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1) sign a reservation contract

2) pay an initial deposit (6000€) to take the property off the market

3) your lawyer will start due diligence.

– Research all documents regarding the property.

– All is legal?

– No hidden debts?

– Property is in the vendor’s name?

– Does the property have a mortgage attached?

– Sizes of the property stated match the registered sizes for the property?

4)  If you need a mortgage: we will start the process with the bank for you. We do recommend however to talk to the bank prior to the property search, so you know the amount they will lend you and the amount you need to contribute in cash.

5) 10% deposit (minus 6000€ step 1) :  another deposit step will be required if you are not ready to sign within a few weeks after step 1.

6) open a bank account in a Spanish bank for payment of all utilities, direct debit for community fees and property taxes, etc.

7) Power of Attorney: if you will not be present during the whole process, it is advised to grant power of attorney to your lawyer. He can then officially represent you at each step.

8) Application for NIE number: identification number needed for each foreign buyer in Spain. Your lawyer can apply using the granted power of attorney.

9) Notary: once all the above is completed, we can sign at the notary from this moment, you own the property. Electricity, water and all other costs and taxes will be transferred to your name from that day onwards.

Using a lawyer when purchasing in Spain is a must and will give you complete peace of mind. They will guide you through the whole process and beyond. After completion they are available if you have any further queries or issues need resolving. They also will recommend and assist with tax declarations, payment of taxes, community fees, making a will here in Spain etc.

PURCHASE COSTS

1) Transfer Purchase Tax – ITP:    Flat rate of 7% (revised end 2022)

2) Lawyer’s fee: 1% of purchase price (+21% VAT)

3) Notary and Registry fees: 0,5 % of purchase price (+21% VAT)

When buying with a mortgage: some additional steps and fees apply

• Valuation of the property (required by the bank)
• Opening bank account

We are with you in every step of the process for all the support and advice needed.