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Property purchase process in Spain

Property purchase process in Spain. This is the process of buying property in Spain. The key to buying real estate in Spain is to understand the purchase process and the costs involved. We will help you to understand how the whole process of buying a home in Spain looks like. From the moment of reservation of the property, to sign notarial deed at the notary in Spain. For more comprehensive information, please see the main Spanish property purchase page on our website.


All transactions of property purchase in Spain must be signed by a notary, a legal representative of the Spanish State. Only a notary can register you as a legal property owner and enter you as a new property owner in the Spanish Registry office - Registro. A notary can do this only after signing the purchase act of the property he/she witnesses, signing the property deeds (Escritura). Ensuring that all property taxes and fees are paid.

When you find your dream property, the standard practice in Spain is to reserve it, by paying a deposit of 3,000 euros. At the time of deposit payment, the property is withdrawn from the market. Of course, the deposit is included in the total selling price of the property.

Before you sign the deeds of the property, our Spanish lawyer carefully checks the legal status of purchased property. Will be "pulled out" from the Registo so. Nota Simple, which is information about the legal status of real estate in the Department of Land and Mortgage Registers in Spain. The lawyer will check that no mortgages or loans, liens, lease payments, or other liabilities exist on the property.

The next step is to pay from 5% to 10% of the value of the property, which payment obliges the seller to sell the property, and the buyer side obliges to buy the property. Of course this amount is not fixed. When you reserve your property, there are different options and together with our agent you will determine the best form of payment for you.

N.I.E. numbers

To buy any property in Spain you will need N.I.E. number. This is the equivalent of Tax Identification Number, ie the tax identification number in Spain. Any foreigner buying property in Spain must have a registered N.I.E.
Number N.I.E. you can get on the police station in Spain.
In IBERMAXX we make express numbers N.I.E. numbers for our customers.

This is N.I.E. number in Spain

Bank account

The next step in the process of acquiring real estate in Spain is to open a bank account in Spain. You must have a bank account in Spain to buy a property here. Each property purchase transaction must go through the Spanish banking system.
For our clients we open a bank account in Spain. Once you open it you will get an internet access to your Spanish bank account. Each bank in Spain has an English version if you don't know yet Spanish language.

Additional costs

So what makes up the additional cost of buying a property in Spain? Calculate from 10% to 12% of extra costs from the stated property price. Realistically, additional purchase costs are to be expected. This covers all taxes, commissions and fees. If you buy with mortgage in Spain calculate 13% of additional costs.

If you buy a property from the secondary market, the additional costs are distributed as follows:

Additional costs related to mortgage in Spain include: property valuation - about 350€, commission for granting a loan - about 1.5% of the loan amount, bank commission - about 1%. In addition, the costs of the notary and the cost of entry into the land and mortgage register are also included.

Real estate from the developer (off plan property)

The cost of buying a new property from a developer varies a little in Spain. Property deeds is signed when Licencia de Primera Ocupacion is acquired by the developer.
The fees are: 10% IVA tax, notary and registration fees for registrations - Registro.

Property tax in Spain

Once you become a legitimate property owner in Spain, you will be required to pay an annual property tax. In Spain it is called I.B.I. or SUMA (only on Costa Blanca area).
The bill to pay will usually come to you by mail in the month of August or September. And the property tax in Spain is paid until October each year. This tax also covers the cost of rubbish removal from the property.

I.B.I. bill in Spain

In addition to this fee, you will also have to pay for the costs of running your home or apartment in Spain. Electricity and water charges. And if your property is on urbanization - with the cost of Comunidad.
When showing properties we will inform you exactly about the cost of maintaining each property shown in our offer. It's important for you to be aware of the cost of maintaining your property in Spain.

First time buyer in Spain?

First time buyers in Spain need support and assistance after property purchase. Just read the testimonials on IBERMAXX. We will help you in the first steps after buying a property. We will explain where, what and how to pay in Spain. And then you will definitely manage yourself in the fees associated with maintaining your property in Spain. For more information on buying property in Spain, please refer to our website.



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