Useful Tips for Buying Property in Spain

You can browse the property listings for sale in Spain on numerous websites. Of course, you can filter the selection by regions, cities, or types of houses and apartments. Once you know which part of Spain you would like to buy property in, the search becomes much easier. 

It is advisable to visit local real estate agencies, as they can provide useful advice on local customs and property trends. Each agency works with different commission rates, so be sure to clarify this with them!

When viewing properties, thoroughly inspect their condition and ask what the price includes. Often, furniture is part of the sale price. During a personal visit, check if the taps and drains are functioning properly, if the air conditioning is working, the condition of the neighbors, and whether the neighborhood is noisy.

It's recommended to ask the real estate agency for information regarding the communal fees. Inquire if there are any outstanding debts from the property owner or the community. Ask if there are any planned renovations in the near future, and what costs might be passed on to the owners. Find out how much the monthly communal fee is and what it includes.

Make sure to gather information on taxes and fees that need to be paid after the property purchase. In Spain, each region has its own regulations concerning taxes.

If you've found your dream home, to confirm your intention to purchase, you will need to reserve the property. At this point, a preliminary contract will be signed, outlining the predetermined sales conditions and the terms and amount of the deposit, which is usually around 6,000 Euros. The preliminary contract will also specify when the property will be transferred, and when and how the full purchase price will be paid.

Afterward, it's recommended to contact a lawyer who will draft the final contract and protect your rights throughout the process. The lawyer can act on your behalf with the relevant authorities through a power of attorney. The lawyer will also gather the necessary documents from the seller and obtain information about the property from the land registry, etc.

Additionally, you will need an NIE number (Spanish Foreign Identification Number) for the property purchase.The NIE number is required, among other things, for paying taxes and fees related to the property.

To apply for the NIE number, you will need the contract from the real estate agency as well as your personal documents (passport, etc.).

Once everything is in order, both parties will sign the sale contract, and the full purchase price will be paid by the buyer (including the deposit). If you do not speak Spanish, an interpreter must be provided to explain the entire process and the terms of the contract. The sale agreement will be notarized, making it an official document, and it will be used for the property registration in the land registry. After the contract has been notarized, the real estate agency will hand over the keys, and the buyer can take possession of the property.

Following this, the utility services in the property will be transferred to the new owner's name. This can be done by either the lawyer or the real estate agency, depending on the agreement. The current readings of the electricity and water meters will also be taken during this process.

To transfer the utilities, the new owner's bank account number will be required, from which the fees based on consumption will be regularly deducted.

In the process of opening a bank account, either the real estate agency or the lawyer will assist, based on prior agreement. Usually, you will need to visit the chosen bank in person.

The final step is to notify the local municipality about the change of ownership and to register the new owner for the local property tax.

From selecting your dream property to receiving the keys, it typically takes about 3-4 months. The total cost of purchasing the property, including lawyer, notary, and real estate agency fees, is usually around 11-13% of the property price, in addition to the purchase price itself.

If you have any further questions, feel free to contact us using our provided contact details!