The process of buying real estate in Spain
The process of buying property in Spain involves several stages. To your attention we have prepared a step-by-step instruction, which describes the process of buying down to the last detail.
To become a happy owner of real estate in Spain, you need to do just a few steps. And more exactly - only 5 steps! Read more about each stage of buying in our artical.
1. PREPARATION OF THE OFFER ON THE BASIS OF YOUR WISHES
Leave your request on the website of "WTG Spain Real Estate in Spain" - and our consultant will contact you as soon as possible and answer all your questions, and will consult on the main points of purchase and organization of the Guided Tour.
At this stage it is important for us to understand what exactly we can help you with:
- the purpose of the purchase;
- type of property;
- the territorial location of the object;
- characteristics and requirements of real estate;
- the indicative budget.
Guided by this questionnaire, we search for variants that match your request within 24 hours.
If you like our offers, and you are ready to continue cooperation – let’s move on to the next stage.
2. ORGANIZATION OF THE VISIT TO SPAIN
At this stage, you have to do the following:
- You determine the date of the visit;
- We help you in obtaining all necessary documents;
- We book air tickets to Spain.
Our employee will contact you in advance, meet at the airport and take you to your place of residence for the time of the Guided Tour.
3. GUIDED TOUR
The next few days, accompanied by our manager, you are watching the objects that are most suitable for your request. During the tour you will be told about the features of the region, answered all the questions that may arise in the process. If you are ready to buy one of the objects offered to you – let’s move to the next stage.
4. PREPARATION FOR PURCHASING THE REAL ESTATE
This stage provides the following actions:
- Signing of the reservation agreement (the object is reserved by signing a private contract of sale with a current owner, where the deal options should be indicated - such as the final price, payment terms, etc.).
- You pay a deposit, which is 10% of the price of the chosen object (up to 5,000 euros). This amount will be taken into account when signing the contract with a notary. If the deal is not going down with the initiative of the buyer, the deposit will not be returned.
- Registration of the NIE (foreigner identification number) within 7 days.
To submit documents for the NIE, you must provide:
- Passport and photocopy of all pages;
- Two small photos (3x4)
- Proof of the health insurance – this can be private health insurance or an EHIC card;
- Completed special application forms;
- Government fee for obtaining the NIE (which is about 10 euros), and which you should pay at the bank.
- An official reason for obtaining it. In our case, a documentary proof is your "reservation agreement", in which you have previously confirmed your serious intentions by paying a down payment for the chosen property.
After that, you should open an account in a Spanish Bank. All your payments related to the purchase of real estate will be made exactly from this bank account.
So, here is the list of documents required for opening an account:
- Your valid passport or a national identity card;
- The documents confirming the source of income (for example, an employment contract, a student card or unemployment paperwork) - the certificate must be translated into Spanish and notarized;
- Spanish NIE (foreigner identification number);
- A preliminary contract for the purchase of real estate (ARAS).
Before signing the deed, WTG Spain specialists check the real estate object for the existence of various debts that must be paid off. In addition, our specialists prepare a full package of documents and, if necessary, assist in the preparation of a mortgage loan.
5. SIGNING THE CONTRACT OF SALE WITH A NOTARY
You sign a bilateral treaty on the contract of sale (between you and the seller) with a notary. After that, the seller gives you the keys to your real estate and all the necessary documents. Thereafter, you have become a proud owner of your property in Spain.
When the deal is completed, you receive a copy of the contract, the original contract of sale is submitted for registration in the Registro de la Propiedad. In 2-3 months after signing, the registered contract is sent to you or to the bank (in case if you bought real estate with a mortgage).
more information of process of buying real estate in Spain in our video - watch
If you decide to lease your property, WTG Spain will take care of everything from documenting (and obtaining a right to lease) to meeting guests and their settlement.