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The Buying Process

The process of buying a property here is quite straight forward and works as follows:

  1.   Choose the property and then:
      • •  Make an offer supported by a 1% payment of the offer price.
      •  Once accepted, a deposit contract will be signed by both parties and a 10% deposit will be paid to secure the property.
  2. Apply for a mortgage. This requires various papers. Please ask us about them.
  3. Open a bank account.
  4. The bank who has agreed the mortgage will send a valuer to value the house – this takes approximately a week.
  5. Apply for a NIE number which all non-residents MUST have in order to buy property here. This has to be done in the police station in person, or at the Spanish consulate in your home country.
  6. Find a lawyer if desired. We are happy to assist and recommend one of the lawyers who have been vetted by the company if you would like us to.
  7. Assign a date for the deeds to be signed in the public notary office.  The mortgage will also be signed the same day in the notary office.
  8. You will get the keys the same time and then can move in.
  9. The lawyer will change over the electricity and water bills into your name and set up direct debits for the community maintenance charges,  electricity and water.

When buying in Spain you must always budget for 10% extra to cover purchase tax and costs in Spain. On each re-sale property you will pay 6.5% tax. The bank will immediately stop 10% in the account the day of the signing in the Public notary to cover these costs so it is very important to choose a property allowing for the extra 10%. When all the taxes and costs have been paid to the appropriate places by the lawyer, then the bank will refund you the difference into your account. This can take up to 3 months.

Mortgage conditions

Most Spanish banks will offer 60% of the purchase price for a non-resident buyer providing valuation of the property is not less than the purchase price. If it is less, they will offer 60% of the valuation. You are able to get mortgage a duration up till the age of 75 (sometimes up to 80 depending on the bank). Therefore, if you are 50 for example, you can apply for 25 years. The maximum length is normally 30 years.

Other bills
Community maintenance fees
Every complex will have community charges (maintenance fees) which cover all communal areas, swimming pools, gardens, lifts etc. These vary from complex to complex depending on the facilities available. Sometimes these charges may include water or water and electricity, so this is very important to check. Expect to pay between 60€ and 300€ per month.
Non-resident Tax declaration
As a non-resident, you should make a tax declaration every year with reference to your property. An accounting company can do this for you. We can put you in touch with one if you need us to.
IBI (Council Tax)
Every property has a council tax imposed by the Town Hall which is paid on a yearly basis. In the south of the island, this is normally divided into two payments, one in June and the other in November. This can be set up on a direct debit straight from your Spanish account. This normally costs between 150€ and 300€ for a small property, but will increase if the property is larger.
Refuse Collection
Paid at the same time as the IBI and can also be set up on a direct debit. This is approximately 60€ a year, but could vary.