If you want to buy a property in Spain, you usually have many questions in your head about the process and some legal issues. Below you will find the answers to the most frequently asked questions from prospective buyers. They will surely clarify some of your doubts.
1. I want to buy a property in Spain but I get lost among so many offers. Where do I start?
It is important to define your selection criteria as:
· The location of the product: near the beach, close to the amenities, isolated, etc…
· The type of property: individual, townhouse, apartment, rural house, etc…
· The number of rooms and bathrooms.
· The extras: orientation, swimming pool, garage, solarium, all on one floor, with guest apartment, etc…
· The use: to live all year round, for holidays, as an investment to put in rent, etc…
· The budget you want to spend on the purchase.
2. What are the purchase costs that I will have to face?
This information will help you set your maximum budget and know how far you can negotiate.
As a general rule, you should add about 13% to the price of the property:
· 10% of fees.
· About 3% for Notary, Registry and Administration fees.
3. What are the steps in the purchase process?
· The selection of the properties.
· The visits to these properties.
· The offers and the negotiations.
· The signature of purchase contract and the payment of the reservation in deposit: this same contract is signed by the seller and is the document that formalizes the operation until the signature at the Notary. This contract contains the complete details of both parties, the description of the house, the sale price, the date of taking possession, etc.
· The deposit is usually paid into the agent’s or lawyer’s account until the signature at the Notary’s office. The amount of the deposit is 10% of the sale price (or a reservation of 3,000 euros at the time of signing and the rest of the amount within one week).
· The rest of the total amount will be paid on the day of signing at the Notary’s office.
· The waiting time between the signing of the purchase contract and the signing of the Public Deeds at the Notary’s office may vary, but usually no more than 3 months elapse between the two operations.
· The signing at the Notary’s office: you will pay the rest of the total amount and receive the keys of the old owner. From that moment you are the legal owner of the property and can take possession.
4. What documents do I need to provide to buy?
· Your ID card or passport.
· The NIE: Foreigners Identification Number. The NIE is essential if you want to buy a property in Spain.
· A Spanish bank account number.
5. What are the expenses I will have as an owner?
· Payment of IBI: annual property tax.
· Community charges, if applicable.
· Electricity and water costs.
· Home insurance.
· Non-resident tax, if applicable.
· The will: it is advisable to make a will in Spain for your Spanish property.
Final note:
Remember that you will be advised at every stage of the process. We will manage the necessary documentation, make the relevant appointments, administer the payment of taxes and translate the official documents if necessary.
If you have any further questions, please do not hesitate to contact me.