The Spanish Buying Process

Buying a property in the Spanish Sunshine isn’t all that difficult, and takes a similar approach to what would you would do in the UK. There are however a few fundamentals & recommendations – so with that in mind, here’s our handy guide to the Spanish Buying Process and what you should be expect:

    1. Once you’ve found your dream home on the Costa Del Sol, one of the first few things you’ll be asked to do is pay a deposit / reservation fee, and sign a deposit contract – this will officially take the property off the market, and reserve it for you, until all the necessary paperwork and contracts have been completed.
    2. The next thing you’ll want to do is assign yourself a solicitor, preferably one who speaks both English & Spanish, plus you also may want to look at getting a POA (Power of Attorney) signed, especially if you aren’t a resident of Spain. Your Lawyer will ensure the process is carried out in accordance with Spanish Law, check the property you are buying is legal, the title deeds are present and correct, ensure it will be debt-free when you buy, and lastly can check over all the paperwork and contracts on your behalf. If you have a POA signed, they can also sign the paperwork/contracts on your behalf.
    3. You will need to get an NIE, which will essentially allow you to carry out all the formalities in Spain, such as buying a property, buying a car, opening a bank account, paying your taxes, and paying your utilities. You won’t actually be able to buy the house unless you have an NIE.
    4.  If everything checks out, and both parties are still happy to continue, the buying contract and the deeds will usually be available to sign within 2-3 months, though it could be quicker depending on the process. At this point you’ll be booked into the Notary, where all parties will be present, including your agent, your lawyer, and the sellers lawyer. They are responsible for cheking over the paperwork, the deeds, the financial settlement and ultimately the registration of the property in your name.

You must bear in mind that there are additional fees to put on-top of the purchase price, and these are to cover the Property Tax, the Deed & Stamp Duty, and your Legal fees. The prices will differ slightly if you buy a New Build or Re-Sale property, but it will be approx. 10-13%.

If you buy with a Mortgage (which is still possible, even as a British Buyer) then not only will your Bank Representative will be at the Notary with you for the final process, but you’ll also have an additional fee for this.

We can help with the whole process above, but, right now, the most important part of this process is finding you that dream home, so please start your search below or contact us directly.