Introduction:
The allure of owning a property in Spain, with its sunny climate, diverse landscapes, and rich cultural heritage, is a dream for many. Navigating the process of purchasing real estate in a foreign country may seem daunting, but with careful planning and the right information, it can be a smooth and rewarding experience. Here’s a step-by-step guide to help you realize your dream of owning a property in Spain.
1. Research and Define Your Requirements:
Start by identifying your preferences and requirements. Consider factors such as location, property type (apartment, villa, etc.), budget, and amenities. Research different regions to find the area that aligns with your lifestyle and investment goals.
Our recomendation is that you start with renting a place that looks interesting.
Dont get stuck choosing just one real estate agent. If you want a wide range of properties search for the kind of house you are looking for and let the property guide you to your agent not the other way around.
Use sites as idealista, kyero and use google to find properties near by.
Remember that it will be necessary to pay fees like notary fees, property transfer tax, registration fees etc.
We would recomend to add 15 % to all property prices, that will include lawyers and fees so you know what the accual cost will be. The fees can differ between 10-15% but if you count high you wont get disappointed.
Work with your real estate agent to make a formal offer. Negotiate the terms of the sale, including the price, payment schedule, and any additional conditions.
2. Find your lawyer!
When you found your property we recommend you to instant get a lawyer to help you with the buying process. Your lawyer should be independent and not provided by your agent.
Engage a qualified and independent lawyer who specializes in real estate transactions in Spain. They will assist with due diligence, review contracts, ensure proper documentation, and navigate the legal aspects of the purchase.
We have a couple of lawyers we can recomend if you dont find one yourself, but it’s always a good idea to choose one thats fairly close to the property you are wanting to buy.
3. Reservation agreedment!
After you found your lawyer a good idea is to tell your real estate agent you want to make an reservation agreedment, meaning you make a deposit usually between 3-6000 euro to take it off the market.
Make sure your lawyer reads the agreedment before signing or sending any money. If you have this signed you cant loose your property even if someone over bids you.
4. NIE number and bankaccount!
Without a NIE-number (número de identificación de extranjeros) your purchase is impossible. Even if you just want to rent a property for long term you will need a NIE-number.
This is a crucial step as it is required for various legal transactions, including opening a bank account and signing the property deed.
So if you already are 100% sure you will invest in Spain we would recomend doing this as a first step.
You will also need a bankaccount in spain, this will be necessary to pay your monthly utilities like electricity, water, internet, etc.
If you already chosen your lawyer he can help you with both of this steps.
5. Signing and paying off the deposit!
When its time to sign the contract you will have to pay a deposit of 10% usually within 10 days of the signing.
During this period, your lawyer will conduct due diligence to ensure there are no legal issues with the property. This is also the time to secure mortgage approval if financing is involved.
Please make sure the contract includes an arres agreement. This means that if the seller withdraws the agreement you’re entitled to double your deposit money back.
This contract outlines the details of the sale and includes a completion date.
6. Completion at the Notary (Escritura de Compraventa):
This involves signing the deed of sale at the notary’s office. Both buyer and seller, or their legal representatives, must be present. Once the deed is signed, the remaining balance is paid, and the property officially transfers ownership.
The final step is to register the property in your name at the Land Registry. Your lawyer will typically handle this process, ensuring that all legalities are in order and the property is officially yours.
7. Getting the keys!
When both parties have signed the contract and the property have been registered at the notary you will get the keys in your possession.
This pivotal moment represents the culmination of the transaction, and the unparalleled satisfaction derived from unlocking the door to your property is truly incomparable.
Conclusion:
Buying a property in Spain involves careful planning, legal diligence, and collaboration with experienced professionals. By following these steps and seeking the guidance of reputable real estate agents and lawyers, you can turn your dream of owning a piece of Spanish paradise into a reality.
