The Spanish legislation clearly defines the right of foreign individuals and legal entities to purchasing residential or commercial real estate without any restrains. The inviolability of private property and the favorable investment policy are the main reasons for purchasing your dream house nowhere else but in Spain.
Nicol Real Estate puts an emphasis on expert legal support to an estate purchase transaction on all its stages, and strongly encourages the clients to use services of a lawyer, holding a license in this very type of activity. If you purchase real estate through our agency we will be pleased to provide your with a chance to benefit from our corporate discount on all types of legal services of a lawyer – something, that is very important for understanding of all the nuances of the transaction process.
The sale and purchase transaction can be divided into the following stages:
- Coming up with the suitable apartment choice and making the decision about its purchase, the customer requests the selling party to present the so called Nota Simple Informativa del Registro de la Propriedad. This document contains all the necessary information from the Property Register, relating to the owner of the object, accommodation characteristics, and absence or presence of any encumbrance.
- Setting up a bank account in one of the Spanish banks in order to make all possible transactional payments. In the necessity of crediting, we suggest setting up a bank account in the same bank, to which you will apply for financial support.
- Signing of an engagement agreement between the selling and buying parties, with stated transaction price, terms and other arrangements. Upon signing this contract the seller is paid a deposit, which is included in the transaction price and usually amounts in 5000 – 10000 Euro.
- The local police department provides the buyer with a document, which is required for carrying out transactions in the territory of Spain: the N.I.E. (Foreigner Identification Number), or C.P.I. (Tax Identification number of the legal entity).
- If case the buyer needs crediting, he or she must submit an application to the bank with the full package of binding mortgage documentation translated into Spanish by a special court interpreter. You can find more detailed information on the “mortgage loans” section of our website.
- Parties execute a baseline sell/purchase document (Escritura Publika), certified by a Spanish state notary. The buyer pays off the remaining amount as well as covers all the costs, associated with the transaction. Please see details in “Taxes and costs of property maintenance” section on the website.
- The sale contract and the transfer of ownership are registered in the local Property Register. After registration, which may take from 2 weeks up to 3 months (in case of mortgage issuance), the new owner receives the certified original of the contract.
- After the execution of the sale contract, the new owner receives the keys of his/her real estate and re-registers all the necessary utilities in his/her own name.
