Buying real estate in Spain

If you want to become the owner of a house or apartment abroad and look at Spain, it is worth learning more about the features of the purchase procedure. We will tell you in detail about five steps for a successful deal. To begin with, a few words about the key points. What are the conditions for buying a home in Spain for foreigners, how difficult is it to buy a house or apartment, if you are not a resident?

The conditions for buying Spanish property for foreigners

It is in Spain, one of the most favorable conditions for the purchase of housing for foreigners. Mortgage is available to non-residents as well as residents in the hundredth generation – no difference, except that the interest rate will be slightly different. The key word – insignificant, we are talking about a few percent. A foreign investor can expect 50-70% mortgage coverage by the bank. The rate is usually 2-3.5% per annum – this pleasantly surprises the future owners of Spanish homes.

Another pleasant thing – a guarantee is not required. That is, a resident of another country, buying real estate in Spain, should not look for guarantors, unlike the Spaniards themselves. Any commercial or residential objects, land in Spain can be executed without restrictions as a legal entity or individual. 

All transactions with real estate objects are necessarily registered by a notary, in terms of legal registration of purchase and sale is safe, reliable and transparent. But, in any case, it is better to act according to a certain algorithm. By following the steps described below, you can be sure that you have invested your money well.

Step one: Search for a professional real estate agency

You should search for real estate on proven resources. To support the transaction should also contact only professional real estate agencies. Such agencies will help to find liquid objects, check their legal purity, legally formalize the transaction, provide post-sale service (help in solving utility and other issues after receiving the keys). You can also use property finder mallorca to find a home.

Step two: a real inspection of the selected real estate objects

It is necessary to visit personally and examine the selected object. Only in this way can the buyer be 100% sure that the house or apartment really meets his requirements. Professional real estate agencies help to solve all issues for the visit. During the trip, it is necessary to open an account in any of the Spanish banks, having previously received the tax number of the foreigner.

Step three: collect the necessary documentation

At this stage, you should contact a notary who will check the object for encumbrances and issue certificates of legal purity of the object.

Step four: signing the contract of sale

A contract is drawn up, which is called “Contrato Privado de Compraventa” in Spanish. (private contract of sale agreement). The contract must specify not only the amount of the purchase of the property, the first installment and the date of payment, but also all the personal data of the seller and the buyer, the obligations of the parties, their rights. In addition to the contract is a notarial act Escritura Publica (public letter).

Step Five: Changing the data on the owner of the property in the Property Register

The data must change within 2 months after signing the contract of sale. They are the basis for the Nota Simple extract, which entitles you to a multi visa, which allows you to stay in Spain up to 180 days per year. If the property purchased cost more than 500 thousand euros, you can get not a multi visa, and residence permit – residence permit, and enjoy all the benefits of the European Union.

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