Buying in Spain is a safe and transparent process, but it is important to be clear about the basic steps and requirements:
1. NIE (Foreigner Identification Number)
This is compulsory for any real estate transaction. It is requested in Spain or at the corresponding consulate in the country of origin.
2. Bank account in Spain
Necessary to pay taxes, notary fees, registration fees and to set up direct debits for utilities. 3. Deposit or reservation contract Generally signed with a deposit (10% of the price). This contract secures the operation until the notarial signature.
4. Signing of the deed before a notary; The purchase is formalised at the notary's office. In this act the rest of the price is paid, the property is handed over and registered in the Land Registry.
5. Taxes and associated costs
- New construction: VAT (10%) + AJD (1-1,5%).
- Second hand: ITP (6-10% depending on the autonomous community).
- Other expenses: notary, registry and agency (approx. 1-2% of the price).
6. Financing (if applicable); Spanish banks offer mortgages to non-residents of up to 60-70% of the appraised value.
7. Legal advice; It is advisable to have a lawyer specialising in real estate law to review contracts, taxes and protect the interests of the buyer, RHAYSSA DE OLIVEIRA, is our lawyer specialising in the whole process of buying and selling property in Spain.
Conclusion: Buying in Spain is an agile process if you have a NIE, a bank account and professional advice. With Selma Real Estate, each client receives a complete accompaniment: from the search of the property to the signing of the title deeds and the legal and fiscal management.