Buying a property in Spain
The buying process for a real estate transaction in Spain contains several elements, at Red Palm Estate we guide you through all parts. It is also important that you look at the overall picture of the costs that arise both at the time of purchase and when you use your new home. For those of you who are going to buy a house in Spain, we give below examples of things you should think about.
A so-called NIE number (Spanish identification number)
Account number in a Spanish bank
If you do not have an NIE number and account number in Spain, we can help you arrange this.
After you have chosen the home that suits you, the process is divided into a number of steps, the most important of which are summarized below:
Signing of a reservation contract, which is a legal document, and payment of a deposit for the property. The deposit varies but is usually between 4000-6000€ for resale and usually 10% for new built property. Should you withdraw from the reservation contract, you will lose this entire amount.
When buying a resale, the rest of the amount must be paid upon legal registration. When you buy a newly built home, it varies a bit between different builders, but you usually have to pay in a certain percentage within 3 months and the rest when signing the deeds, which depends on how long it is until the home is completed. You will receive information about a specific payment plan in connection with the reservation of a new home.
Most of our clients choose to issue a power of attorney to our lawyer who can represent you in Spain. The lawyer then handles, for example, the contact with the notary public, arranges contacts with authorities and necessary public documents and takes care of, among other things, water and electricity contracts.
Arranging with insurance is important so that it is clear when the home is taken over. At Red Palm Estate, we can help you with these steps.
Taking over the home.
When authorized by us, you do not need to be physically present yourself, but can calmly plan your trip down to your dream home whenever it is convenient for you. We make sure you get keys and all documentation once you are in place.
After that, the home is yours and then only the fun remains. Move in, furnish and get ready in your new, Spanish dream home!
Other things to keep in mind
Depending on your own situation, it may be worth considering other aspects of your home purchase. For example, it may be a good idea to review the succession and any wills now that your assets have changed. In order to best manage fixed costs, direct debit as a payment methodology can work well. And even if no one expects something to happen, home insurance is valuable on the day it is really needed. We at Red Palm Estate are at your service to help with all of this!
How long it takes before you get access to your home is of course individual, but it usually takes 1-3 months from purchase to taking over a resale property. When buying a newly built home, it varies from area to area and is agreed when you reserve your home.
If the home is to be financed with a mortgage, it is important to start the process as soon as possible after the home has been purchased so that everything is ready until the home is taken over. Contact us for information on financing in Spanish bank.
It takes from 4-6 weeks from the time you take over the property until you receive the original title deed. In Spain, this is a very important document that defines the scope and content of your property.
At Red Palm Estate, we understand that the security of a real estate transaction in another country is right and proper, is important to you as a customer. You can be sure that our lawyer has checked all the information about the property before buying, so you do not have to worry that there are debts on the property from previous owners for which you may be liable for payment. Furthermore, we handle all government contacts and ensure that all documentation is in order.
We can also help with electricity and water contracts, home insurance, fibre installationes, TV subscriptions, craftsmen, interior designer and more if desired. Don´t hesitate to ask us!