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Buying in Spain

Once you have found your ideal property you need to find a Spanish “ English speaking” lawyer. We can certainly recommend a lawyer to use.

You, or your lawyer, will then need to sign a purchase contract called “Contrato de Compra-venta”. This will be pre approved by your lawyer and must be agreed by both buyer and seller. Within this contract the date is set for completion.

The buyer pays a deposit when signing the “compra-venta”. This in general is 10% but can be negotiated subject to buyer and seller approval.

This contract is binding for both parties and there are penalty clauses should either party not proceed to completion.

You must then

1. Apply in person for your NIE number at the local police station. The Notary will request to see this on day of completion.
2. Open a Spanish bank account. You must transfer your money to purchase the property either to your lawyer´s client account or to your own bank. The bank then produces a bank certified cheque in the names of the owners for completion. The bank must also produce a certificate stating money entered country and bank account legally, to satisfy money laundering laws. This certificate must be produced for completion day and presented to the notary. In general buyers generally send their deposit and completion monies to their own lawyer´s client account and he/she then prepares the certified cheques and certificates required for completion.
3. A Spanish bank account is also required to change all utilities upon completion ie electric, water etc

Buying Costs.

Estimate approx 11% of the purchase price as your buying costs if purchasing with cash.

Estimate approx 14% of the purchase price of buying with a mortgage.

Breakdown of Buying Costs.
Notary expenses
The amount you have to pay will depend on the purchase price declared on the title deed.
• Stamp Duty
New buildings . Currently 4% tax is paid on new build properties and 8% tax on second hand.
• Land Registry Fees
The amount you have to pay will depend on the purchase price declared on the title deed.
• Lawyer fees.
In general this fee is 1% of the purchase price plus V.A.T with a minimum fee set of 1,000 euros. 50% of this fee is generally paid at the initial signing of the compra venta-purchase contract and the final 50% paid upon completion.
Please note. If the property you are buying does not already have a registered title deed, this does not necessarily mean that you should not buy it.  The property may have been in the same family for many years and now that it is being sold the registration can be done.
Your Lawyer will still carry out searches, but instead of the Nota Simple-(a document confirming the vendor is the registered owner and all taxes have been paid) the lawyer will contact the “Catastro” for a certificate relating to the property. Completion of the purchase and obtaining the new title deed will generally take longer, as your lawyer will need to gather all of the documentation relating to the property.
Essential Properties
Buying in Spain…..