BUY A PROPERTY IN SPAIN
Homeownership levels in Spain are high, most of residents owning their own property, but if you want to buy a house in Spain it is better to be advised by a professional expert. For this reason LN ABOGADOS-LAWYERS remains at your disposal to help you in the best investment in Spain.
The Spanish coasts are one of the most popular destinations to buy property in Spain. You can find houses on the beach, apartments with a sea view and cheap villas in southern Spain, along the Mediterranean sea.
Prices in Spain have been rising steadily since 2016, and although the COVID-19 outbreak has affected the market in 2020. the expert says that that house price values could fall by 5–10% in the short term because of the pandemic.
There are no restrictions on buying property in Spain, whether it’s commercial, land or residential. In fact, Spain encourages investment by foreigners, both non-resident and resident. Buying a holiday let might be more complex than before, but Spain is a very welcoming country for foreign buyers that limits the possibilities for common homebuying blunders. Futhermore, Spain also offers a Golden Visa program for foreign property owners. In the first half of 2019, Spain approved 848 Golden Visas, investors making up the majority of successful applicants. In total, this meant 4,941 people received a Golden Visa since the scheme’s launch in 2013.
Fees for buying a property in Spain vary from area-to-area, for example in the Region of Valencia, buyers must pay the majority of the costs, which are generally as follows:
- Property trasfer Tax: 6-10% existing properties, 10% new properties
- Notary cost, title deed tax, and land registration fee: 1-2.5%
- Legal fee: 1-2% included VAT
The seller usually pays the estate agent fees in Spain. Estate agents usually charge their fees as a percentage, typically around 3-4% of the final sale price.
Our professionals of LN ABOGADOS-LAWYERS can provide a wealth of information about the region, speaks Spanish and English, and can help you to buy property throughout Spain.
The process of buying a property in Spain usually runs as follows. First, the buyer makes an offer. If this is accepted, then the buyer and seller sign a preliminary contract and the buyer have to pay a deposit, typically 10% of the purchase price.
The buyer then arranges any mortgage they require, although they should have already discussed their needs with the mortgage provider. The contract of sale is usually signed in front of a notary, at which point the full sale price, taxes, and other costs become due.
The services of a notary are not legally necessary to complete the sale, but always we suggest to use it. Having a lawyer to complete the due diligence is highly advised and is required by many mortgage lenders.
The buyer is responsible for registering your property. Your notary may provide this service for a fee.
It is recommended analyze the house ande the documents of the house very well, ensure there are no significant defects with the property that could give you problems after the sale. LN ABOGADOS LAWYERS help you to analize all the documents to buy without risk.
It’s highly recommended that you take out home insurance when buying a home in Spain.
A building insurance policy (which covers the structure of the property against natural disasters, fire, and other damage) is often a requirement for mortgage providers.
WHAT ARE THE STEPS TO BUY IN SPAIN?
- First you need the NIE “Identity Documents of Foreigner”, we help you to required in the foreigners police station.
- Open a Bank account in Spain.
- Check if you need a mortgage.
- Check the documents of the house with our experts and
- the real situation of the property.
- Sign the reserve contract.
- Get your mortgage confirmed.
- Firm in the notary.
If you are going to buy a property and want to save yourself future problems, it is advisable to seek advice from OUR EXPERTS. The savings far exceed the cost of legal fees.
Buying your home is usually the largest investment for most individuals. Even those who own several properties tend to invest cautiously in the real estate market.
In short, LN ABOGADOS-LAWYERS services are often more useful for preventive than corrective purposes.