Thinking about purchasing a property in Spain and on the Costa del Sol? Great! The first thing you need to do is to get an NIE, if you don’t already have one. The Número de Identificación de Extranjeros means that you are registered with the Spanish Tax Authorities.
When buying a property in Spain there are som additional costs such as taxes, fees and other expenses that will increase the final bill. These costs can vary depending on if you buy a newly built property or a resale, type of property etc.
So if you’re thinking of making the most of the Mediterranean Lifestyle, here’s what you need to know about the buying process.
When you have found a property that you are interested in we will help you with the viewing. If you like what you see, bidding and negotiation will take place and buyer and seller agree on a sales price.
The next step is to sign a reservation contract. The contract is legally binding. When you sign the contract you will pay a deposit of 6 000€ and the seller removes the property from the market during a reservation period of 8-14 days.
Your solicitor then contacts the vendor’s legal representative to gather all documentation for the property and make sure that all licenses and permits are in order. It is important to check that there are no outstanding mortgages, taxes or other costs pending for the property.
Once your solicitor approves all documentation, the purchase contract can be signed. When signing it is normal that the buyer pays 10% of the total sales price.
The final step before you recieve your keys to your dream home is to sign the Title Deed and to make the final payment. This is done at the Notary’s office.
Once the Title Deed has been signed, the property will be registered at the Land Registry. Make sure that all the utility companies are informed of the change of owner.
Congratulations! It is now time for you to enjoy your new home.
If you need to do some renovation of the property or have any questions about life in Spain, we are available also after your purchase and will help you with the issues that arise. Do not hesitate to contact us!