Purchasing a property in Spain is very different from the system in the UK, so taking legal advice is always recommended. You need to ask yourself, would you buy a property in your resident country without it?
So, you have made that all-important decision to purchase a property in Spain. You may have decided on a particular area to live or you may still be trying to make that decision. The next step is to contact Impressive Property. We listen to all your needs and requirements and will assist in helping you select your dream home.
We would prepare a portfolio of properties to view according to your requirements and then liase with the owner to take you on that all-important viewing.
There are a lot of considerations to make during this process of purchasing a new home, and Impressive Property would recommend you look at your priorities. Do you desire a pool? Do you have pets therefore needing a fenced property? Would you prefer a view of the Mediterranean or a country view? Would you prefer to be close to the beach, shops, restaurants etc? Our staff have lived in this area for many years and have unlimited knowledge to help you in your selection of areas.
The previewing preparation is very important to ensure we don't waste your precious time. We consider it is very important to impart details of your chosen areas to you, explaining what the areas have to offer that may be of interest to you. We feel it is important not to confuse you by too many viewings in one day.
After your viewings, we print off property details for you enabling you to discuss with each other the properties you have inspected, maybe over a cool glass of wine or beer in the evening.
When you have chosen the house of your 'dreams' and a fair and reasonable price has been negotiated on, then we assist you with the next step.
You will be asked to sign a reservation contract together with a non-refundable deposit of 3,000 euros, (sometimes more), to the Agent's client account, which will be held for you pending the full Contract. In this Reservation Contract are the names of all parties, the property address and registration details, the date of when the next payment is due and any other important details.
So what happens next? The first thing to do is to appoint an independent legal representative. We can help with this or you may already have someone in mind.
If any legal problems occur which are unsolvable, then the contract will be annulled and the 3,000 euro deposit refunded to the buyer. This very rarely happens as most good lawyers can find a solution.
Your Gestor/Lawyer, (or we can help you), will be able to assist you with obtaining an NIE number (Numero de extranjeros) necessary to buy a property in Spain. This is an identification number in order to purchase a property, pay taxes and to buy large items. You will need a passport photograph and a photocopy of your passport.
A Gestor or Lawyer is appointed and the administration commences. Only when this is completed and the property is shown to be free of debt and registered correctly, will the buyer be asked to pay the 10% and both parties sign the Sales Contract.
Impressive Property (as your Agent) will be working with you, answering questions and checking paperwork.
What Is The Escritura?
This is the title deed proving who owns the property and containing a detailed description of the property itself, as well as other legal details.
The Escritura (Sales Deed) will be signed at the notary and the outstanding amount paid. You will be handed the keys and can move into your dream property. The Deed will be registered at the Land Registry and utilities transferred into your name.
Impressive Property will work with you from the beginning of your search to the end. We are always here to help you.
Your've Chosen Your Property
You've selected your property and paid your 3,000 euros deposit, so what happens next. The first thing to do is to appoint an independent legal representative. We can help with this or you may already have someone in mind.
Once your legal representative has finished the relevant searches and confirmed that the property is legal and you are satisfied that everything is in order, the private purchase contract will be raised and 10% deposit will need to be paid. Within this contract will be a date by which the purchase must be completed. In order to finalise the transaction, your legal representative will arrange a date with the Notary and other parties to sign the Escriture (Deeds).
Frequently Asked Questions
Do I Have To Be In Spain To Complete the transaction?
The purchaser may attend in person before the Notary, but, if this is inconvenient, arrangements can be made for a Power of Attorney to be granted enabling another person to attend on their behalf or a legal representative. If you are going to do this it is much easier to arrange whilst you are in Spain. It can be done from other countries, but in our experience, it is time-consuming and lengthy.
What About Paying The Taxes Due?
Once the purchase formalities with the Notary have been completed your legal representative can arrange, on your behalf, to pay any taxes due in relation to the transaction. At the same time, they will arrange to change over the utilities and other bills into your name and arrange the direct debit from your bank account.
Is There A Land Registry System In Spain
Yes, there is. After the Escritura has been signed in front of the Notary it will be taken to the appropriate Land Registry, for it to be registered and for the payment of the Land Registry fees.
Several months can elapse before the process of registration is concluded but as soon as notification is given that the Deeds are ready, your legal representative will have them collected, checked and then forwarded to you.