How to Buy Property in Spain
The 11 Steps to the Buying Process- Confirm how much you can borrow by speaking to one of our mortgage brokers
- Open an account with a reputable Foreign Exchange dealer (ask about our panel of FX dealers)
- Agree on the price of the property and sign the Reservation Agreement. A small fee will need to be paid at this stage in order to secure the property for 30 days. Should the sale go ahead as planned then this fee will be deducted from the purchase price, if the sale falls through then this fee will be forfeited.
- Allow for an additional 10 - 20 % on top of the purchase price which will include hidden costs such as legal fees, transfer tax, Notario fees and Land Registry.
- Arrange a mortgage
- Arrange life insurance to cover the mortgage
- Open a Spanish bank account
- Arrange building insurance (existing property only - not off-plan)
- You will then sign a contract giving you the option to buy which will specify the time frame in which the sale should complete. Once this is signed, a larger deposit of 10 - 20 % of the full purchase price will need to be paid
- Pay the balance of the asking price within the specified time frame and the Notario will prepare the conveyance document (the Escritura de Compraventa). Once this has been signed in the presence of the Notrario, the document will be submitted to the Land Registry
- Complete – Congratulations !!
- Main homes
- Second or Holiday Homes
- Rental or Investment Properties
- Off-plan / New Build Properties
- Commercial Properties
- Equity Release mortgages are available
- Bridging Finance is also available