How to buy property

How to buy property in Spain

SV Real Estate agency would like to offer you rental of luxurious villas at Costa Brava, cozy apartments overlooking the sea, purchase of real estate and commercial objects, building land. Our experts can perform a free analysis of real estate market, arrange preliminary site visiting, and will gladly assist you with loan formalization and paper work.

The first thing to do - is to open a bank account in euro, for the preparation of documents by a notary, you must provide a bank check.

To open a bank account you will need:
1.passport;
2.Certificate of Employment indicating salary (if you do not work, then you must provide proof of your income);
3. 2-PIT reference on income of an individual

The documents for the purchase and sale of real estate in Spain:
1. passport;
2. TFN alien NIE;
3. marriage certificate, if the property is acquired by the spouses.

Initial costs of buying a property in Spain

As well as the cost of the property, the buyer will be liable for transfer tax (IVA), which at present is 6% on a second-hand property and 7% on a new one, plus 1/2% stamp duty. The property registration office will charge you a fee to change the new deeds into your name. This is usually around 300€. There will also be notary charges for copies of the ’escritura publica’. The charge is on a scale depending on the contract price. In total you should allow 10% of the purchase price for costs. It is often the case that the buyer also pays the sellers fees. Check this at the point of enquiry and it is often possible to negotiate. Banks may also charge an opening commission for mortgage loans.