You can’t help but fall for what Spain offers in terms of climate, their relaxed approach to much of their daily life. But buying a home is a bit different from what we are used to in Northern Europe.
Before you start looking at villas/apartments, prepare yourself and review your financing. It is important to bear in mind that in addition to the purchase price, there are about 13-15% in costs for tax and legal costs.
The second-hand items you find on our website have been carefully checked by us to make sure that everything is correct and that we have verified who the owner is.
Once you have found a property that you wish to proceed with, a deposit must be paid and a purchase contract signed. The deposit varies but is usually at least €6,000 and must be paid within 2-4 days for the property to be removed from the open market. The contract is signed by you, the buyer, together with the seller or his representative. The document specifies the date of entry, which is usually about 6-8 weeks after signing the purchase contract. Of course, access can take place earlier if all parties agree.
Anyone buying a property in Spain must have a NIE number which is an identification number for foreigners. This number should be included on all documents in Spain such as the title deed, bank account, home insurance and many others.
Paperwork
If you are not familiar with the Spanish system for buying a home, we strongly recommend that you hire a legal representative to help you with everything related to your purchase and to look after your interests throughout the transaction.
All matters mentioned in this information sheet are carried out via a power of attorney signed at a notary’s office before you return to your home country.
We can help you recommend a legal representative if you have not already established a contact.
Duty to investigate
Anyone buying a property in Spain is responsible for examining it carefully. The buyer has a so-called ‘duty to investigate’.
A legal representative will help you:
- Keep in touch with the broker or owner, to prepare the purchase agreement to ensure that all relevant clauses are included.
- Obtain extracts from the land registry to check who owns the property, debts, encumbrances, etc.
- Preparation of the power of attorney
- Preparation and application of the NIE number (Spanish ID number)
- Opening a bank account
- Sign the title deed at the notary’s office and have it registered
- Drawing up water and electricity contracts
- Transfer other service contracts (owners’ association, municipal property tax, etc.)
- Setting up autogirons
- Arranging home insurance
- Pay taxes and fees related to the purchase.
Registration of interest
Contact us to learn more about how we work and how we can help you find your perfect home on the Costa Blanca.
