Step by step guide to buying your property
In all property transactions in Spain, it is most important to ensure that not only do you have a clear title to the land (i.e., that you own the land and therefore everything that is put on it), but also that there are no mortgages or debts outstanding on the property that you might inherit when you buy the land or property.
The sale and purchase of all properties in Spain requires to be registered in the Land Registry.
They maintain details of the property and record of the financial charges and other matters which may affect the title. We do advise that you seek legal advice from one of the local Multilingual lawyers as ownership and outstanding debts on the property need to be checked thoroughly.
The next step would be to arrange an NIF/NIE number to present to the Notary for the
purchase and also needed to pay taxes. For this you would need your passport and a
photocopy, and a completed application form that you must take personally to the Policia
Nacional for processing. This is also made simple by your lawyer.
Set-up a Spanish bank account with a local bank to which you can transfer funds for the
purchase. We can arrange this for you
A Private purchase contract is drawn up stating the terms of the purchase, deposit payable (in most cases a 10% of the purchase price), date of completion, inventory if the sale includes
furniture. We advise that you do not sign this until your lawyer has explained the full
implications of this contract.
If you wish to arrange a mortgage take into account that you need to give the bank about 1 month to sort out the approval of the loan, and the valuation on the property, before signing the mortgage. For more information on interest rates and calculation of monthly repayments
Contact us and we can give you a full quote
Near the completion date your lawyer should check with all the relevant authorities to make
sure that there are no invoices outstanding, this would include electric and water rates, as
well as Town Hall rates.
Now the signing of the Escritura. On completion date (or before if both parties agree) vendor & purchaser or their representatives with power of attorney, will appear before the Notary, who is an independent government official who certifies legal documents. The Notary acts for neither party, and does not replace your lawyer, he merely witnesses the signing of the
Escritura. At this moment the balance of the purchase money will be paid to the vendor. If you did decide to take out a mortgage it is also signed in front of the Notary at this time. You will then be the proud owner of a property in Spain , and be handed the keys of your new
Your lawyer should now proceed to put all the services (water, electricity & Town Hall rates) in your name, and fill in all the necessary bank authorisations for direct debits. As well, he will prepare to pay all relevant taxes & expenses to cover the signing of the purchase, these include Notary fees, property registry fees and purchase tax. (which are fully explained later
on in this guide) We suggest that following the purchase of the property you should take out an appropriate home insurance (please ask us at Fiesta Properties for a quote) as well as drawing up a Spanish will buy your lawyer, as writing a Will can save a tremendous amount of
heartache for your family and it does not take very long. As with an English Will, use a lawyer to prepare this. By discussing with a Spanish lawyer exactly what you wish to happen to your property after your death, he will be able to take careful note of your wishes and advise you
on how the Will should be expressed to carry out your true intentions under Spanish law. As with most legal documents in Spain , your Will is signed in front of the Notary.