With a competent solicitor or notary, buying a property can be simple
Credit: Shutterstock: KorArKaR
The journey to buying property in Spain can feel overwhelming, so it’s essential to be well-acquainted with each step of the process.
Looking to buy property in Spain? The process can feel daunting, especially given Spain’s complex paperwork. To help, we’ve put together a simple, step-by-step guide to make your home-buying journey a little simpler.
Calculate your budget and add margins for fees and taxes
The first step is to calculate your budget and then add 10% to 13% for the additional purchase costs including fees and taxes. If this money isn’t readily available, then consider a financing option. Spanish banks usually provide mortgages, lending from 60% of the total cost. For all financial or legal proceedings, you will need a NIE or TIE (tax ID number).
When you have found your dream property, you will need between €3,000 to €6,000, payable on a credit card or by bank transfer to hold the property and remove it from the market. Then, contract a solicitor (notario/notaria in Spanish) who will check the property owner’s documentation. This auditing will check the local land register to rule out any overlying debts, or mortgages/ loans taken out for the property.
Contract a competent solicitor or notary to check and legalize paperwork
A contract with the solicitor will outline payment terms. After paying a holding deposit, the rest of the 10% deposit is due within a month. The final payment is due at the notary’s office on signing day, following a final audit to confirm no new loans or mortgages. All parties will sign the title deeds, and remaining costs—such as an 8% transfer tax, land registry, and solicitor fees—must be paid within a month.
Now you are ready to take the keys and move into your new home, marking the start of an exciting new chapter. Stay mindful of your mortgage plan and any arrangements made with your bank to ensure a smooth financial journey ahead. Keep track of any remaining payments or fees, and double-check that you’re up to date with important deadlines to avoid surprises later on. With these details in place, it’s time to relax and fully enjoy the comfort and warmth of your new space, making it truly your own. Welcome home!