Nombre Empresa
Advanced search
Properties
Try our advanced search

Buying process step by step

Looking for a suitable property

The whole process starts with determining your requirements and your budget. Are you looking for an apartment, house or villa? Do you wish to buy for investment purposes (rental income / capital gains) or to enjoy it yourselves (as a holiday home, permanent residence or to stay in winter). In case you want a mortgage in Spain we can help you as we collaborate with several major Spanish banks.

Buying costs

It is important that you are aware of the additional buying cost when you plan to purchase a property in the sun:

New build

VAT (IVA) rate of 10% of the value of the property.

Stamp Duty (AJD): rate of 1.5% of the value of the property.

Other buying costs (notary, solicitor, registration fees, local taxes, etc.): + – 2,5% of the value of the property.

Total additional buying cost new build: +- 14%

Resale

Transfer tax: rate of 10% of the value of the property.

Other buying costs (notary, solicitor, registration fees, local taxes, etc.): + – 2,5% of the value of the property.

Total additional buying costs resale: +- 12,5%

Buying process step by step

Formalities

To buy a house you need to have a NIE number and a bank account in Spain. Of course, we ensure that these formalities are taken care of.

NIE

NIE stands for ´Número del Identificación del Extranjero´ and represents an identity number for foreigners. It is a fiscal number that every person needs when buying a property in Spain.

Bank account

The utilities (water, electricity, gas) and taxes are paid by direct debit from a Spanish bank account in Spain.

Solicitor

In Spain, the notary only has an administrative function. He checks the identity of the owners and buyers and signs the deeds, he does not perform any preliminary checks. Hence it is very important to choose a solicitor who can do all the necessary controls. He checks whether all documents of the property are in order and that there are no outstanding debts, so you can be confident that there are no problems with the property. We work together with solicitors who we trust and who provide an excellent service.

Notary

Both buyers and sellers go together with their solicitors to the notary. When signing the ´escritura´ (deeds) at the notary, the balance of the outstanding sales price, the notary fees and registration fees are paid by the buyer and the seller hands over the keys of the house. From this day onward you can start enjoying your place in the sun.

© 2019 New Villas in Spain - All rights reserved - Web map - Design: Mediaelx