The process of buying property in Spain
1. Where should you start? Villa, apartment, townhouse or a flat in Spain
First of all, new buyers need to decide what type of Real estate in Spain they want to buy. Many believe that the apartment is a more convenient for those who are going to visit their property less frequently, and the house is more suitable for permanent residence. The house requires more attention, so its maintenance tends to be more expensive. There is also an intermediate option – a townhouse. Spain has a lot to choose from. The choice is yours!
2. Choosing Real estate in Spain.
So, you have decided on the type of Real estate in Spain you want to buy. Now the main question is: how to properly choose the right one? The answer is simple – you need to look at a lot of objects to be able to compare them and select the one you prefer the most! A Realtor should not just say that A is better than B. Obviously, an apartment in Benidorm in a prestigious location is more expensive than an apartment in Torrevieja, but it is better to see and understand the differences between objects yourself. Our task is to guide you taking into consideration your budget, to show our clients all possible options and to give them comprehensive and detailed information about the advantages and disadvantages of certain objects.
3. Property in Spain: buying
When you no longer have any doubts that this is "the property of your dreams", there comes an exciting and very important moment: price negotiation! Obviously, in most cases, you can get a discount. To confirm the seriousness of your proposal and to reserve the object, that is, to withdraw it from sale, usually 5-6 thousand euros are paid in cash, and the final price and date of conclusion of the preliminary (Private) contract are agreed in writing.
3.2 Opening a bank account and mortgage
Before concluding a Private Agreement, you need to get an account in one of the Spanish banks and transfer at least 10% of the cost of the object to it.
This will require a passport and NIE. Also, the bank can provide you with a mortgage loan (3-6% per year).
3.3 Private contract (Contrato Privado) with a real estate agency
A private contract is concluded by the parties in order to finally negotiate the terms of the transaction and determine the date for signing the Notary Agreement. When signing it, 10% of the cost of the object is paid. In this case, the parties assume certain obligations. The seller guarantees that the object is free of encumbrances, and the buyer guarantees the payment of the remaining 90% by a certain date. This period is negotiated by the parties and usually ranges from one to three months.
3.4 Notary Agreement (Escritura) and Registration
Before signing the notary agreement, you must transfer the remaining amount (90% of the object's value) to your account and prepare a bank check. This check is handed to the seller at the time of signing the contract with a notary.
After that, the contract is certified by a notary, and from that moment the property in Spain is completely yours, you become the owner and can dispose of it. You are given a copy of the contract and the original is sent to the Spanish Registro Público. Registration usually takes about a month.
The Notary Deed (Escritura) is the main document confirming your ownership of the apartment. After the transfer of the registered Notary Agreement to the owner and the extract from the Register (Nota Simple in Spanish), the transaction for the purchase of real estate in Spain can be considered completed!