Buying a property in Spain, whether it’s on the charming Costa del Sol or in the vibrant city of Málaga, is an exciting adventure. However, it’s important to be aware of the necessary procedures to complete the purchasing process effectively and smoothly. Here’s an explanation of the key steps you need to follow:

 

  1. Obtaining the NIE: The Foreigner Identification Number (NIE) is an essential requirement for buying property in Spain. This number identifies you to the tax authorities and is necessary for any financial transaction in the country. You can obtain it at the Spanish consulate in your home country or at the police station once you’re in Spain.
  2. Opening a bank account: It’s advisable to open a bank account in Spain to facilitate the purchasing process and payments related to the property. You can do this at any local bank by presenting your NIE and any additional documentation they may require.
  3. Searching and selecting the property: Once you have your NIE and bank account in order, it’s time to search for the ideal property. You can do this on your own or enlist the services of a local real estate agency, such as Vista Spain Property, which will help you find options that fit your needs and preferences.
  4. Reservation and signing of the earnest money contract: Once you’ve found the desired property, you’ll need to make a reservation and sign an earnest money contract (purchase agreement). At this point, the terms and conditions of the purchase are agreed upon, along with the payment of a deposit as a commitment guarantee.
  5. Mortgage arrangement (if necessary): If you plan to finance the purchase through a mortgage, you’ll need to apply for one from a Spanish bank. This process can take time, so it’s important to start it as soon as possible after signing the earnest money contract.
  6. Signing the public deed: Once all the procedures are complete and mortgage approval (if necessary) has been obtained, it’s time to sign the public deed of sale before a Spanish notary. At this point, the final payment is made, and the property is transferred into your name.
  7. Payment of taxes and additional expenses: Upon completing the purchase, you’ll need to pay the taxes and additional expenses associated with it, such as the Property Transfer Tax (ITP) or Value Added Tax (VAT), as well as the notary fees and other management expenses.

By following these steps and completing the necessary procedures, you’ll be able to successfully and smoothly purchase a property in Spain. If you’re looking for additional assistance in the buying process, don’t hesitate to contact us at Vista Spain Property. We’re here to help you find the perfect property and guide you every step of the way.