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The Local Ad Magazine Online and in Print

The Local Ad Magazine Online and in Print

 

Buying property in Spain

 

 

 

 

 

 

 

 

 

 

 

Choose a reputable Estate Agent to view properties with, preferably one who is an approved member of the AIPP (Association of International Property Professionals) so you have recourse.

Once you have agreed a purchase price on your chosen property you will need to put down a 10% deposit (of the agreed purchase price) and sign a contract with an agreed completion date.  There is no gazumping in Spain.  Once an offer is accepted, the deposit paid and contracts signed the property cannot be viewed by anyone else or other offers accepted.  This is Spanish Law.

You need to select a Lawyer to work on your behalf.  You should choose a Lawyer local to the area you are purchasing your property as different regions of Spain require different things.  Your Estate Agent can recommend a Lawyer but it is your choice who you would like to use.

You will need to open a Spanish Bank account and obtain a Spanish NIE number (national identity number).  You can do this yourself by visiting the Foreign Police office related to the area you are purchasing, however you need to bear in mind that it takes approximately 2-3 weeks to get your NIE and if you apply in person you will also need to collect it in person, you cannot get it collected by another person unless they have your Power of Attorney.

It is advisable for you to give your chosen Lawyer a Power of Attorney whilst you are in Spain so they can obtain your NIE´s for you and if specified on the Power of Attorney, can complete on your property purchase in Spain without you having to be here.  Your chosen Lawyer can give you a price for the Power of Attorney and obtaining your NIE´s.

A completion date will be agreed between you and the vendor so that it is convenient to both parties.

In addition to the agreed purchase price you will need to allow an additional 11% of the agreed purchase price to cover your property tax and legal fees.

Resale property tax is currently 8%, then the agreed Lawyers fee ,you also need to pay the notary fee plus transmission tax.  The notary fee and transmission tax costs will be given to you by your chosen Lawyer.  In all the 11% should cover all these costs.