Buying in Spain
Despite what the media might imply buying property in Spain is quite simple and transparent and here we briefly explain the process
To Purchase a property in Spain you will need an NIE number (Fiscal registration number for tax)
In Addition to the purchase price of the property there will be an additional 10-12% to cover registration fees, legal fees and taxes. The percentage may vary depending on the value of the property but your lawyer will be able to ascertain the correct amount payable.
To reserve and remove the property from the market a holding deposit of 3,000 – 6,000 euros is paid initially. Then all the paperwork including the Title deeds, (Escritura) nota simple, IBI & Basura (Annual taxes payable) is passed to your lawyer for an official legal check. When everything is in order, but not until then, the balance of 10% deposit is paid within two weeks.
Completion is normally 4-6 weeks later, but these timings are negotiable. Your lawyer will give you a better understanding than we can of the process and it is important he/she speaks your language.