The Basics of buying in Spain

 

1
1. Search online using Expert Villas.
2
2. Visit Spain and view the properties
3
3. Prepare contracts
4
4. Signing
 
Next Step

Step 1: Search online using Expert Villas


Make lists of your favourite properties

Contact the property agents and schedule which properties you would like to view on your next visit.

Make sure to speak with the agents so they understand what exactly it is you are looking for, such as, holiday home, investment or permanent home, sea view, private swimming pool or walking distance to shops and restaurants.

Use Expert Villas to read about each town, schools and healthcare.

Ask Eddie the Expert Villas chat bot the questions that will help you with your purchase, such as, help me find a lawyer, bank or what is a N.I.E number.
Next Step
 
Next Previous

Step 2: Visit Spain and view the properties


Ensure you have been clear about your budget with the agents, remember depending on the province you are buying in you might have to allow up to 13% on top of the purchase price to cover taxes, land registry, notary and lawyers fees.  This can increase to around 15% if you are planning to buy with a mortgage.

Once you have decided on a property the negotiation will take place which, if all goes well, should end in a purchase price being agreed.

At this point you will need the advice of a lawyer or gestor to guide you through this process.  It is advisable to have one in place prior to agreeing a purchase price so they can advise you on the purchase from the start.

At this point the agent will require you to sign a reservation agreement and pay the reservation deposit.  The reservation deposit normally varies between € 3,000 and € 5,000.  This fee is non refundable if you change your mind, so make sure you are sure.

It is worth asking your legal representative to check this reservation before you agree to sign and pay the reservation fee.

It is also at this point you should decide if you would like the property surveyed or if you will be having a mortgage.  Most purchases will go to notary without the property being surveyed, but if you would like to have a survey, ask Eddie our chat bot where you can find a local surveyor and then ensure your agent writes in to the reservation agreement that the purchase is subject to the property being surveyed.  This is also the case with mortgages.  It is best to make sure, if you would like a mortgage that you have already been pre approved by the bank and that the agent writes in to the reservation agreement that the purchase is subject to mortgage approval, meaning that the property values correctly and the bank agree to maintain your personal approval.

Once you sign the reservation agreement the property is now officially reserved and the owner should ask all agents to stop advertising the property for sale.

From this point it normally takes your legal representative around three weeks to do all of the checks and due diligence on the property.  They must make sure the property is legal to be sold and free of all debts and encumbrances.  During this period the bank will also value the property and the mortgage will officially be agreed and the survey will take place if required.

Your legal representation will also start your N.I.E application and help you organise a bank account in Spain if you have not already done this.

It is also a good idea to speak with a currency company such as Money Corp if you need to move money in to Euros for the purchase and the on going running costs.  For more help on the topic please click this link.
Next Previous
 
Next Previous

Step 3: Prepare the compraventa / purchase contract


If the furniture is part of the purchase you should ensure there is an inventory of the items included and this should form part of the compraventa.

If you are buying a villa it is also worthwhile asking if the continued maintenance of the swimming pool and garden until the notary signing can be included in the compraventa.

It is also advisable to ask your legal representative to organise a pre notary inspection on the property to ensure the property, garden and swimming pool are still in good condition and any items listed on a furniture inventory have been left as agreed in the property.  You can also check that items such as the air conditioning or heating are all functioning correctly.

On signing the compraventa you will be required to pay 10% of the purchase price minus the reservation fee already paid.
Next Previous
 
Previous

Step 4: Signing at the notary


Either you or your power of attorney will attend the notary along with your legal representative ( on many occasions the legal representative may be chosen to be the buyers power of attorney).

They will prepare the escritura or the title deeds the notary will confirm the property is free of debts and encumbrances and you will proceed to sign before the notary.

If you decide to buy with a mortgage or if there is a mortgage to be cancelled on the property then the bank will also attend the notary.

Once everything is signed and the bankers drafts have been passed to all of the relevant parties the keys will be given to the buyers and the property now legally belongs to the new owners.

Your legal representative should now ensure all utility bills are placed in to the new owners names but check with them this is part of their service.  You can also ask them to carry on looking after your fiscal responsibilities moving forward for an annual fee.

You are not on your own, Expert Villas is here to keep supporting you on your new adventure in Spain.  We can help find you local trades, hairdressers or restaurants or have you ever wanted to buy a boat or get a sailing license.  Our chat bot Eddie is here to help you by answering all of your questions.

The main advice we can give you is, always buy using the services of a legal representative.
Previous
 

Download the Guide