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How to buy property in Spain

So, you have decided to buy a property in Spain. Immediately after signing the contract of purchase and sale in the notary office you will receive the keys and will become the owner of your property.
Here is the process:

book1. The choice of the property.
Once you have found your perfect home the property will need to be secured with a deposit. The reserve amount is usually 3000 Euro, but on banking objects may be different. Within an agreed time the remaining balance up to 5 per cent needs to be paid. This amount is fixed in the contract of the Deposit. This deposit shall be  paid into a holding account.
NIE2. NIE (Identification Number for Foreigners)
An NIE is required by all foreigners buying property, car, or getting connected to utilities in Spain. This document is needed before signing for the property at the Notary.
An application is required along with a photo (3,5x4,5) and your passport. Also receipt of the payment from a bank for 9,45 euros.
This is issued by the General Directorate of the Police, and must be used on all tax returns and communications addressed to the tax authorities. This NIE should be processed before completion and you CANNOT buy a property in Spain without an NIE.
 


1403461363_Bank3. Opening a Bank Account.
This can be done without having to be in Spain. We can help to arrange this as well as internet banking. We will have all the documents waiting for you when you arrive in Spain.
GBTBanks4. The transfer of the required amount of money to your Spanish account.

6735. Applying for a Mortgage (if necessary).
Mortgages are available for foreigners in Spain. At the moment the rate is 1,2% to 4%. It is possible to obtain up to 90% of the property value.
We will prepare the necessary documents. This will be done if needed in advance of your trip to Spain.
contract6. The signing of the contract of purchase and sale in the Notary office.
At the time of signing the contract a cheque is required for  the balance of the purchase made out in the name of the seller.


Euro_banknotes7. The transaction of purchase and sale of real estate involves the following costs:
• For a resale property, transfer tax (ITP) will need to be paid; generally this is levied at 8% across all of Spain (including the islands), but in Costa Blanca (except Murcia), this will be 10%
• Notary fees – generally between €400-€900
• Land Registry fees – roughly half the cost of notary fees
• Independent lawyer fees – €1,000-€2,000
• Valuation fees (around €350), stamp duty (1.5% of the mortgage deeds) and a lender’s commission (typically 1% of the capital loans) if you are buying with a mortgage
• VAT of 10%, instead of ITP if the property is new-build
• Stamp duty for a new-build, 1.5% of the purchase price.


img0003We will be with you at every stage. 
Will help you find the ideal property;
We will help you with visa and travel arrangements and meet you at the airport;
We will help you with a mortgage, opening a bank account and with your NIE;
We will accompany you to the Bank and the Notary;
We will make sure that all taxes are paid and registration documents are legalized.
 

lux1_We will make sure that you decision is the best decision you will ever make.