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FACEBOOK Vista Casas

The Buying Process

Here at Vista Casas we will assist you before, during and after your purchase.        
                         
Below are the key points to the purchase process once you have found a property to buy:

  • Instruct a lawyer (Abogado) to act on your behalf and manage the purchase for you – you are free to use any lawyer of your choice or we can introduce you to local independent Spanish lawyers who speak English, Swedish, French, Flemish and other languages
  • You will sign a Reservation Contract at the agreed purchase price and pay a €3,000 deposit to reserve the property and remove it from the market
  • Your lawyer (Abogado) will check the paperwork to ensure the property is legal and free of any mortgage, debts, encumbrances or other liabilities
  • When your lawyer is satisfied of the property’s legal status you will sign a Purchase Contract which will include a completion date for your purchase
  • The completion takes place in a local Notary office (Notaría). You can either attend the notary in person with your lawyer or, as many of our buyers choose, you can grant your lawyer power of attorney to sign on your behalf if you are unable to attend

What you will require -

  • NIE number – An NIE number is a fiscal identification number which you must have to buy a property in Spain. It is obtained from the Spanish National Police Station either in person, or by your lawyer with power of attorney
  • Spanish bank account – you must open a Spanish bank account; this can be done in person, or by your lawyer with power of attorney

Finance -

  • If you require a Spanish mortgage (loan from the bank) we will help & advise. Generally speaking the Spanish banks will lend between 50% - 80% to non-residents (subject to status)
  • Currency Exchange – If your country’s currency is not the Euro then we advise that you use a specialist currency exchange company like Currencies Direct who have an office in our area, as they offer more competitive rates of currency exchange than the banks

Purchase Costs/Fees

Be aware of the additional costs & taxes to the advertised price of a property. Generally you must allow an extra 12-13% for taxes and legal fees. On a resale property (2nd hand property) the transfer tax is 10% and on a new build property the IVA (VAT) is 10% and the stamp duty is 1.2%. The balance of the costs is for lawyers’ fees, notary costs, land registry fee and legal fees.