Interested in purchasing a property in Spain? You will need to know and do a few things first. In addition to having the necessary funds or an appropriate financing plan, you will need the following to complete your property purchase:
NIE Number
For foreigners, a Spanish NIE number (Número de Identificación de Extranjero) is a basic requirement when buying property in Spain. Without this number it is not possible to conclude a notarial contract of sale or to be registered in the land registry. You will also need a NIE to open a bank account, as outlined below.
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Spanish Bank Account
A Spanish bank account is necessary, as in Spain the payment of the purchase price for the property is usually made by certified bank cheque. The account must be opened at least one week before the notary appointment, so that on the day of the notarization a cheque for the amount of the purchase of the property can be obtained from the bank.
How Does Buying Or Selling Real Estate Work?
If you found the right home or property in Spain, you are only halfway there. Once you have found a house, apartment, apartment or plot of land you want to buy, the following steps usually await you:
Drawing Up And Executing A Contract Of Sale
A private written contract and/or preliminary contract with a deposit (Contrato de arras).
Public notarial deed of sale (escritura) with payment of the balance of the purchase price.
Note: The contract of sale may be private or notarial. Private contracts of sale are valid under Spanish law even without an escritura. However, without a notarial deed, they cannot be registered in the Land Registry.
We have shown you the first steps of buying a property, but this important event in your life, should be supervised by professionals who can protect you from future problems and misunderstandings.
Experienced team of professionals, will always be able to help you with the selection of the desired property, and most importantly take on a turnkey all related matters.
