If you are buying a property in Spain, there are several things you need to know…
Buying a property in Spain is different from buying in your home country.
First thing is to find a property that matches all your needs.
What to do next:
1. Formalizing the offer – Holding deposit
Once there is a verbal agreement between parties the terms of the offer will be formalized in writing.
The holding deposit is in order to take the property off the market and is usually 3.000€ on a smaller property and 6.000€ for properties over 300.000€
2. Instructing a lawyer
A lawyer will provide the legal guarantees for the purchase of the property and ensure that all Spanish legal requirements are met.
Choosing the right lawyer is a very important part of the buying process.
3. N.I.E. number
Every buyer or seller needs an NIE number.
This document can be obtained at the National Police station and your presence is needed.
4. Private contract
Buyer and seller confirm the details of the purchase in a private contract. This normally takes place within 2 weeks following formal acceptance of the offer. Your lawyer will make sure that no back taxes are owed on the property and that it will be sold free of all charges.
This private contract will reflect all the agreed terms of the offer and the sale and set out the date for the final completion. A 10 percent non-refundable deposit will be paid by the buyer.
5. Completion at the Notary
Buyer and seller must attend the notary on the date stipulated in the private contract to sign the “title deed