The buying process in Spain

The buying process in Spain

Searching the right property

To explain the buying process in Spain, we need to start by searching the right property.

Most of the buyers in Spain start with Idealista when they want to buy a house.

You could have a look of possible areas that you like for the house in Spain, if you prefer big city,beach or rural areas. Either you may hire a real estate agent that you could trust or find directly the seller´s contact details.

Negotiating the price and reservation contract :

This is mainly done once you find the property you like. You could ask your agent to assist you to negotiate the purchase price as this is one of the expertise of the agents ( normally) or if you are  good negotiating you could do it yourself that it could work very well.

The conveyance solicitor in Spain start the work once you closed the price normally. From that moment the lawyer/ solicitor asume the case on your behalf and prepare all legalities required to be able to reserve the property in your name and take the property out of the market.

Due Diligence and purchase contract or exchange of contract step:

Your real estate  lawyer fully registered in the Spanish Bar Association will complete this work for you as this is the only expert who could legally do this part.

The lawyer will  provide full legal advise and revise all documents  to make sure all complies legalities required.

Be aware that any other profesional is not fully capable to cover all the legal due diligence required to safely buy in Spain. Not even Notary or real estate agency or other. Ask for the registration number in the Spanish Bar Association before to engage or pay anything.

Once is completed the Due Diligence, the property  lawyer  in Spain will draft the contract and negotiate all clauses on your behalf. When both parties agreed on terms is time to sign the contract.

Legal formalities

When this is your first purchase in Spain you need to apply for your NIE that your  property lawyer could apply for you with a power of attorney.

It is recommended to have an Spanish bank account.

it is requested to register you at the Spanish tax authorities only to buy a property here.

Expenditure cost: Another important question is to know how much all these will cost you. You will have to be informed of all your purchase cost before the contract is signed to make sure you have enough funds to fully cover all the expenditures. Normally this is the work of the lawyer.

Completion at the Notary with Key handing :

The lawyer prepare the Notary Title deeds around 7 to 10 days before, prepare all the legal documents required, send a draft to be completed by the Notary assistant.

Once the Notary send the final draft, the lawyer revise it again. Normally could need at least 3 to 4 revisions before to be signed.

Once the lawyer aprobes the final draft and the client accepts the translation or confirm the lawyer to signo on his name. The lawyer signo on his name and make the payment according to all legal requirements in Spain and formalities.

There it could be many legal issues that only a lawyer could solve for you and you could relax in the procedure.

So, all that legalities are fully revised by the lawyer in the all procedure and confirmed before to sign at the Notary. The lawyer needs to be totally updated on Law and has to be fully knowlegde if you are not tax resident in Spain.

Not all Notaries or even lawyers have knowledge of this. It is very important to avoid problems to have a real experience lawyer in Real estate with expertise in your needs. It is advisable to ask this before to engage one.

After completion formalities required

Finally , even if you are owner from the signing at the Public  Notary of the Title deeds, under spanish law your lawyer should complete another step.

It is required to register the property in your name at the Land registry and pay the purchase taxes.

In order for you to be fully protected and be the only legal owner of the property in Spain.

Are you interested to buy a property in Spain and not idea where to start? Contact us to contacto@virginiaramos.com  to have a first consultation that you could be more confident about what are your key points to be award.