How to buy property in Spain

  • 6 months ago
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How to buy a property in Spain.

To buy a property in Spain, you need to follow several steps:

Get the NIE identification number (Número de Identificación de Extranjero). It can be obtained from the Spanish Consulate in Russia or in Spain when visiting one of the offices of foreign citizens.

Find a property that meets the requirements and budget. You can contact real estate agents or search on websites dedicated to real estate in Spain.

Check the legal purity of the property. Be sure to check for additional costs, such as agent’s commission, taxes, etc.

Sign a preliminary purchase agreement (Contrato de Arras). This is usually an advance payment, which is about 10% of the value of the property.

Conclude a basic real estate purchase agreement (Escritura). This is a legally perfect document that is signed by the seller and the buyer in the presence of a notary.

Register real estate in the register of mortgage books (Registro de la Propiedad). This is necessary to have the right to own real estate.

Pay the tax on the purchase of real estate (Impuesto sobre Transmisiones Patrimoniales). The amount of tax depends on the region based on the price of the property. In our Costa Blanca region, it is 10%

Have a financial plan to pay for all additional expenses that may arise during the purchase and maintenance of real estate.

For a successful purchase of real estate in Spain, it is important to get qualified advice from our lawyer and real estate specialist.

In addition, when buying a property in Spain, it is recommended to pay attention to the following points:

Check the availability of all necessary documents from the seller, including the certificate of ownership and documents on land taxes.

To assess the condition of the property and the conditions of its use. For example, when buying an apartment, it is necessary to find out who owns the common parts of the house, what expenses are borne by the owners.

Learn about taxes and mandatory payments that will need to be paid after the purchase of real estate. For example, in Spain there is a real estate tax – Impuesto sobre Bienes Inmuebles (IBI), which is levied annually.

Check whether the seller has arrears on payments that he must pay in connection with real estate.

To clarify the terms of repayment of the loan, if the seller took out a mortgage on real estate.

In general, when buying a property in Spain, it is important to be careful and careful to avoid problems in the future.

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