The process of buying a property in Spain

The Spanish system is simple, secure, transparent and efficient .

To purchase a property in Spain , you will need to obtain an NIE number from the local police station – or appoint a legal representative to do this for you. An NIE number is a fiscal registration number for tax. Every home owner must have this number by law.

In addition to the agreed purchase price of the property , there will be an additional 10-11% of this agreed price payable in registration fees, legal fees and taxes to be added

In the first instance you place a holding deposit (between 3,000 – 6,000 euro (€)) to reserve the property and remove it from the market. All paperwork required - that is the title deeds, ( escritura ) nota simple , IBI & Basura ( annual taxes payable ) is passed to your lawyer for thorough examination. Assuming everything is in order the balance of the 10% deposit is paid within 2 weeks. If it is not in order then no further money is paid until it is.

Completion is usually within a further 2 - 6 weeks but all of these timings are negotiable. We could at this point go into a long explanation of the process of conveyancing but actually feel that it would be pointless.

There are plenty of specialist books available which describe the process in far more detail than we could ever do, so if you really want to know it all you should buy one. The reality here is the same as the UK. Your lawyer goes to college for 5 years to qualify, he spends a fortune on journals to keep himself up to date and practices daily. So let him or her tell you all about the legalities in detail.

What we do however insist on is that your lawyer speaks your language, tells you clearly what he is doing at all stages of the sale and answers all your questions fully and to your satisfaction. And if you aren’t happy with any answers let us know and we’ll ask the questions again!

For a great little guide on all the ins and outs of purchasing in Spain - we highly recommend a free download which can be obtained from www.perezlegalgroup.com.