The main stages of buying real estate in Spain

If you have visited Spain once or more than once and realized that it is in this country that you would like to buy real estate, you should familiarize yourself with the simple procedure for buying real estate in Spain. For this purpose, we have prepared material for you in which we have clearly described the seven main steps of buying real estate. So, let's get started!

1. Choosing a place

In order to purchase real estate in Spain, you first need to decide, of course, on the location. This is the very first and very important step, because this is what you should start from. You need to start with the purpose for which you are purchasing real estate here: for everyday life or for a temporary stay, for example, only during the resort season. We start from this further – you need an area where peace and quiet reign or the bustle of the beach rages. It is also important how much time you are going to spend in your apartment, whether you plan to rent it out. This is a very important point, since rent is always more profitable in a resort area – it is in great demand there and costs good money. But this applies to resort rent, when tourists are ready to pay decent money for a good time on vacation. Earnings on long-term rent will not be so high, but stable. Here the choice is yours. Having paid attention to these main points, you can easily decide (or a real estate agency will help you) on the place to buy your home in Spain.

2. We are browsing real estate properties

Having decided on the place to buy real estate, we begin to consider its different options. In Spain, there are no problems with this, there is plenty of real estate. Representatives of our foreign real estate agency will help you with this step. As soon as possible after determining the location, we begin to plan trips to different real estate properties and select what suits all your requirements. The number of properties viewed can be large if you are in doubt or have not yet fully decided on something specific. It may also be that you fall in love at first sight with a beautiful country villa on the seashore and immediately decide to purchase it.

3. We agree in advance

Once you have found your dream home, after viewing different options and types of real estate, we proceed to the third step. This is the preliminary agreement. At this stage, the Preliminary Agreement is signed and a reserve deposit is paid. Usually in Spain, this amount is ten percent of the total transaction amount. But this percentage is not yet final, as it can change depending on the wishes of the real estate seller, the nature of the transaction, and so on.

4. We are drawing up N . I . E .

NIE is a foreigner's identification number, which is used to carry out all official procedures in Spain. Obtaining permits, processing documents, confirming the identity of a foreign citizen, opening a bank account, buying real estate or a car, filing an official application – all of this requires a foreigner's identification number. In our case, NIE is needed to formalize a purchase and sale transaction. The approximate time for preparing this document is two weeks.

5. Opening a bank account

We simply cannot do without opening an account in any bank in Spain when going through the procedure of purchasing real estate in this country. This is a very simple procedure that can be completed in one day. In the future, all necessary financial transactions will be made through this account.

6. We formalize the transaction with a notary

The execution of the transaction at the notary, we can say that this is the last stage of purchasing real estate in Spain. We go to the notary when all the necessary documents are already drawn up. It is here that all the necessary documents are signed. On the same day, we also pay the rest of the amount for the purchase of real estate. This is done before going to the notary. The sixth step will take us a little time, all this is done in one day.

7. We move in and register the property

This is the most pleasant stage of the real estate purchase and sale transaction in Spain. After all, this step includes the transfer of the keys to your now legally owned home. At this stage, you are the full owner of the apartment, or house… your home. You submit documents to the local registry (the locality where you purchased the property) for registration of the property and then pay all the necessary fees and taxes, according to Spanish law. These are the seven simple steps to buying real estate in Spain – from choosing the place where you want to live to receiving the keys and full settlement.