Information on buying a property in Spain
In our long experience negotiating with possible buyers we often realize that missing information is the main problem when buying properties in Spain.
Therefore, we would like to give you, our client, as much information as possible on hand so that you can be sure, right from the beginning, to know the basic requirements.
This is our concern and let us start now with the details!
What do you have to do once you have decided to buy your dream property?
If you like to buy a real estate on the Costa Blanca, you will need a so-called N.I.E. number (Número de Identidad de Extranjero). This number serves for the identification of foreigners in Spain and is already required for the opening of an account. No residence is necessary for a N.I.E. in Spain. The N.I.E. can be obtained from a Spanish consulate or from the Spanish police (in certain offices) and must be applied for personally. Unfortunately, the application through a consulate is often a long procedure and we, therefore, recommend to make this application directly in Spain.
With pleasure we will accompany you, on this occasion, personally!
With the confirmation of this application you can open your bank account in Spain and present the original N.I.E. later on. The bank account is necessary before, because the purchase price has to be paid by a confirmed cheque issued by a Spanish bank in the notary's office. The confirmed bankers cheque, which is guaranteed by the Spanish State bank, is considered as cash money - this serves for the security of the seller as well as the buyer. Upon receipt of this cheque the notary carries out immediately the change of proprietary in the register office for the buyer.Therefore the proprietary is transferred immediately and officially!
Also, to the notary’s office, we will accompany you of course personally!
But first of all we always recommend putting hand on your dream villa by closing a private contractt, so that the notary's day can be prepared in peace step by step.
We work out this private contract in detail with you personally!
This contract includes the following details: the latest date for the notary as well as the deposit of usually 10% of the purchase price. Also the distribution of the costs is laid down.
The buyer has to pay the notary's fees, the cadastre registration as well as the land transfer tax. This means, at present, total costs of maximum 13% of the purchase price.
The seller pays the profit tax, 3% of withholding as a Non-resident (Retención) which has to be paid directly by cheque at the notary's office and the land value increase tax (Plusvalía) as well as our agent's commission.
We as your agent will collect in the meantime (before the notary appointment) all necessary documents and will check by means of a "nota simple" (like a German land register extract) the ownership structures as well as the exemption of the object. We also collect all documents related to the running costs like real estate tax, garbage fee, electricity, water and phone, and we prepare the changings in your name.
We do hope that we were able to answer some of your questions already now and we will be at your disposal for further information!
We are looking forward hearing from you!
Manager: Petra Haack