03/29/2017 | Real estate purchase and sale in Spain
7 things you need to know about buying a property in Spain
Once you have decided to buy a property in Spain the process of the purchase of a real estate is as follows:
- After the first deposit and signing the private contract of sale, where are indicated the intentions of the buyer and the seller, the purchase price, terms of payment and other conditions. Such document is signed by the buyer and gets brought directly to the seller or to the Spanish real estate agency that can act on behalf of the seller’s attorney. If in the future for some reason the buyer refuses from the transaction, the specified deposit is held in favor of the seller, the buyer makes a down payment as agreed and then the selected real estate is completely removed from sale, and vice versa, in the event of refusal of the Seller this one is obliged to pay the buyer a penalty twice the amount.
- Bank account creation.
- Obliged process of getting the police identification number N.I.E for the legal conclusion of the transaction and the sale of the following transactions in the future. With N.I.E. tax authorities shall exercise control over the payment of foreign taxes. Therefore, the notary is obliged to check the presence of the Buyers number and make it into a text Escritura. Application for NIE is issued by the National Police unit, which is called Extranjeria. Our company provides buyers needed help and assistance in its preparation. For N.I.E following documents are required:Foreign passport with a valid Spanish visa;
Provision real estate contract;
Bank certificate of availability of funds, buyers bank counts or bank confirmation of the mortgage;
Two photos (3×4).
- Doing the payments in the order established by the private sale contract.
- Signing the official notarial contract of sale at the time of signing the Escritura in the notary’s office, buyer makes the final payment to the Seller. Payment is usually made by bank check, which is made in the bank just before the transaction or the day before. At the end the Buyer is given the so-called simple copy of the Escritura (Copia Simple), the keys to the house and he becomes the new owner of the property.
- Payment of one-time taxes and property registration costs occur at the same stage.
- Registration of the signed contract of the sales . After signing the deed acquired property must be registered in the name of the Buyer in the state register of ownership, where appropriate and sent a copy of the notarial deed.