THE ESSENTIAL INFORMATION FOR THE BUYER
It is depends if you are a resident or not resident in Spain will be your steps and the necessary documentation to purchase a property in the spanish territory.
Spanish citizens, foreigners residents in Spain and citizens of Member States of the European Union (who have the right to reside in spanish territory for more than three months), to purchase a property must have the valid documentation as well as ID / Residence Card / EU Citizen Registration Certificate and passport respectively and you need to open the bank account in the spanish territory to facilitate all payments of the purchased property as electricity buils, wáter buils, community fee, anual property tax (IBI) and etc.
Foreigners not resident in Spain for the purchase of a property must apply for a NIE number (Foreigner Identity Number). This number can be obtained directly at the Spanish embassy in your country of origin or in Spain at the National Police Corps Station (a previous appointment is necessary online) or it can be requested through a legal representative (lawyer). It is sensible to open a bank account in the Spanish territory to be able to transfer the money for the purchase of the selected property and for domicile the electricity, water, community, anual property Tax (IBI) and etc.
To open a bank account in Spain for a non-resident, it is necessary to bring the economic documentation of your country of origin (income tax declaration for the past two years and a certificate of your work which shows the name of the company where you are working, your job, years worked in this company and payroll). All documents must be translated in spanish with the accredited translator. If you bring those documents in inglish, german, french normaly the spanish bank accept them without any translation in spainish, but for other languiges the translation it is must to do. In case you will fanance your house purchase with a mortgage the mortgage provider will normally requiere apart the above mentioned documentation: credit history, payroll or other proof of income for the past 6 months, a statement of your assets and liabilities, confirmed by an accountant, the documents of sale of your property (s) in your country are also valued.
How to buy a property in Spain:
STEP 1
To be able to make effective your search for any property (apartment, house, garage, storage room or other) we advise you to write us a short description about the property you want to find on the Costa Blanca (Spain). Please, provide us this shot information about what type of property you a looking for, how many bedrooms, new build or resale and the indicative price and we will help you to recopílate the information about properties by this request. So, you can save your time and start to recieve immediately this information directly to your e-mail adress. This is what most of our clients do and say, that it is really effective way to look for the property abroad.
STEP 2
When you have already planned your trip to Costa Blanca and booked your flights, please let us know about your date of coming and we will arrange viewings to listed properties during the days of your stay in Spain. During this viewings we will provide you the initial information about facilities in the area for example, where are the shopping centers, supermarkets, bars, restaurants, schools, bus stations, hospitals and etc. and we will respond of your possible questions.
STEP 3
When we will find the desired property we will proceed with the reservation of this property through the reservation agreement and pay quate normal 5.000€ as a diposit in usual condition to sign the deed during one month after the reservation. If you can not come to sign the deed during a month by any circumstance we ask the owner to agree to make the reservation agreement for a longer period, for example of 2 or 3 months. In this case the reservation diposit will be 10% of the price of the specified property. Once the property is reserved, the owner take it off from the market and start to prepare all necessary documentation for the deed. It is alwayse by your choice with our help or with help of your legal representative you will obtain and review all the necessary documentation for the specified property.
STEP 4
One the appointed day all the parties attend the notary´s office.In the same moment the buyer has to pay the remaining amount of the price of the property. The notary will keep the original deed to registrate it and the buyer will receive a licensed copy of the public deed, each will be with the same validity. The original public deed document will be registered and ready to collect in the period of about a month and a half.
TAXES AND PAYMENTS IN THE PURCHASE OF PROPERTY IN SPAIN
Usually a price of any property published on real estate web sites and showcases of diferent real estate agencies do not include taxies and costs to registrate this property into your name. This taxes and costs are around 13%-15% of the price of property that you will to purchase.
TAXES and COSTS on resale property purchase in Spain:
- The Tax to transfer of ownership to the new owner. In the territory of the Valencian District, it is 10% of the declared value;
- The fees for the Notary and deed registration fee are usually arround 1.400 € - 1.800€. It is approximate value and it will depend on the concrete property;
- The fee for an independent lawyer, who will prepare all documents for the notary, can vary depending of the lawyer bureau that you will choose. It can cost arround 1.200€ to 3000€.
You can also choose our service to prepare all those documents for the notary. In case you are buying a property with us, we will prepare and arrange this documents for you for FREE like for our client;
TAXES and COSTS on NEW BUILD property purchase in Spain:
- Value Added Tax (VAT). In the territory of the Valencian District, it is 10% of the price declared in the public deed;
- Stamp Duty 1.5% of the price declared in the public deed;
- The fees for the Notary and deed registration fee are usually arround 1.400€ - 1.800€. It is approximate value and it will depend on the concrete property;
- The fee for an independent lawyer, who will prepare all documents for the notary, can vary depending of the lawyer bureau that you will choose. It can cost arround 1.200€ to 3000€.
You can also choose our service to prepare all those documents for the notary. In case you are buying a property with us, we will prepare and arrange this documents for you for FREE like for our client;
- The administrative costs to contract electricity, water and community contracts in your name and connect these payments to your Spanish bank account are around €300; A new contract, installation of the electricity meter, the electricity company charges from €250. A new contract and installation of the water meter the water company charges from €260. To create a new community, each of the apartments in the building will make an initial payment to the community account, which will be from €200. It always depends on the size of the common area and how many community facilities it has (swimming pools, children's area, gym, etc.).
