In Spain, buying a property as a foreigner can seem complicated. However, with the right information and advice, the process becomes simpler.
In this article, we explain everything you need to know about buying a home in Spain, from the initial steps to the legal and financial aspects you must consider.
Steps to Buy a Property in Spain
1. Reserving the Property
The first step to securing the property is to take it off the market. This is done by paying an agreed amount as a reservation fee. This amount usually ranges between €6,000 and €10,000, depending on the property’s price.
2. Signing and Paying the Arras Contract
The next step is to sign and pay the Arras contract, a private purchase agreement. This process takes place approximately 2 to 4 weeks after the reservation. When signing the purchase contract, 10% of the purchase price must be paid, with the reservation amount being deducted.
3. Property Transfer at the Notary
Subsequently, usually within another 4 weeks, you go to the notary for the purchase and transfer of the property, unless it is new construction. The date for signing the property transfer may take longer due to administrative procedures or financing. It is crucial to maintain constant communication between the buyer and the seller, usually through the real estate agent.
Important Additional Aspects
Applying for a NIE Number
The NIE number is essential for any procedure in Spain, including purchasing a property. This number can be requested at the Spanish embassy or through external services, at an additional cost. It is advisable to apply for this number as soon as possible due to potential delays in obtaining an appointment at the national police.
Cost of the NIE: €250 per person. We provide personal assistance.
Opening a Bank Account in Spain
To open a bank account in Spain, you need the NIE number. Additionally, copies of your passport and tax return or salary slips from your home country are required. The money for the purchase must be in a Spanish account, and payments must be made via direct transfer or bank check.
Applying for Financing
A Spanish bank can provide up to 70% financing for a mortgage. The requirements for financing include:
- Copy of the property registration.
- At least 30% own capital and money for transfer costs (10% of the purchase price).
- Notary costs, approximately 3% of the purchase price.
Additionally, the bank will request documentation on income, any debts, and an appraisal of the property, the cost of which is borne by the buyer.
Costs Associated with Buying a Property
When purchasing a property in Spain, several additional costs must be considered:
- 10% transfer costs
- 3% notary costs
- Lawyer fees: Depending on the purchase price and type of purchase.
- Insurance
- Alarm system (optional)
Additional Services We Offer
- Intermediary during the purchase: We will be your point of contact.
- Assistance with opening a bank account and obtaining the NIE.
- Insurance and alarm management.
- Assistance at the notary: An interpreter is needed, which we can provide.
Post-Purchase Service
- Assistance in daily life, renovation management, vehicle import, and more.
Renovations and Painting
We work with reliable professionals who can handle renovations, painting, etc., and we can request quotes and help you with this.
Residence and Vehicles
If you want to become a resident, we can arrange that as well. Additionally, we can handle the import of your Dutch car.
Non-Resident Tax
We will contact you annually to manage the non-resident tax (THIS IS MANDATORY).
Conclusion
Buying a property in Spain as a foreigner involves various steps and considerations, but with the right advice, the process can be very straightforward. If you have any questions or need assistance, please do not hesitate to contact us. We are here to help you every step of the way.
