The process of purchase and registration of real estate in Spain
So, you made a choice. You have found a dream house on the coast of Spain or you’ve found a nice apartment in Calpe that you want to be yours. What to do next?
Property registration is a complicated and long process; however, Spain is the most loyal country regarding the property acquisition and registration by foreigners. In Spain, when you buy a property, you can even receive a residency permit for you and your family. Here we will talk about the most important steps in this process. Follow them and you can be the proud owner of a house on the coast of Spain.
Preparation for the purchase of real estate in Spain
The first step is to sign an agreement between the client and the company, providing the intermediary services.
Next step, you will need to obtain the identification number of the foreigner (NIE) in the police office and then open a bank account. After these steps you can reserve any property you like.
The reserve agreement of the selected property is drawn up for a period of 1 to 2 months, depending on the agreement with the owner of the property. Under this agreement, the customer pays 10% of the value of the property to reserve it in his name. This process is regulated by the contract of responsible reservation "contrato de arras". Legislation of Spain allows both types of the conclusion - either simple private contract, or a contract, signed at a notary.
After the drafting and conclusion of the reserve contract, an agreement is made with the notary of the day and time of signing the notarial contract of sale "escritura / escritura de compraventa". Before the designated "day X", the documents required for the transaction are prepared; both on the buyer's side and on the part of the seller.
Buying a property
On day X, if necessary, you can invite a sworn translator to sign the contract to confidently control the whole process. After signing the contract, you will be issued a notarized copy of the contract of sale.
Next, you must register the transfer of ownership and the new owner to "Registro Propiedad" (Land Registry). This is the last step, where, together with our help, you will become the official owner of the property in Spain, "your dream home"!
To make the necessary list of documents, translate them into Spanish language, get the number of the foreigner and open a bank account, understand the intricacies of Spanish taxation –our experts can help you.
We will also provide you with full information about the selected properties: the existences of possible debts within the tax authorities, the property owners register, electricity and water supply providers, Management Company or housing cooperative, also in the bank, about the options for a mortgage.