Real Estate Purchase Procedure in Spain

Real Estate Purchase Procedure in Spain

Do you want to buy a house beside the sea in Spain for your rest? Or are you planning to start your own profitable business and buy the best real estate in Alicante for further leasing with good revenues? Prices for real estate in Spain are much lower than in the other countries of Western Europe, which provides an excellent opportunity to buy property here and earn big money due to housing demand among tourists who come here for vacation all year round. In order to buy an apartment in Spain, you have to know applicable legislation and be fluent in Spanish language or just contact our real estate agency Dva Invest & Partners.

Purchase Procedure

1. We help you to find the best real estate from Alicante banks at the lowest prices. You choose the one you are fully satisfied with. You may also consider various profitable investment projects from EUR 20,000 per apartment.

2. We sign the reservation agreement, so the real estate you chose is not for sale anymore. You pay the reservation fee that is typically does not exceed 5% of the apartment price.

3. We sign the primary document for purchase of the apartment in Spain that stipulates all terms and conditions as well as the amount of reservation fee. If the apartment is purchased in mortgage, there is also a payment schedule attached to the agreement.

4. The day and time of principal transaction are agreed between you and the vendor for further convenience of both parties in order to close the deal within 45 days from the date of primary agreement signing.

Then we proceed with standard plan of actions:

  • Obtaining the NIE (identification number for foreigners);

  • Opening bank account;

  • Notarial verification of debts and accuracy of information;

  • Preparing the deal by our lawyer;

  • Payment for your real estate in Spain (full amount by bank transfer or initial contribution, if the mortgage was issued);

  • Signing a deed of purchase* – the main purchase/sale document;

* Deed of purchase is a legal document confirming the transfer of title from vendor to buyer.

Before entering into agreements and signing the agreement with a vendor, the transaction title and the real estate being purchased are carefully verified. The deed of purchase is signed by the vendor and buyer personally or by their attorneys-in-fact. The buyer also may add his/her family members into the document in order to make them the co-owners of the real estate in Spain.

If you bought a house beside the sea in Spain in mortgage, you become the owner of the apartment without the right to re-sale. However, you still may procure the consent by bank and sell the real estate by transferring the mortgage to a new owner. The notary receives the deed of purchase registered in the State Register in at least three months.

Have any questions left? Call us for advice. If you need a Spain residence permit, contact our agency.