A clear step-by-step guide to buying property in Spain as a foreign buyer — what to expect and how to prepare for a smooth purchase process.
We are often asked what is involved and what foreign buyers should be aware of before starting the process of buying a property in Spain. In truth, the buying process is fairly straightforward, but there are a few specific steps that need to be followed. As with most things in life, it is better to be prepared and know about the basic legal and practical requirements before you start, to help the whole purchase procedure run more smoothly and to avoid unnecessary delays or problems.
The key points you need to bear in mind are as follows:
1. You will need an NIE number
An NIE number is a Spanish identification number for the tax office. NIE stands for Número de Identificación de Extranjero, and it is required in order to buy a property in Spain, to open a bank account, and to sign for the purchase at the notary. This can be arranged through the Spanish consulate in your own country or in person in Spain, and your Spanish lawyer can also do it for you.
2. You will need a Spanish bank account
It is normally necessary to have a local bank account in order to pay various taxes and fees, and you will also need it for utilities and community charges after completion. This point is currently changing slightly, as there are now online banks that are acceptable to the tax offices, and this is something worth checking once you decide how to proceed.
3. Use a lawyer to organise your purchase
We always recommend that foreign buyers use a lawyer to organise their purchase. This ensures that everything is done correctly and that the property you are buying is properly registered and not likely to cause you problems in the future.
4. Reservation and private contract
The process of buying is fairly straightforward and will normally involve an initial reservation agreement with a small deposit, followed by a private purchase contract with a 10% deposit. This ensures that the property is taken off the market and will be sold to you.
5. Completion at the notary
Property transactions in Spain are always completed at the notary. This is the point at which the balance is paid and the property is handed over to you. As this work is always carried out in Spanish, many foreign buyers give their lawyer power of attorney so they do not necessarily have to attend the notary themselves. The choice, however, is always yours.
Buying a property is a fairly straightforward procedure — and in many ways, the most difficult thing is simply finding the right property. That is what we are here to help you with. We want you to find your ideal home, and we will do everything we can to help you find it and to make sure that the purchase goes as smoothly as possible.
If you would like more information or are thinking about buying or selling a property on the Costa del Sol, please call us on 0034 952 90 52 00, send a quick message on WhatsApp, or email us — we would be happy to help.
