The following article will give you a general idea on the process of purchasing real estate in Spain. Note that it is always recommended to utilise a lawyer to ensure a smooth transaction and to confirm the associated costs as these vary by region.
Spanish law allows you to acquire property both residents and non-residents. The owner of the property is the one who recorded in an official document – Escritura Publica.
1. Buyer must obtain a local police foreigner identification number (NIE) if he is a natural person or a tax identification number (S.R.I.) if he is a legal person and open a bank account from which you will continue to transfer funds to purchase real estate .
2. If the terms for purchase are agreed, then make a deposit to ensure the real estate is reserved for you. Executed a contract of intent to purchase the buyer of this property, which reflects its value (“Contrado de compraventa” or “Contrado de opcion de compra”), the terms and method of payment. Turnaround time 2-4 working days. When signing the contract, the buyer pays 10% of the property value (the deposit is included in the 10%).
3. The main document of the transaction of purchase and sale (Escritura Publica) prepared within a month the Spanish notary and signed by the seller and the buyer of the property in the presence of a Spanish notary. In signing this document, the buyer pays the entire remaining amount of money. After that, the buyer becomes the full owner of the property and receives the keys to the property.
4. After making the purchase and sale of a property is registered in the Register of territorial property, where it is assigned a registration number, record number, location and volume. The registration process takes from one to three months. After this time you get your hands on the registered original document (Escritura publika), or get a copy of the subject of processing the loan, and the original is sent to the bank.