Buying a Property in Spain

 In Property

Buying a property is a big decision, specially in a foreign country. It may come with a great enthusiasm but it also entails an important financial investment. When you find the one that is right for you, it is essential to follow an accurate guidance to avoid any pitfalls and unnecessary stress. We look out for the best interests of our clients ensuring them a positive experience and informing them along the whole process of buying.

  1. NIE number |
    The very first step to buying a property in Spain is to obtain the N.I.E number. This is the foreigners´ identification number in Spain and it will be needed to complete the transaction. This number is needed in order to be registered into the Spanish Tax Authorities. A Power of Attorney can be granted to your representative whether you cannot personally attend this sort of transactions.
  2. The Private Contract |
    The private contract of sale is an indubitable part of the transaction. The signing of the private contract will take place before the official Tittle Deed signing before the Notary. Before singing any sort of documents related to the process of buying, it is essential to have them checked by a solicitor.
    Whether you are the buyer, when signing the private contract, it is important to have it drafted according to the best interests of the buyer. To the signing of the private contract, the buyer will pay a deposit. This stipulation will have important repercussions whether the buyer or seller changes their mind at this stage. Whether the purchaser decides to pull out, they will lose the deposit. On the other hand, whether the vendor decides to terminate the contract, they must pay twice the amount of the deposit unless otherwise agreed.
  3. Checking Stage |
    These are the necessary checks that are inherent to the buying process:

    • The property is free of debt, encumbrances, charges, and is up to date in all its payments. This includes I.B.I, Administration fees, “Basura/Rubbish Tax”.
    • Title deeds are properly executed
    • Local Council documents and energy efficiency certificate are transferred
    • Taxes and costs to be assumed are correct
    • Correct payment of future taxes
  4. Signing the Public Deeds |
    When your solicitor has made all the necessary checks and tells you that you are free to move on, the next required step to take is the signing of the public deeds before the notary. The notary is elected by the buyer and he will proceed to read through the deeds to the purchaser and vendor. The payment of the rest of the final price should be made at the moment of the signing of the public deeds. Following to the signing, the purchaser becomes the owner of the property.
  5. Registration into the Property Land and Payment of the Transmission Tax |
    After the signing of the public deeds, the buyer has a month to register the buying into the Property Land and liquidate the payment of the transmission Tax.

The option of the Power of Attorney

Whether you are out of Spain or you are not able to personally attend all the stages of the process of buying, you are able to grant a power of attorney to your legal representative in order to act on your behalf throughout the different stages of the process. Granting a power of attorney is a sensible matter, that is why you can limit the faculties granted to your representative before the notary just to proceed on your behalf to the buying of the property that you have chosen.

The power of attorney may include the following transactions:

  • Obtaining the N.I.E number
  • Signing the private contract of sale and the public deed
  • Represent you to perform the mandatory tax payments
  • Represent you to deal with the update of the utility bills
  • Represent you before any other private entities and public authorities with regards to the purchase of the property

More Information

Should you need further information about the process of buying a property in Spain, do not hesitate to contact us. With no compromises, you can ask for a free conveyancing consultation via Telephone meeting, Skype meeting or Visiting our offices in Estepona located at the heart of Costa del Sol.

Contact us at blancomartinabogados.com and feel free to choose any of our given options at a time that suits you better, our professionals speak both English and Spanish and they will answer to any of your questions and doubts.

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