GUIDE TO BUYING A PROPERTY IN SPAIN FOR NON-RESIDENTS
FIRST.- INFORMATION ABOUT THE PROPERTY TO BUY
Before signing any contract it is of utmost importance to verify certain information of the property that you want to buy, in order to avoid any problems when formalizing the agreement of purchase and sale.
It is advisable to request a “NOTA SIMPLE” to verify the ownership and whether there are any pending credits or mortgages on the property in question. Also request the rest of the documentation: Property tax (IBIU), community debts and last receipts of the utility supplies.
SECOND.- SIGNATURE RESERVATION CONTRACT
The signing of a reservation contract, formalizes and commits both parties to an agreement.. The agreement consists of the buyer paying on account an agreed amount to secure and reserve the property. Normally the amount paid is approximately 10% of the value of the property.
THIRD.- OBTAINING THE NIE
The NIE (Foreigners Identification Number) is a unique sequential number, granted by the Foreign Office and issued by the National Police. In accordance with Spanish Law it is required for the purchase or sale of any real estate, vehicle or boat within Spain.
FOURTH.- OBTAINING A MORTGAGE
If you need to finance the purchase of your home, you can do so by arranging a mortgage in any financial entity that operates in Spain.
The percentage for financing granted to non-residents has been reduced of recent years to between 50% and 60% of the appraised value.
FIFTH.- SIGNING AT THE NOTARY
Legal ownership is transferred in the offices of the Notario. The Notario is a person with legal training who is licensed by the state to perform acts in legal affairs, in particular witnessing signatures of legal documents. He/she ensures the legal veracity of the documents and the statements contained therein and informs the parties concerned of all the legal aspects involved in the purchase and sale of a property.
SIXTH.- REGISTRATION OF THE PROPERTY
Once the Public Title Deed (Escritura de Compraventa) has been signed before the Notario and all taxes have been paid, it is presented at the Land Registry office for registration.
This procedure is vital to protect the ownership of the new owner of the property.
You can contact us through our e-mail or by phone, and we will be happy to assist you personally in our shop Engel & Völkers Torrevieja & Orihuela.