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Tips for buying and selling a property in Spain

A few legally relevant and important tips for the purchase/sale of a property in Spain.

1.A professional real estate agent will help you find your desired property and advise on all the legal steps.

2. IBI property tax. Once you have found the right property, you should note the following:

Whether the IBI (annual tax) has been paid. This can be found out at the City Hall.

If the property is newly built ask the seller to provide a copy of the Declaration of latest works, together with a copy of the Declaration of Alteration of Real Urban Nature. This will be sufficient proof that the property is registered for IBI payment.


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3. Check the property registration:

Apply at the Land Registry, which is open to the public, a Simple Note of Property. Here you can check the property's deed for outstanding charges or encumbrances (eg mortgage). Do not buy a property before receiving an updated Land Registry Simple Note.

4. Hire a lawyer

It is advisable to hire a local lawyer as a protective measure. We can recommend experienced lawyers.

5. The Purchase Contract

Approximately a month after "reserving" the property by paying a deposit of 10% of the purchase price, you should be prepared to sign the Deed of Sale.

Make sure the selling party confirms that the subject property is free of liens, encumbrances and tenants. Both parties or their authorised representatives shall sign the contract before a Spanish notary certifying that the contract is official.

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6. Service charges or communal expenses

Make sure you receive the latest receipt highlighting the communal expenses for payment of monthly or annual maintenance and ask the representative or administrator for a copy of the minutes of the last resident meetings regarding the latest regulations.

7. Costs and taxes according to the Spanish law that the buyer will be responsible for:

Tax on patrimonial transmissions (VAT stamp if purchased from a developer)

Registrations costs

The seller will be responsible for net benefits that are expected to be received in the future from the increase in the value of the deed.

Engel & Völkers

Madrid
Génova, 27 - 5th floor
28004 Madrid
Spain
Phone
+34 91 277 45 00

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