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The procedure for buying a property in Spain


If you have decided to buy a property in Spain, as an investor you should take into consideration several factors and go through these ten stages. Basically, in comparison with other European countries, the procedure of buying a property in Spain is quite fast and transparent.

STEP 1 Property selection

During the first stage the company monitors the market and a selection of property units is made following the preferences of investors’ preferences;

STEP 2 Arranging a visit

The next step involves arranging a trip to Spain in order to view the properties and choose the one that the investor likes (from 3 to 5 days);

STEP 3 Preliminary sales contract

The investor signes a preliminary sales contract, which represents their intention to buy a property, and pays a bank deposit (1 day);

STEP 4 Opening a personal account in a Spanish bank

Opening a personal account in a Spanish bank (the agency will assist with this procedure). The bank account should be set up in the Spanish bank that has agreed to accommodate the loan. Non-residents can obtain credit to the amount of 40-50% of the total value of the property;

STEP 5 Submission for N.I.E. (Numero de identificacion de extranjero N.I.E.)

Submission for obtaining  N.I.E. (Foreign Resident Identification Number). This procedure takes 1 day, with the document being authorised and returned in 10 days. In order to obtain a N.I.E. the following documents should be submitted:

  • An active visa;
  • A preliminary sales contract;
  • A complete official form EX-14, EX-15 of the person concerned;
  • A tax payment of€9,18;
  • A photo of the investor;
  • A confirmation from the bank that 1/3 of the total amount of the property has been paid;
  • The extract from the register, provided by the previous owner (the seller).

STEP 6 Mortgage arrangements

If the investor plans to arrange a mortgage, the bank gives the confirmation within 48 hours to 1-2 weeks. All the documents must be brought from the country of origin, translated to Spanish and apostatised. The following documents have to be provided in order to acquire a mortgage:

  • An enquiry that proves the investors monthly income;
  • Information and proof of other sources of legal income (from renting out property, stock trading income, etc.);
  • A certificate of employment which shows the investors job position and working period;
  • A record of the investors bank account for the last 6 months (minimum);  
  • A record from the credit reference bureau.

STEP 7 Final sales contract

The final sales contract has to be signed. This is usually done from 2 weeks to 3-4 months after paying the deposit.

TAXES AND MAINTENANCE CHECK LIST

Secondary housing purchase (ITP)

10% from total price, mentioned in the contract (Escritura Publica

Primary housing purchase. Spanish value added tax (ITP)

10%

Tax for executing legal acts

(AJD – Impuesto sobre Actos Juridicos)

1% of total price

Registration with National register

150€-300€

Mortgage

1-2%

Notary services (approximate cost)

400€-600€

 

Additional costs:

  • Legal bills  (not obligatory);
  • Translations to Spanish language.

After the final contract is signed the whole procedure takes from 2 weeks to 3-4 months

*If the investor wants to apply for a residence permit and they are buying a residential/commercial property priced at €500 000 (without VAT) or more, then within 1 month after the documents are submitted, they may obtain a Spanish “Golden Visa”, or in other words a residence permit.  


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