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You are most welcome to contact us to discuss your real estate dream. We and our partners will do our outmost in order to provide you with a number of properties which will fit your list of important features for your dream home.

A brief roadmap for purchasing a property in Spain:

Buy a Property

We advise you throughout the process and although we do not work with any particular law firm, we are in a position to recommend the services of accredited professionals of the legal profession to safeguard their interests in the purchase, according to the language of your preference.

Reservation

Once the property to be purchased has been decided, the normal procedure in Spain is to establish a reserve deposit whose amount will depend on the final price of the purchase. The deposit is accompanied by a booking contract where the names and documents accrediting the buyer are collected and seller, the agreed sales price and any conditions established in the purchase. The amount of the reservation is given to the real estate agent or the lawyer as a sign of good faith. It is recommended never to pay a reservation deposit directly to the owner.

Review of the Property

The lawyer is responsible for making sure at the property registry that the property's documentation is correct, free from foreclosures or debts and who is the actual owner.

Contract

Once the lawyer is satisfied and everything is in perfect order, the buyer and the seller they will sign a private contract of sale. The buyer will pay a 10% deposit (minus the deposit of the reserve). In this contract, the identities and details of the buyer and seller are established, as well as the agreed sale price and the date for the final transfer of ownership of the property. At this point, if the buyer decides to withdraw from the purchase, he will lose his deposit and if it is the seller who withdraws his property from the sale, he will be obliged to pay the buyer double the deposit delivered by him, unless otherwise is agreed.

Scriptures

In this final phase is when the rest of the amount is paid and the Deed is signed before a Notary Public. After signing the deeds, your attorney will register the property on behalf of the buyer with the local office of the Land Registry.

The persons that will appear in the deed of sale must be identified, if they are Spanish through the DNI and if they are not residents in Spain, the Ministry of the Interior requires that they obtain a Certificate of Non-Residency, in which a fiscal number is determined, which will also be required to pay the corresponding taxes. This document is known as a NIE number and must be requested directly and in person at police stations, consulates or Spanish embassies, since the power of attorney is not accepted.

Purchase expenses

When a purchase is made directly from a real estate developer: In IVA of new homes a 10% rate is applied to the purchase price.

When the purchase is made to another owner, the Transmission Tax is paid Assets (ITP) as specified in the following data:

• Purchase Price 0-400.000 €: 8% Tax type
• Purchase Price 400.000 € - 700.000 €: 9% Tax type
• Purchase Price From 700.000€: 10% Tax type

Recommendations

We advise you to open a bank account at the moment you start the purchasing process, for the payment of the property in the contract as well for the future direct payments such as electricity, garbage and water etc.

We also recommend to make a Will which exclusively relates to and affect your assets in Spain. It facilitates and shortens the succession process in the event of an unfortunate and sudden death occurs.