Buying property in Spain - the process of purchasing your Spanish home
If you have found the right Spanish home there are things you need to do before cracking open the Rioja. The process of completing a deal on a Spanish home essentially takes place in three parts; finding a property in Spain, buying your Spanish home and paying for your Spanish property.
Finding a property in Spain
It is always advisable to have funding in place before you embark on the search for your new Spanish home. This way you know exactly how much money you have to spend and what Spanish properties to forget about because of costs.
You need to decide for yourself how you can best raise the funds and if you need to borrow money whether it is best to take a UK or Spanish mortgage.
The next thing you must do is find the right property in Spain for you. You must consider property type, location and the area in which you want to live.
Legalities of buying your Spanish home
A lawyer is required to check the legal status of a Spanish property, ensuring there are no charges or embargos recorded on the property register. Any debts on a property in Spain would be passed on to you.
When you make an offer on a property in Spain it is binding and you are expected to pay around €3000 to secure this offer. If the offer is accepted then the buyer and seller enter into a private contract and a 10% deposit is paid towards the purchase of the Spanish home. This is non-refundable unless the seller fails to meet their obligations.
You should have a full survey on the condition of any Spanish property carried out as well as obtaining an independent valuation before committing to buy.
The private contract between both parties will stipulate a date for completion of the deal. This is arranged with the local public notary who will prepare the Escritura de Compraventa, a legal document which precisely lays out;
- What property is changing hands
- The persons involved in this transaction
- The declared purchase price of the Spanish property
- Any other pertinent details
The Notary will then obtain a report from the land registry to confirm there have been no charges made against the property since the private contract was signed. They will explain the implications of the Escritura to both parties and it may be advisable to have a translator for this stage.
The buyer, seller and Notary will then sign the document and the outstanding balance will be paid as stipulated in Spanish property law. After this the notary will inform the land registry of your purchase of property in Spain. Shortly afterwards your lawyer will receive a copy of the deeds and have the property inscribed in the land registry.
Paying for your Spanish property
You now need to pay the fees and taxes incurred in buying property in Spain. Once this is done you are a Spanish property owner. Now is the time for the Rioja - you have just bought a wonderful Spanish home. Congratulations!
