Buying In Spain : The Lowdown
At Villaset, we’ll be with you each stage of your buying journey. From showing you various properties to match your wish-list, negotiating the sale, to placing your deposit, working through the legalities and handing over your keys, we will make sure you are comfortable and confident at every step. We’ve been doing this for over 15 years and proud to call many of our clients friends and we look forward to being the first person to wish you well in your new home.
So, you’ve been around the area and found the property of your dreams that ticks all the boxes. Now what?
Firstly, you’ll need a NIE number. This is similar to a NI number in the UK, a tax identification number and required by law in Spain when you choose to live in the country, regardless of whether you are working or not. It’s easily arranged but each town has a different method so we recommend seeking advice once in the area of your choice.
You’ll also need a Spanish bank account. Again, this is a very simple process – you will need your NIE Number (most banks require that), a valid passport and an initial deposit. Most banks have English speaking staff and internet banking facilities. Your lawyer will then instruct all utility bills to be paid by direct debit from your account.
Once you have found your property, a deposit of 6.000€ is usually paid to secure the purchase and remove the property from the market. If you haven’t already, this is where we strongly advise seeking independent legal advice.
Your lawyer will obtain a document from the Property Registry (Registro de la Propiedad) and here details of any debt outstanding relating to the property is found, who the legal owner is and that all descriptions match with sellers, for example square metre sizes.
Once you’re happy with this, a private purchase contract is written up between yourselves (the buyer) and the seller. This is usually a simple document and will include a date of completion, and a further 10% deposit is exchanged. The deal is finalised when your lawyer arranges for the Escritura (Deeds) which will be signed by all parties at the Notary.
The Notary is a Public Official. His signature is required to ‘elevate’ the private contract into public deeds which can be inscribed in the land registry. If you are unable to attend before the Notary, arrangements can be made for a Power of Attorney to be granted enabling another person to attend on your behalf.
And there you have it! The next step is to get ready to leave the grey skies behind and embrace this new chapter of your life. Don’t forget that at Villaset we’ll be with you each step of the way and we’ll bet you a Menu Del Dia and jug of Sangria that it’ll be the best choice you’ve ever made!