Buy a property in Spain
Esentya Estate

Buying a property in Spain

Many questions arise while purchasing a home in Spain; watch our animated film that walks you through the process from beginning to end:

1. After viewing

Following the viewing, the buyer and seller engage in a negotiation. It is not organized bidding sequence. Prices for new construction are set in stone.

2. Reservation contract

A contract that regulates price and payment terms in a simplified manner. A deposit of 3-10.000 Euro is paid, and the seller withdraws the property from the market for an 8-14-day reserve term. To assure the accuracy of the information supplied, documentation is gathered from the property registration.

3. Legal examination

Other matters around the house are checked by the lawyer, and quality assurance verifies that licenses are in order, that the house is clear of encumbrances, tenants, and any outstanding taxes.

4. Formal purchase contract

When all of the conditions are met, the seller and the buyer sign a final contract. This document provides all pertinent information as well as legal considerations. After the contract has been signed, the buyer normally pays 10% of the home’s buying price. This contract is not signed for new structures until the developer has received a building permit. Until this is in order, the developer will not be able to give a bank guarantee for advance payment.

5. Deed

A meeting with a notary public is the final stage before transfer. The buyer and seller, as well as the parties’ lawyers via proxy, meet with a notary public to sign the title deed to the residence. The remaining settlement and key handover are completed in conjunction with this. Following that, the buyer is the legal owner of the property.

6. Registration of the purchase

The deed is handed to the property registry a few days after it is signed, ensuring that the residence is properly registered to a new owner. All purchase charges have been paid, and your attorney is in charge of all contracts for water, electricity, and other common bills.

Appointing a lawyer as a settlement representative is always a good idea; the lawyer can help with the following things:

  • Validate documentation on housing
  • Application for NIE (Spanish tax number)
  • Open a Spanish bank account in your name
  • Advice by inheritance / will
  • Assist yourself with a notary and possibly sign a deed on your behalf
  • Change agreements on water, electricity, and relevant taxes to your name