Buyers guide

What documentation do I need to buy a property in Spain?

 When you have found a suitable property, you will need to obtain an NIE number (Numero de Identificacion de Extranjero) we can help with this process and advice you of a suitable Abogado’s (Spanish solicitors) this is highly recommended.

You will require a Spanish bank account. We can also help with opening a Currency Exchange account, it is far cheaper than sending foreign currency direct from your bank.

What deposit is taken when I agree to buy a property?

A deposit to secure your purchase is 10% of the purchase price. This deposit is held in a Client Account until completion. This deposit is non refundable to the buyer if you decide not to proceed with the buying of the property (unless a mortgage is involved).

Should the seller withdraw from the sale then they are obliged to refund the 10% deposit plus a further 10% to the buyer.

Is a survey a legal requirement when buying in Spain?

If you are a cash buyer, then the choice is yours. If it is an old property then obviously we would recommend that you have one. If you are purchasing via a mortgage then yes the bank automatically insist on one.

What are the purchasing costs?

 You will have to pay the Notary fees, solicitor fees, land register and IVA of 8% if resale and 10% if new build, of the purchase price.

We always say allow 12% of the purchase price to cover your costs, that is a maximum. Some solicitors will give you a package including all relevant costs, it’s worth asking.

How long is the purchase to completion process?

The timescale really depend on being a cash sale or mortgage. If it is a straight forward cash sale, then the completion date is agreed at the time of negotiations.

This can be anywhere between 2 weeks to 6 months, sometimes longer depending on buyers / sellers circumstances.