Before you can buy a property in Spain, you have to get a Spanish identification number called NIE. And if you are several who buy togehter, all of you got to have a NIE number. With a power of attorney given to our lawyers, this can easily be arranged for you.
Once you have found the property you want to buy, you have to formalize your agreement through a written contract. The reservation contract is a written, binding agreement and will be signed both by buyer and seller.
It is standard practice in Spain for the reservation contract to be accompanied by a deposit on a minimum og 3000€. After this the property is withdrawn from the market.
If, for any reason, you do not complete your purchase, you will loose the amount paid.
If you want financing in Spain, we can get you in touch with various banks offering loans.
We can help you establish a bank account in a Spanish bank, used to transfers between your home country and Spain. Our lawyers can establish direct debits from your account.
Direct Debits is a service offered to those who have purchased a property in Spain that allows us to sign contracts for water, electricity and gas or telephone supplies and arrange for standing order with the bank.
Power of Attorney
If you don’t have the opportunity to be present during the purchase process, you have to grant a Power of Attorney. This gives one of our lawyers authority to represents you as a buyer throughout the process. The Power of Attorney must be signed at the nearest courthouse (notary) where the signature is verified.
Transfer of Property
We meet at the notary on your behalf if you cannot be present yourself, and sign the public deed ( Escritura de Compraventa ) together with the owner and with notary present. At this time the purchase price is paid and the buyer obtains ownership of the property.
It takes 4-6 weeks from transfer of property until we receive the public deed. We then make an appointment at our office for reviewing paperwork and costs.
Notary is a government-approved, neutral person, who shall attend to both the seller and buyer’s interests. At the notary both buyer and seller must meet in person or be represented by authorized lawyers. The meeting at the notary can last anywhere from an hour to several hours. It is recommended that your lawyer represent you. If you decide to meet in person, you must either master Spanish or bring an interpreter.
When buying property in Spain, there must be paid a percentage fee of the purchase price to the Spanish State. In addition come charges for registration, notary, stamps, NIE, authorizations and creation of subscription for water, electricity, etc. The total costs of the purchase of real estate come in about 13-14 % of the purchase price.
Our lawyers guide you in Spanish inheritance and assist with the creation of Spanish Testament.