On reading this, hopefully you have already found the property of your dreams with us at Country Properties S.A. and you now have to take the steps to secure and buy the property.

Holding deposit:

Making sure that the property you would like to buy is not sold to somebody else while you are preparing your financial situation is important. Most sellers will accept a holding deposit of 3.000 – 6.000 € reserving the property in your name for up to one month giving you time to select a solicitor in order to gather your personal details and documentation on the property to prepare the purchase contract.

Purchase contract:

Once your solicitor has gathered all the necessary documentation and details of the transaction have been agreed with the seller a contract will be drafted stating the terms and the date of completion. A deposit of 10% of the purchase price is payable upon the signing of this contract. (Contrato de Compraventa).

Foreigners ID. Number (N.I.E.):

A document needed for the transaction and for the annual tax declaration, purchase of a vehicle or insurance policies etc. is a Foreigners Identification Number (N.I.E in Spanish). The N.I.E. is obtained by registering in the police department for foreigners . It can only be done in person but we will assist you in filling out the forms.


Bank account:

You will need a bank account. Not only is it practical for the buying of your property but it is imperative that you have a Spanish bank account in order to be able to contract any of the utility suppliers to the property (electricity, telephone a.o.) and paying bills by standing order. We will naturally assist you in opening the account.

Completion:

The completion of the purchase of the property takes place at the local notary´s office where the buyer and vendor sign the title deeds (Escritura de Compraventa). The notary makes sure to identify the parties and verifies that the legal requirements and payments have been fulfilled correctly. It is here that the rest of the purchasing price (in this example 90%) is paid to the seller. Should you not be able to attend this meeting a power of attorney is needed and should be prepared beforehand.

Legal costs:

Apart from the actual cost of a property, you need to allow approximately 10 % of the purchase price to cover the fees and costs related to the property. This 10% will cover the solicitor’s fees; land registry costs, transfer tax (7%), notary’s fees etc. Invoices will be attached to the original registered Deeds when inscribed.