Step by Step: Buying a Home in Spain
Buying a home in Spain works differently than in Northern Europe, but the process is easy to follow once you know the steps. In this article we set out the complete buying process, so you know what lies ahead and avoid surprises.
The buying process in steps
- Orientation and budget: define your wishes and a realistic budget, including the extra costs of roughly 10 to 13 percent.
- NIE number and bank account: arrange your Spanish identification number (NIE) and a Spanish bank account; you need both in order to buy.
- Viewings: view properties with a local agent who knows the market and the neighbourhoods.
- Reservation: a reservation contract (contrato de reserva) and a small deposit take the property off the market for a short time.
- Preliminary contract: the contrato de arras sets out the terms and you usually pay 10 percent; pulling out then costs you the deposit.
- Legal checks: an independent lawyer checks ownership, debts, permits and registrations before you go further.
- Notarial deed: at the notary you sign the escritura, pay the balance and receive the keys.
- Completion: the deed is entered in the property register and the utilities are put in your name.
How long does it take?
From signing the arras contract to the notary usually takes around six to twelve weeks. New-build can take longer, because you often pay in stages during construction. Buyers paying cash and well prepared can sometimes move through the process faster.
What costs are involved?
On top of the purchase price, allow roughly 10 to 13 percent for additional costs: transfer tax or VAT, the notary, registration and the lawyer. We go into this in more detail in our article on the costs and taxes when buying.
Let us guide you
The buying process is manageable, but an experienced agent and an independent lawyer prevent costly mistakes. Real Estate G. Jimmink guides you through the whole journey, from the first viewing to the keys. Feel free to get in touch to discuss, without obligation, what your purchase will involve.
