How to buy property in Spain
How to buy property in Spain
Step one (and the most important!)
Answer some questions. The first step is for you to answer a number of simple questions (especially for yourself!) to find a perfect choice of property just for you.
First, you should know the reason for buying property in Spain. Its location depends on the variety of properties:
- a house for renting;
- a vacation property;
- a place for living in permanently.
Secondly, decide what kind of property you are interested in:
- a house;
- a flat;
- a villa;
- or a bungalow;
Choose it for your needs considering the budget.
Thirdly, evaluate different regions of Spain:
- closer to the sea;
- closer to the mountains or forests;
- closer to the city and etc.
After you have answered all these questions by calling the WTG Spain hotline, we search for the best real estate variants that perfectly correspond to all your requests. If you liked our proposals and you are ready to continue cooperation – we go to the next step - organizing your trip to Spain.
Step two. Organization of your trip to Spain. This way you will be able to see all the real estate objects you have previously chosen with your own eyes, look at their location, local climate, and also (if necessary) see other objects, which correspond to all your requests;
we determine the DATE of your visit to Spain and book AIR TICKETS.
Your Guiding Tour the real estate objects
So, you are already in Spain! Your personal manager (a consultant of WTG Spain) meets you at the airport. Then, you go to a comfortable place to stay during your tour in Spain. The next few days (of course, accompanied by the personal manager of WTG Spain), you inspect all the real estate objects that are the most appropriate to your needs.
During your guiding tour, the manager of the WTG Spain Company tells you all about the peculiarities of any region and answers all the questions that may arise during your review. When you made up your mind, made your choice, and found the real estate of your dream - you are ready to become its owner. So let’s move to the next step - Step #4 - preparation of documents for the purchase of the real estate.
Preparing documents for the purchase of the real estate.
Step number four
Preparing documents for the purchase of the real estate. The process of preparation for the acquisition of property consists of three simple actions (which our lawyers of WTG Spain will definitely help you to carry out). Now, let's take a closer look at each of them.
So, let's start with the first action – Reservation agreement. It’s very simple! The property you have chosen should be withdrawn from the sale (and review) for other buyers since it is you who want to become its owner. You should pay a minimum reservation deposit. It is about 3%, depending on the particular object. Having taken this step, you can be sure that the property you have chosen is withdrawn from the sale until the full transfer of ownership. Naturally, this procedure is carried out on the basis of the private contract that you sign with the owner of the property. This contract also fixes:
- terms of payment of the remaining sum;
- and the final price, considering the deposit you have already paid;
The second action is getting tax identification number NIE (in Spanish known as “Número de Identificación de Extranjeros”). To get a NIE, you have to prepare all the necessary documents:
- Passport and photocopy of all its’ pages;
- The photo of a passport
- Proof of Health Insurance – this can be Private Health Insurance or an EHIC card;
- Completed special application forms;
Based on this list of documents, your personal manager (consultant of WTG Spain) will help you with filling in these application forms and applying it to the appropriate authority for obtaining your NIE Number.
And the third action – is opening of your personal account in the 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:
- Identity Proof (Passport);
- Foreigner identification number and certificate (número de identificación de extranjeros - NIE);
- Address Proof;
- Employment status Proof (student card, employment contract, unemployment documentation);
This list of documents must be translated into Spanish and notarized.
So, before going to the fifth step - our final stage (directly to the "real estate purchase" deal itself) - the necessary funds are to be transferred to your new bank account in Spain. At this stage, a number of questions may arise: How to do it right? How to save on commission? and etc (etcetera). Certainly, you can get a full consultation on these issues with your personal manager of WTG Spain.
Step number five
Finally, this day has come - the day of the deal!
Let's summarize! By now you have:
chosen the property of your dream in Spain;
- signed a private contract and paid a deposit for this property.;
- received an NIE Number;
- opened a personal account in the Spanish bank;
- and the necessary funds have been transferred to the bank.
Everything is ready for the final stage ... - SIGNING A CONTRACT OF SALE WITH A NOTARY!
SIGNING A CONTRACT OF SALE WITH A NOTARY!
You should sign a bilateral treaty of the sales contract (between you and the seller) before a notary and a tax consultant. After that, you have to transfer the remaining sum for the chosen property (you can make a payment by check or transfer the money on the seller’s account). And the seller, in his turn, gives you the keys to your real estate and all the necessary documents. Then, the notary certificates the original of the contract of sale.
Thereafter, get prepared for congratulations - you have become a proud owner of your own property in Spain!
If you decide to rent out your property, WTG Spain will take care of everything from documenting (and obtaining a right to lease) to meeting guests and their settlement.
Remember! While you are working with WTG Spain, your property will ALWAYS be in complete safety and constant care!