Procedures of buying property in Spain

The procedure for registration of real estate in Spain

Pre selection of real estate.

  1. Reservation of property chosen: Provision Contract is accompanied by the formation of contracts, which lists the names and documents the buyer and seller, price and so on. D. The Customer shall pay a deposit of between 3,000 and 10,000 euros. Spain admits that the holding of a simple private contract, and notarized contract.
  2. Check the real estate lawyer in all necessary instances and registering property (Land Registry) for any debts or property rights of third parties, etc.
  3. The buyer has passport and foreign identification number (NIE). NIE number is required for any type of financial transaction: opening a bank account, the creation of the company, the purchase or lease of real estate or buying a car, etc.
  4. The buyer has to open an account at one of the Spanish banks of all the possible payments under the transaction. If necessary, get a loan, it is recommended to open a bank account; they plan to apply for financial support.
  5. When buying real estate in the secondary market, the buyer must pay a tax estimate in the amount of 8% to 10% (depending on price) the value of the purchased object (property transfer tax – ITP). When buying a new home comes the payment of VAT at the rate of 10%.
  6. In notaries appointed day buying and selling (buying). After the customer’s signature on his hands he is given a certified copy of the notarial deed (single copy). Check the new owner in the land registry can take from 2 weeks to 2-3 months (in the case of a mortgage). After that issued the original bill of sale (property deed)

The expenses for the acquisition of property such as notary (solicitor), the cost of mortgage loan (if necessary), the cost of registration documents (Management), the cost of registration in the Land Registry (Land Registry) presence in the transactions Authenticated translator (official translator), will amount to 8.6% of the cost. Along with the obligatory taxes, the size of which we have noted above, the cost of registering property was 10-15% of the project cost