Frequently asked questions about buying a property in Spain.

How to start buying a property in Spain?

•Decide what is your purpose of purchasing a property in Spain? to live permanently, for holiday, investment, for rent, etc. Think of all the reasons why you want to buy a property in Spain.

•Decide on the budget. Does this purchase make financial sense for you? Can you afford to buy that property that meets your requirements?

•Decide on the type of property (villa, apartment, commercial property or land, etc) and the location.

•Look at the options for the proposed facilities on site.

•Get in touch with an agent working in this area and especially knowing the local market. Our advice! Working with a single agent with whom you feel comfortable to talk and continue to work with him/her is far more reasonable than going with several agents. All the agencies working in the region have a single database and work with the same developers and same promotions. Their portfolio slightly varies. If your agent found in his portfolio a suitable facility, it will be a suitable option for you with their other colleagues of the agency. Thus saving time and hassle, you do not have to spend hours in contact with various agencies and with you wrote. Get the agent that will do all the hard work for you and makes the buying process a pleasant and successful business.

•    Should the customer pay an agent anything before the deal? Pay for gasoline and time for the shows? And as is customary in your company?

In Spain, there is an established system of real estate agency. Service agent for the buyer is absolutely free. The agency receives a commission from the seller of the property after the completion of the transaction. An exception may be the case for any additional services not directly related to the purchase of housing.

What documents are required to complete the purchase of property in Spain?

What is NIE?

NIE – it is an alien identification number in Spain. NIE is required for all foreigners figuring in the notary acts and the registration authorities for the purchase of real estate, mortgage loan, buying a car or opening a Spanish company. This number will also be used when filling in tax payments.

To make an NIE you should have:

•    Copy of all the pages of the passport and have a valid visa

•    Form of the corresponding sample and paid receipt for clearance

•    Contract on the booking deposit and payment of real estate (this is the basis for the issuance NIE)

•    NIE can be issued without your presence, the trustee (an attorney), if he has a notarized power of attorney from you.

How many people could fit into the “Escritura” (document proving ownership) of the property?

In the “Escritura”, any number of individuals with the same or different rights can be written in.
The degree of relationship is not significant.

How to open a Spanish bank account?

From April 2012 to open an account to non-EU citizens must meet the following requirements:

•Personal presence

•Up to date passport

•Tax return from your country of residence, translated into Spanish. (Translation can be done in Spain)

•In the future, if you wish, you can manage your account remotely via the Internet, including making purchases and pay bills.

What documents are needed to obtain a mortgage in Spain?

Loans to non-residents in Spain can roughly 50-60% of the value of the property, but there are times that it can be up to 70% or more.

How to get a residence permit (permiso) in Spain?

By itself, buying property in Spain does not give you the right to obtain residence permits in Spain. The approach is different and depends on both the bank and from the potential borrower and its recommendations on the Spanish side.

How do I pay taxes and fees for the property after the purchase?

In Spain, the common system of automatic payment of taxes is from the account of the buyer. After signing the deed, your attorney will issue all necessary documents and all payments will be automatically debited from your account. The only thing you should do – is to monitor the state of the account.

When buying property in Spain, can one of the spouses grant permission to another?

Signing the notary deed (Escritura) by the buyer’s permission from a spouse is not required, but the notary makes the phrase with the words of the buyer’s marital status and an explanation of the type of marriage and property ownership (marriage contract). You must provide a copy of the marriage contract to the notary.

In case of sale of a property, a public notary must pay attention to the marital status and type of marriage according to the text in the Escritura, such as pointing out that you are married with joint ownership of property at the time of the sale which requires the presence of a spouse or a notarized authorization to sell.