Buying property in the Costa del Sol or in the city of Malaga is an exciting adventure, but it’s crucial to understand the legal aspects involved in the process. Here are some key points to consider before making a purchase:

  1. Residence and work permits: If you’re a foreigner planning to reside in Spain, it’s important to verify visa requirements and necessary work permits before purchasing property.
  2. NIE (Foreigner Identification Number): Every foreign buyer must obtain an NIE, a tax identification number, before conducting any real estate transactions in Spain.
  3. Deposit contract: Before signing a purchase contract, it’s common to enter into a deposit contract, known as “contrato de arras” or “señal”, which outlines the terms and conditions of the purchase and requires a deposit from the buyer.
  4. Notary: The presence of a notary is mandatory in all real estate transactions in Spain. The notary certifies the legality of the transaction and ensures all legal formalities are met.
  5. Property registry: After signing the purchase deed, the property must be registered in the Property Registry to formalize the transfer of ownership.
  6. Taxes: It’s important to be aware of the taxes associated with buying property in Spain, such as the Property Transfer Tax (ITP) or Value Added Tax (VAT), as well as annual taxes like the Property Tax (IBI).
  7. Additional expenses: In addition to the purchase price, you should account for additional expenses associated with buying property, such as notary fees, property registry fees, and real estate agency fees.

 

Understanding these legal aspects will help you make a safe and smooth purchase in the Costa del Sol or Malaga. If you need further assistance or are looking for the perfect property, don’t hesitate to contact us at Vista Spain Property. We’re here to help you every step of the way!