The property purchase process in Spain

The initial and crucial step when buying a property in Spain, even before selecting the property you intend to buy, involves hiring a lawyer. This legal professional will provide guidance throughout the entire process and initiate a Due Diligence procedure to determine if the property is free from any debts or encumbrances. Your attorney will conduct comprehensive investigations at the Land Registry, Cadastral Office, Tax Office, Town Hall, and with various banks.

Reservation of the Property
To secure the property, you’ll sign an agreement with the seller, temporarily removing it from the market. Typically, a minimum payment of €6,000 is required when this agreement is signed.

Opening a Bank Account and Obtaining a NIE Number
To proceed with the property purchase, you must open a bank account and obtain a NIE (Número de Identificación de Extranjero) number, which is a fiscal identification number for foreigners.

Private Purchase Contract
This contract outlines all the terms, conditions, and responsibilities of the purchase. It covers details such as the property being sold, its appendages, the purchase price, obligations of both parties, payment terms, completion date, and more.

Upon signing the private purchase contract, the buyer typically pays 10% to 30% of the purchase price to confirm the property reservation.

Gathering Necessary Documents and Preparing for the Purchase Title Deed
Before signing the Purchase Title Deed, all required documents must be obtained and the Deed drafted. This may include applying for a mortgage if necessary.

Signing the Purchase Title Deed
The Purchase Title Deed is signed before a Notary Public. During this process, the remaining purchase price is paid, and the keys and property-related documents are handed over. If applicable, the Mortgage loan Title Deed is also signed on the same day.

Registering the Purchase Title Deed
The Title Deed of Purchase is registered at the Land Registry. Additionally, changes are made to contracts for water and electricity supplies, local taxes, waste collection, and other related matters.

We strongly recommend seeking assistance from your lawyer we connect you with and for tax and accounting services to guide you through these steps. Our lawyer can also help you with paying relevant taxes, applying for a residence permit, and addressing any property-related issues for you and your family.

Meester Estate works with the best lawyers in Spain ready to help you from the start.

Contact us for more information.

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