If you are considering moving to Spain and buying a home, you have made an excellent decision! Spain offers an incredible lifestyle, with its warm climate, beautiful beaches, rich culture and delicious cuisine. As Spanish real estate agents, we are here to guide you through the process of buying a property in this beautiful country, ensuring a smooth and successful transition to your new life in Spain.
Here are some important legal tips to keep in mind when buying houses in Spain:
Get legal advice
Before starting the buying process, it is crucial to get the advice of a lawyer specialized in real estate law in Spain. A lawyer will help you understand the legal details of the buying process and protect you from potential risks.
Research the real estate market of houses in Spain
Familiarize yourself with the real estate market in the area where you are interested in buying. Research property prices, supply and demand, and any local regulations that may affect your purchase.
Verify the legal status of the property
Before committing to the purchase, make sure the property is free of legal encumbrances and outstanding debts. Your lawyer can help you perform due diligence to verify the legal status of the property.
Understand the associated taxes and costs of houses in Spain
It is important to understand the taxes and costs associated with buying a property in Spain, such as property transfer tax, value added tax (VAT) and notary and land registry fees.
Sign an arras contract
Once you have found the desired property, it is common to sign an arras contract (reservation contract) and make a deposit to secure the property while the legal paperwork is being completed. Your lawyer can review the earnest money contract to make sure you are protected in case of default by the seller.
Obtain a NIE (Número de Identificación de Extranjero)
If you are a foreigner buying a property in Spain, you will need to obtain a NIE. This identification number is necessary for financial and tax transactions in the country.
Complete the deed of sale
Once all conditions have been met and you are ready to complete the purchase, you will proceed to sign the deed of sale before a notary. Your lawyer will be present during this process to make sure everything is done correctly.
Register the property
After signing the deed of sale, it is important to register the property at the land registry to legally confirm that you are the new owner.
At Bocam Spain, we are here to help you through every step of the process of buying a home in Spain. Our team of real estate experts and real estate lawyers are committed to making your buying experience as smooth and hassle-free as possible. Welcome to your new home in Spain!
Contact us today for more information and start your search for the perfect property in Spain!