Buying Process
-
1
Choose the property to buy.
-
2
We request an updated simple note in the Property Registry, to make sure who the real owners are, and that the property is free of charges, debts and encumbrances, etc.
-
3
A Private reservation contract is signed with the owner or their legal representative, setting payment conditions and deadline for the deed (usually up to 3 months). The reservation deposit is paid. The deposit is usually around 10% of the sale value.
-
4
If you are not a resident in Spain, we will accompany you to the Police to obtain the NIE number (tax identification number). This document is mandatory to buy in Spain. It is issued the same day after paying a fee of about 10 euros.
-
5
If you do not yet have a Spanish bank account, we will accompany you to open one.
-
6
Have the necessary amount in the Spanish bank account to complete the purchase.
-
7
The sale is executed before a Notary personally by buyer and seller, or through issued powers.
-
8
Payment of taxes and re-registration in your name and registration of all utilities.
Documents required to open a bank account:
- Valid passport from your country of origin
- Tax returns for the last 2 years. For foreigners, tax returns must be translated into Spanish by a sworn interpreter.
- Employment contract. For foreigners, the contract must be translated into Spanish by a sworn interpreter.
Purchase Expenses
For a second-hand property:
- Property Transfer Tax: 6.5% of the purchase price declared in the Deed
- Notary fees: an average of €850 per deed
- Deed registration: an average of €450
For a new construction property:
- Purchase tax (Canary IGIC): 7% of the purchase price
- Legal Acts Tax: 1% of the purchase price
- Notary fees: an average of €850 per deed
- Deed registration: an average of €450
Additional expenses in case of mortgage:
- Bank commission for a loan - 1% of the loan amount
- Property valuation: €200 - 600
- Property insurance: €150-600 per year