Features of buying real estate in Spain

Anyone who decides to buy property in Spain needs to know Spanish law and the legal aspects of such a purchase. There is no need to rush when choosing an object and deciding on its acquisition. It is best to make your purchase accompanied by experienced real estate agents and lawyers who will help you avoid risks and make the most reliable and profitable deal. The specialists of our agency Rusol Prime have prepared a material for you, which reveals the features of buying real estate in Spain and the main stages of this procedure.

Algorithm for buying real estate in Spain

The procedure for buying a home in Spain involves the following steps:

Selecting an object, checking, booking, concluding a preliminary contract and making a deposit;
NIE registration;
Opening a Spanish bank account for cashless payments;
Registration of a mortgage, if necessary;
Registration of purchase and sale at a notary;
Registration of the transaction and receipt by the new owner of the Nota Simple document;
Paying taxes, renegotiating utility contracts, etc.
Rusol Prime specialists will help you to pass this algorithm successfully and quickly. Let's take a closer look at the main stages of a Spanish real estate sale and purchase transaction.

Reservation and verification of the object

When you have found an object that is suitable for its characteristics, you need to book it so that the owner would remove it from sale and no longer accept offers from buyers. But before you do this, you need to make sure once again that this object is completely satisfactory to you. This applies not only to its appearance, location and area, but also to legal aspects. Before booking, it is important to make sure that the selected property is free of encumbrances and restrictions. In this matter, the qualified assistance of a lawyer will come in handy, who will conduct a full check of the object. In particular, you need to check:

Escritura Publica title deeds that will confirm the seller's ownership of the property.
An extract from the register of property rights Nota Simple, which will confirm the absence of encumbrances, restrictions and payment of taxes.
Cadastral number of the object Referencia Catastral, which contains reliable information about the area, boundaries and other characteristics.
Plan Parcial development plan, which will show the availability of the necessary permits and building licenses;
Payment of the IBI council tax.
These points will allow you to reduce risks and ensure the reliability of the transaction. Verification of the object will be more effective if you entrust it to the lawyers of our agency.

Preliminary agreement

Successful inspection of the facility is the basis for signing a preliminary contract. Its main form in Spain is a contract with the possibility of purchase, which involves the granting by the seller of an exclusive right for the buyer to make or not make a purchase. The buyer undertakes to exercise this right within a specified time and in accordance with the conditions specified in the document. The contract can be free of charge, but most often, when it is concluded, the buyer gives the seller a certain amount as collateral.

When drawing up this agreement, it is important to accurately determine its type and clearly spell out all the conditions:

the period during which the seller must make a decision;
the amount of the collateral;
cost;
real estate parameters;
terms of sale;
location;
obligations of the parties;
terms of termination, etc.
It is in the interests of both parties to draw up a preliminary agreement in as much detail as possible. And in this case, the support of a qualified lawyer and real estate specialist also does not hurt.

Notary agreement

Sale and purchase transactions in Spain are concluded only by a notary. This is another guarantor of the safety of buying Spanish real estate.

The parties to the transaction must provide a set of documents to the notary, who will once again check their correctness, and also carry out an inspection of the property. All documents and papers under the transaction are filed in a separate file, which will subsequently be kept by a notary. Next, the date of signing the Escritura Publica Notary Agreement is determined. This meeting must be attended by the seller, the buyer or their official representatives, notary, bank representatives, if the transaction is carried out with the involvement of borrowed funds, an interpreter, if one of the parties to the transaction is a foreigner.

The legal aspects and features of the agreement must be studied in detail by both parties to the transaction in order to exclude discrepancies in the main parameters. As a rule, this is done even before the meeting for signing the deed. Therefore, directly at the meeting, the notary announces the basic rights and obligations of the participants. If there are comments, the document is revised and then accepted. After that, the notary makes a request to the Property Register, and from that moment on, no other operations with the selected property are possible. The parties sign an agreement, the buyer transfers the remaining value of the object to the seller and pays for the services of a notary. The seller transfers the payment payer documents for the object, keys, receipts for the payment of taxes and payment of utilities. The buyer also receives a copy of the deed. After the transaction is registered in the Real Estate Register, he will be able to receive the original of this document.

Payment for real estate

Most often, when purchasing an apartment in Spain, bank checks are used for payment. A foreign citizen must open an account with a Spanish bank and transfer funds to it. On the eve of signing the bill of sale, the buyer receives a check for a certain amount from the bank, which he then gives to the seller.

Registration of the transaction in the Register

After signing, the original of the contract is submitted for registration in the property register. There it is checked again, and then the new owner of the object is registered. This process can take up to six months. When the registration takes place, the new owner will be able to pick up the original purchase agreement.

If you want the procedure for buying real estate in Spain to be easy and professional, please contact us at Rusol Prime agency. We will provide full support for your transaction and guarantee its reliability! Contact us!