house apartment villa real estate conditions for a foreigner

The expected stages of buying a home in Spain for a foreigner:


- Selection, viewing and verification of a property.


This is the stage to answer your various questions, such as: the technical condition of the property, the cost of utilities, the size of municipal expenses, the cadastral number of the object, which contains reliable information about the area, borders and other characteristics. You can ask these and other questions yourself by calling the owners of the property you liked directly after registering on exclusiva.es or using our services to save your time.


- Booking, concluding a preliminary contract and making a deposit (Arras Contract).

When you have found a suitable object in terms of characteristics and budget, you need to book it so that the owner removes it from the sale and no longer accepts offers from other buyers. When drafting this contract, such conditions as the period of payment of the remaining amount, the size of the pledge, the parameters and location of the property, the obligations of the parties, the conditions in case of termination, etc. will be clearly described.


- Registration number of a foreigner NIE.

Without this number, it will be impossible to sign an agreement on the purchase of real estate, including a preliminary contract of sale, opening a business or employment, as well as opening a bank account and transferring the money necessary to pay for the purchase.


- Opening an account in a Spanish bank.

You need to open an account in a Spanish bank. In this way a seller will be transferred funds during the purchase process. This will facilitate all types of payment of taxes and expenses under all rules and laws. To open a bank account you will need: your passport, income certificate, tax return and registration at the place of residence (empadronamiento).


- Making a mortgage if it necessary.

Mortgage loans are usually given up to 70% of the assessed value and for a period of 5 to 30 years, but of course depends on the age of the person requesting the loan. If there are several applicants, the age of the youngest of them is taken into account. Loan payments are made monthly. The size and frequency of payments must be specified in the mortgage lending contract. At the same time, their size should not exceed 35% of the sum of the aggregate monthly income of loan beneficiaries.


- Registration of the sale in the presence of a notary (Escritura).

Signing the final contract. This procedure is concluded only with a notary. This is a very good guarantor of the security of buying Spanish property. The parties sign the contract, the buyer transfers the remaining value of the object to the seller and the notary fees are paid. The seller sends the buyer documents of the property, keys, receipts for the payment of taxes and utility bills. Both parties receive certified copies of title documents and the original purchase agreement will be issued in a couple of days.


- Registration of the transaction and receiving a new owner of the document Nota Simple.

Provides for the payment of stamp duty during the month. Registration in the register of ownership takes about 2-3 months, there it is checked again, and then register a new owner of the property and after that you get a title deed - Nota Simple.


- What are the taxes and expenses borne by the buyer?

When buying a primary property (new building), the buyer must pay VAT (IVA). Approximately 10% of the cadastral value, depending on the region. When buying a secondary real estate buyer must pay the tax called - transfer of property rights (ITP), which also differs depending on the region and is 7-10%. The standard cost of stamp duty is about 1%, notary services about 1.2%. And if you use the services of experts, such as exclusiva.es, to prepare documents and design services, the amount will be 1.5-2% and no more. You can see the amount of each specific commission for services at the bottom of each property you like.

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exclusiva.es is a real estate portal marketplace kind where owners of real estates in Spain as individuals, professionals, companies with exclusive sales rights and banks can publish ads for sale, rental and services related to real estate market so that other users can search and find ads with real estates for purchase and rental or ads with services to directly hire real estate professionals for other operations such as management of purchase-sale and rental, cleaning, transport, renovation, construction and other services.