What responsibilities a foreign buyers can face? How a typical deal usually goes? And how much more than the cost of a property do you pay as a buyer? Find out in the instruction for buyers of real estate in Spain.
Step 1. Prepare for the Deal
Foreigner Identification Number
In Spain, to cut a big deal (such as buying property, signing an employment contract or starting a business) a foreigner has to obtain the Foreigner Identification Number (Numero de Identificacion de Extranjero) or the NIE number.
You can get it in advance at the Spanish consulate in your country or at the police immigration office in Spain on arrival.
To apply for the NIE number you will need the following documents:
Your passport as well as a photocopy of all its pages;
Your two photos;
A state duty payment receipt (around €10);
A completed application form.
Usually one can rely on their real estate agent's assistance with receiving the NIE number.
The application process may take from days to weeks. You don't have to take the document by yourself, your legal representative can do it for you.
Spanish Bank Account
You will need an account in the Spanish bank for a deal. It's recommended to get it in advance.
There are a lot of foreigner friendly financial entities, for instance Sabadell, Bankia, Caixbank, etc.
To register your new bank account you will need:
Your passport (or a foreign passport if your nationality implies it);
The NIE number;
Documents on your income (that may be an employment and salary certificate and others).
Many a bank asks to attach the documents with their translation into Spanish.
Opening a bank account itself is free. But the balance being positive, there is a monthly (or yearly) maintenance fee. The same account can be used for payment of the utility bills. Today all the banks provide online access to their services so all the transactions can be made online.
Step 2. Reserve and Check the Property
The match found, you can book the unit by sending a deposit to the seller. The usual payment makes up around 3-5 thousand euros. Later, the payment will be credited to the property’s cost.
After the booking, the real estate agent requests information from the real property register concerning all the property’s owners and encumbrances.
You can take your deposit back in full if during the check you find out something precluding to close the deal successfully.
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After the check the parties are to sign a preliminary contract (Contrato de arras). That is the contract manifesting the intention to purchase and sell. The contract must contain information about the unit being sold and the commitments of the seller (such as leaving furniture) and the buyer (for instance, when they are to sign the main contract and transfer the whole payment).
While signing, you are to transfer 10 per cent of the unit’s full cost to the seller.
Usually there are penalties for termination spelled out in the contract. For example, if the buyer rejects the deal, they lose the deposit. If the seller does it, in their turn, they are to double the deposit. Etc.
Application for a mortgage.
If you are going to get a mortgage in Spain, you should recieve an approval from the bank before meeting the notary. Generally, you have to send an application along with a set of documents to one or a few banks. Your real estate agent may assist you with it.
It takes from weeks to months to get a mortgage approval.
Every foreigner in Spain has to obtain the Foreigner Identification Number (NIE) to cut big deals.
Step 4. Notarize the sale contract
A real estate sale contract must be notarized, which makes the whole process safer.
All the documents are sent to a notary, who checks whether there are encumbrances or debts involving the unit.
For every deal there is a case file that will contain all the documents. This case file is kept at the notary.
The seller and the buyer arrange an appointment at the notary to sign the contract. In Spanish it’s called Esctitura Publica. Every party can have their representatives, for example a real estate agent. Also if the deal involves a mortgage, presence of the bank officers is required.
Of course, if you are a foreigner and can’t speak Spanish, participation of a sworn translator is necessary.
As a rule, the parties look through the contract and agree on it's essence before singing. The notary just reads it out loud and explains the parties’ rights and duties. Some norms can be changed.
If there are no objections, the notary makes a request to the register and, so to speak, blocks the property. It means that from now on other operations with it are not possible.
Then you sign the contract. If you buy in the secondary market, you enter into a contract with an individual. If your choice is in the primary market, you contract with a developer. It is possible to make agreements with an agency, but in this case this agency must have an appropriate power of attorney.
As a buyer, you hand a cheque for the remaining cost of the unit to the seller. The notary gets from you the check for the taxes and fees. The seller in his turn should give you the key, all the property documents and taxes and utilities payment receipts. You are supposed to get a copy of the sale contract as well. You will be able to take the original contract after registration in the register.
After signing the contract you have to make new agreements with the utility providers. Your real estate agent will help you.
The most common way to pay for property in Spain is by cheque. The algorithm of payment is following:
Open a Spanish bank account;
Transfer money from your bank account in your country to the Spanish one;
Get from the Spanish bank a cheque that you will later give to the seller. Do it before signing the contract.
Step 6. Register the Deal
Getting the key is not the end of a process. After the registration the notary will send the original contract to the register. There it will be checked one more time. Afterwards you will be registered as a new owner. It may take up to three months. After registration you will get an extract from the register along with the original contract.
