How to buy
How to Buy Property in Spain
Rights and obligations of foreigners
Foreigners have the same rights and obligations as citizens of Spain in relation to the purchase and / or sale of properties, both to private buyers/sellers or companies established by the Spanish legislation.
Purchase and sale contract
If the buyer does not have the total amount to buy the property, a contract of sale linking the buyer and the seller of the property is signed. A sum of money between the seller and purchaser as reservation, which is also considered as part of the agrred price. In the contract of sale , a date is set as deadline to sign the deed of the property at the notary. If the buyer of the property eventually gives up in buying the property , he loses the money paid as reservation, and if the seller decides not to sell your property, you will receive as a fine double the money previously paid as reservation.
When the deadline is reached (or before) in the contract of sale , the signing of the deeds is performed by a Notary, and the buyer at that time pays the remaining amount resulting from the difference between the price of the property and the amount of the reserve previously done.
Even though it is not required to register the purchased property in the Land Registry by the buyer, it is very important to do it as a legal backup of your purchase.
NIE (Foreigner Identification Number)
The NIE is a personal and unique number that identifies foreigners in the Spanish territory. It is mandatory for any foreign, non-resident or naturalized Spanish in order to open a bank account, buy a home or do any business in Spain.
How to obtain the NIE: to get the NIE number a foreigner must, in addition to complete and sign the appropriate form, show your original passport and / or identity document and provide a copy. The NIE can also be requested by a foreigner through a legal representative. In case of a non-European Union foreigner who requested the NIE, the documentation must be previously authenticated and if necessary translated into Spanish.
A foreigner can apply for a mortgage in Spain
While Spanish law grants the same rights and obligations to a foreigner than to a Spanish citizen, banks also contemplated the possibility of granting a mortgage to a foreigner equal . It is very important to remember that any foreigner who applies for a mortgage , in addition to the conditions required by the bank , you must first apply for your NIE
Must a foreigner have an overseas bank account in Spain to buy a home?
A foreigner who wishes to buy a property in Spain is not required to have a bank account at a Spanish financial institution, although having a bank account in Spain makes it easier the payment of expenses associated with the purchase of the property and also the payment of electricity , water, telephone, and local taxes.