I have lived in Spain for more than 30 years. I am a legal advisor (I graduated from the University of Alicante). I belong to the Association of Solicitors in Alicante, I hold GS license no. 2573, and to the Association of Real Estate Agents, I hold API license no. 1171.
I not only deal with real estate sales and customized search, but also advise on the purchase and sale of real estate and all related activities before, during and after the purchase.
I am fluent in Spanish, Russian and Polish This month I will briefly describe the process of buying a property in Spain, what documents are necessary and what to pay attention to in order to buy safely and avoid problems.
Determine your budget:
- The prices in the advertisements are net. Approximately 10% should always be added for the purchase tax (ITP) or VAT (IVA).
Visit the area:
- If only for a few days to look around the area. There is a wide variation in prices depending on the location of the property.
Gather the necessary documents:
- NIE (Número de Identificación de Extranjero): Identification number for foreigners, which is also a tax identification number (NIF).
- Register with the IRS so you can pay your taxes.
- Open a bank account.
Power of Attorney:
- If you cannot be present in person, you can authorize an attorney by means of a power of attorney signed at a Spanish notary.
Check real estate agent license:
- Make sure your real estate agent has an API license.
Make an offer:
- If you have selected a property, you can make your offer.
Agreement:
- Once the purchase price is set, you have two options:
- Signing a preliminary purchase and sale agreement (Contrato de Arras), paying about 5-10% of the net value of the property.
- Signing a reservation contract (Contrato de Reserva), paying a small deposit of about 3-5 thousand euros to the account of the person or company representing the seller. A preliminary contract is then signed.
Selecting a Notary Office:
- As the buying party, you have the right to choose the notary office, always in the same province where the selected property is located.
Deed:
- At the signing of the sale-purchase deed, you pay the balance of the amount by wire transfer to the seller's account or by check drawn on your Spanish bank, or by credit if you don't have sufficient funds of your own.
If you have doubts, you can always use a lawyer to check the credibility of the property documents and any debts, etc.
