The buying process in Spain
- The first step is the reservation contract and compromise (compraventa).
In this contract the details of the purchase are stipulated : agreed price, advance payment received and the final date for the signing of the deed.
Most of the times an advance payment of 3000 euro is asked for at that moment.
We advice you to contact a lawyer or a fiscal representative to do the necessary research before signing the compromise contract.
In contrast to many other countries it is not the notary who is responsible for the good outcome of the purchase. Your lawyer or fiscal representative (gestor) are responsible to check if the property is debt free and if there are no violations.
- The second step is the deed (escritura).
For the deed you need to go to a notary. On the date of the deed you need to pay the balance of the purchase and the notary takes care of the registration of your title deed in the registration office.
After a few weeks you will receive the original.
What do you need ?
- The N.I.E. number : everybody who wants to buy a property in Spain needs this identification number ( you also need it to buy a car, telephone and so on..)
- Bank account : It is mandatory to have a bank account in Spain when you buy a property because they are required to debit your account for the water and electricity bills.
We are happy to help you with this.
Additional costs when you buy a property in Spain.
- The tax is 10% for an ordinary house.
- You have to add about 3% for costs such as notary, transfer water and electricity, lawyer and so on… .
- For a purchase under 100.000 euro the costs are about 5% because of certain minimums so here you need to take a total cost of around 15% into account.
- If you buy a newbuild there is an additional 1.5% tax.