The purchasing process in Spain: from reservation to signing at the notary.
- Alexandre Strumeyer
- Dec 7, 2024
- 2 min read
Updated: Dec 10, 2024
You are considering purchasing a property in Spain. Here are the steps of the buying process.
Duration of the process. There is no constraint on the minimum duration of the purchasing process, the state or municipalities having no right of priority. It can therefore be very quick (1 to 2 weeks) if you have the money in a bank account in Spain and a N.I.E., foreigner identification number.
Purchase offer – reservation. The negotiation will be facilitated if the purchase offer is made in writing and accompanied by a deposit of € 6,000. If there is no final agreement on the sale price, the deposit is returned in full to the buyer. If the offer is accepted the property is reserved and withdrawn from sale. The € 6,000 deposit is from then considered as non-refundable.
Due diligence. It is advisable to seek the services of a lawyer who will carry out the due diligence in which he will review the urban situation and charges of the property before signing the sales agreement. You may also grant power of attorney to your lawyer to carry out all procedures on your behalf.
Private contract. The private contract usually has to be signed within 1 to 3 weeks after the reservation of the property. It involves a payment of a deposit, typically 10% of the sale price, including the initial €6000 already paid for reservation. Your lawyer will assist you in reviewing and negotiating the terms of this contract. If, for any reason, you decide not to purchase the property, the deposit paid will be retained by the seller. In case the seller decides not to proceed with the sale, they must reimburse you for the 10% deposit already paid and additionally compensate you with an amount equal to 10% of the sale price.
N.I.E. To sign the deeds at the notary, if you are not Spanish you will need to present a N.I.E. foreigner identification number. The request is made to the police station of the town where the property is located. Please note the delivery time is 1 to 2 months. This request can also be made in your own country at a Spanish consulate.
Bank account. You need to open a bank account in Spain to transfer the money for the purchase. The law against money laundering requires the bank to ask you for proof of the origin of the funds.
Public deed. In a period of 2-8 weeks after the signing of the private contract, the signing of the public deed will take place at a notary chosen by the buyer. At this moment the remaining balance of the purchase price must be paid to the vendor and the buyer takes possession of the property.
Administrative procedures after purchase. You will need to pay taxes, register the purchase in the property registry, update the holder for water and electricity contracts and with the community of the owners.
If you would like support throughout the purchasing process in Spain, Marbella and the Costa Del Sol, feel free to contact me!
+34 622 22 70 78, Tel y Whatsapp.
Alexandre Strumeyer
Real estate agent, EMBASSY Costa del Sol , Marbella
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