by Cheryl

Javea Property


Buyers Information

PURCHASING PROPERTY IN SPAIN, INFO, REQUIREMENTS AND COSTS

It is strongly recommended that you choose an independent lawyer who is specialised in Spanish land law (urbanismo).  The Spanish property conveyancing system is different to the UK system, so you should ensure that those involved in the transaction are qualified and experienced in Spain.

To purchase property in Spain you must have a NIE number. An NIE number is a “Número de Identificación de Extranjeros” i.e. a “foreigner’s identification number” in Spain. Expats moving to Spain need an NIE number to work in Spain, take out private Spanish health insurance and apply for Spanish state health cover.  You’ll also need it if you wish to open a bank account, purchasing property, buy a car or set up a mobile phone contract in Spain.

 

 

Once you have found your perfect property and have agreed a purchase price you will sign a reservation contract and normally pay a reserve deposit of around 3000 Euros to 5,000 Euros depending on the property. This secures the property and removes it from the market in order for your Lawyer to make the appropriate checks, searches and prepare for the Arras contract roughly 30 days later which is where you would pay an additional amount to make the total amount paid up to 10% of the purchase price.

Then the date will be set for the final sign at the Notary once all parties are happy and all the documentation from both sides is prepared, on this day you sign the tittle deed at the Notary and pay the remaining amount of the purchase price and take full ownership of the property.

 

 



A Spanish notary public will be involved in preparing the contract of sale and issuing the public deeds known as the Escritura in Spain. As the purchaser, you have the right to choose which notary you use. The notary is a public servant who has a duty to provide you with impartial legal advice on all aspects of the contract.

Purchase fees in Spain, allow 12% on top of your agreed purchase price. This covers the 10% transferal tax to the tax office, and 2% land registry, Notary, and legal fees.

 

 

Your legal representative will ensure all Government taxes relating to your purchase fees are presented and paid at the time of the sale and equally with name changes on utility contract, Town Hall rates etc are changed over post sale.  Approximately 3 months later they will collect your official Tittle deed from the Land registry which will be given to you, in the meantime you will have the Copia simple form the Notary on the day of the sale which is proof of ownership and has all the info you require.

 

 



Sellers Information

DOCUMENTATION REQUIRED FOR SELLING YOUR PROPERTY AND COSTS INVOLVED TO TAKE INTO CONSIDERATION

 





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