Legal issues to be considered when buying a property in Spain
It is not compulsory to have a lawyer but it is highly recommended.
We have a panel of fully qualified, independent lawyers - all inspected by the Overseas Living Group and all meeting our demanding criteria. If you need legal advice on any matter in Spain we can introduce you to right people.
You will have the personal attention of an English speaking lawyer and you will benefit from excellent rates negotiated on your behalf by us.
Some of the aspects of law we can help with include:
Basic legal process of buying in Spain.
The actual completion will take place at a Notary Office.
The typical procedure is that a reservation fee is paid (few thousand Euros) followed by a more substantial deposit on signing of contracts (10%) The balance is then paid at the time of the completion.
For off-plan properties (purchased before the building work is completed) typically the buyer will pay a reservation fee and then staged payments are payable at intervals during the construction period. The balance is then payable at the completion.
NIE certificate – this is the buyer’s fiscal identification number and is required by the authorities in Spain for all foreigners purchasing property.
Cash – this is required to make up the difference between the amount paid by mortgage and also to cover purchasing costs – typically purchase costs are 10% of the total purchase price or 14% if a Spanish Mortgage is taken.
Signature – to be provided by the purchaser (passport required), or by the purchaser’s lawyer (power of attorney required)
Bank account – you will normally be required to have a Spanish bank account
Those attending at the Notary
Other issues to be aware of:
Cédula de habitabilidad (Occupancy Certificate)
Impuesto sobre transmisiones patrimoniales