Purchase process in Spain1. Private Contract
Usually, you will have to pay a reservation deposit at this point and sign an offer and deposit contract. This is to remove the property from the market and allow you or your lawyer the time to do the required checks without the risk of someone else buying it. This deposit is usually around 6,000€ and is refundable if subject to conditions.2. Obtain NIE Number
The NIE (Número de Identificación de Extranjeros) means that you are registered with the Spanish authorities. It is required for you to purchase property in Spain. Obtaining an NIE is a relatively simple process that usually requires only one visit to the Oficina de Extranjeros. We will help you complete the application and can attend with you.3. Title Deed
Signing the title deed must be done in front of a notary at the notary office. At this stage, you will also pay the balance and receive the keys to your new home. You will receive a copy of the document at this stage, known as the Copia Simple. If you have taken a mortgage for the property, then the bank will retain the original document until such time as the loan is cleared.4. Land Registry
Once the title deed is signed your details will be registered at the Land Registry. At this point, the utility companies should be informed of the change of name.5. Pay Legal Fees
You will need to pay your legal fees at this point. These are often included in the quoted price for the property but you should ask for a detailed receipt so you are aware of exactly what you are paying and what for. You should be given original invoices for the notary fees, and the taxes you have paid. Keep all these documents, invoices, and receipts.6. Taxes
It is important to make arrangements for your property taxes to be paid. How much you pay will depend on many factors, one being whether you are a Spanish resident. Both residents and non-residents are liable for IBI (council tax). However, non-residents must also pay imputed income tax in Spain. This is usually 2% of the cadastral value of the property. If you intend to rent out your property you will also be liable for Impuesto de la renta de no residentes. This is a tax based on the income you receive from the rental of the property.7. Move in!
You are now able to enjoy your new home on the Costa del Sol. Congratulations!