Costa del Sol, property buyer´s guide:
– After selecting a suitable property, the buyer has to make a deposit of around 6,000€. This is done so that the property is no longer on sale, and the money is part of the overall cost.
– When you make a property purchase, we can recommend some qualified lawyers that can advise you in your language and sort papers out for you straight away.
– Obtaining NIE (Foreigner Identification Number) that identifies the buyer as an official taxpayer in Spain is required for virtually every transaction made in the country. You will also need to open a bank account where you can place your financial resources to purchase real estate as a property buyer.
– The loan (if necessary).
– The next stage, usually 1-2 weeks later, involves signing a Private Purchase Contract and this requires The Land Registry Certificate (“Nota Simple” certificate). When signing the contract, the buyer pays 10% of the value of the property, thereby reserving the property for themselves.
– After signing the private contract, in one month the mortgage is issued together with the main official purchase document called “Escritura Pública”. The remaining amount is paid upon signing the “Escritura”, after which the buyer becomes the full owner. This is signed by the buyer and seller or their agents in the presence of the Spanish Notary. In the “Escritura”, if desired, all members of the family could be added as property buyers.
– The last step – registering the property in the Spanish Real Estate. The registration process takes up to 3 months. The buyer takes possession of the property from the moment the Notary deed of purchase is signed.