank account is carried out. The transfer takes about 2 to 4 working days (till the cash receipts arrive to the client's Spanish account) – it is very important to consider this information in relation to the due date of the payment in the contract.

Before the purchase, a slip check is drawn in the name of the seller is given to him or her in the moment of signing the agreement of sale and purchase. The process takes not more than one day.

5. Execution of the agreement of sale and purchase

Normally, the period between the collateral contract signing (deposit payment) and the final completion of the deal (the final sum payment and the transfer of ownership of a real estate item from the seller to the buyer) takes about 1 to 2 months at most.

The procedure of executing the transfer of ownership takes place in an official notary office and gets sworn to before notary public. The buyer gets a copy of the bill of sale straight after signing the agreement of sale and purchase. The original document undergoes the registration procedure and in about 1-1,5 months' time is delivered to the buyer.

 

During the signing of the agreement of sale and purchase the seller presents the following documents to the buyer:

IBI (impuesto de bienes e inmuebles) – a prepaid bill for annual property tax;
Certificado energético – an energy certificate;
Cédula de habitabilidad – an occupancy certificate ;
Last paid bills for electricity, water and gas.

We will help you to re-execute the contracts for electricity, water and gas in your name.

In case if you do not have enough time for executing all the paperwork and you cannot come back to Spain by the time of the finalization of the deal, we can finish the purchase in your name by using an authorization. Such a document is prepared in a notary's office and is paid separately.

6. Expenses

Due for payment:

Real estate tax (a single payment) equal to the amount of 10% of the pronounced deal value;
Notarial services equal to the amount of 0,5% of the pronounced deal value;
Registration of the agreement of sale and purchase: ~ 500 euros;
Paperwork management (gestión) – negotiable.

For more information about real estate purchase and living expenses in Spain click here.