- You need a good lawyer who specializes in real estate. This is because in Spain the obligation to investigate lies with you as the buyer. In fact, if you hire a lawyer, this duty of investigation moves to the lawyer. The only thing the solicitor does in the purchase process is to confirm that the buyer and seller enter into an agreement. Costa del Sol Specialist works together with a fixed group of carefully selected lawyers, where in most cases it is possible to communicate in your own language. Therefore, at your first appointment with our advisor in Spain we will, if desired, arrange an appointment with one of our cooperating lawyers.
- Although you may be able to find your property independently through one of the hundreds of housing websites, it is wise to use a reliable purchase advisor who can offer you a selection of suitable properties. The purchase advisors of Costa del Sol Specialist are experienced and reliable. Our advisors are obliged to hand over a quarterly ‘Certificado de contratistas y subcontratistas’ of the Agencía Tributaria. Among other things, this is proof that there are no arrears in payments.
- Reserve about 10% on top of the purchase price for an existing home and about 14% on top of the purchase price for a new home. The purchase cost of an existing home consists of transfer tax and attorney, notary, land registry and bank fees. When buying a new-build home, there is no transfer tax payable but 10% VAT and 1.5% stamp duty. The other costs are the same as for an existing home.
- You will need an NIE number. Although it is not strictly necessary to have it from the beginning, there will come a time when it will be necessary to pay the transfer tax and to register your property in the land registry. Because it may take a while to get it, it is wise to apply for this number as soon as possible. Your purchase advisor can arrange this for you with a power of attorney with the lawyer.
- You will need a Spanish bank account for such things as payment of utilities and any contribution to the Owners Association. We will put you in touch with excellent Spanish banks dedicated to working with foreign clients. We will introduce you to a local branch near your property.
- In Spain, both when purchasing an existing property and new construction, a reservation must be made. This is done by depositing a certain amount (or percentage of the purchase price) into your lawyer’s trust account. Thus, this remains your money at all times. Only when your lawyer has finished his research into the legal side of the property and approves it (in consultation with you) is the amount transferred to the seller.
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Buying a house in Spain in 6 steps
