Buying in Spain may, at first, seem like a daunting process but it is not as complicated as  some might think.  As with buying anywhere in the world, research is key and the help of a good lawyer essential.  Detailed below is a simplified version of the buying process, but feel free to contact us  is you need any additional information : 

The buying process falls into two parts, the preliminary contract (Contrato privado de compraventa) and completion contract (Escritura de compraventa).

Once an offer has been accepted by the seller, both parties normally sign a preliminary private sales contract. At this stage, unless you are paying the full amount in cash up front, a 10% cash deposit needs to be put down to secure the property. This is known as an arras agreement and contains all details of the property as well as a  pre-agreed completion date. In  most  instances a small deposit ( around  3000€)  is put down by the buyer before  progressing to the Private Contract stage. If , in the meantime, either the seller or buyer pulls out of the sale, they forfeit this deposit.

NB. Before signing any legal document, your lawyer should ensure the property is legally registered in the seller’s name  and  that there are no registered charges against the property or outstanding charges. 

On the date of completion (between 4 - 12 weeks), the buyer pays the balance of the purchase price plus all fees. We recommend that buyers in Spain keep aside approximately 10% of the purchase price for fees (such as legal costs and sales tax/stamp duty).The seller and buyer then sign the Escritura de compraventa (completion) contract , which is equivalent to the Deeds of the property. The buyer is issued with the public deed of conveyance (escritura) in front of a Notary (lawyer), and a copy will be passed to the tax office (hacienda) and on to the property registry.

It is also worth bearing in mind annual costs such as Local Taxes, Community fees and Insurance - the cost of which should be established before buying. You will be given a local tax registration number (NIF) on the completion of your  purchase  without which you won’t be able to register your property or pay taxes

If you decide against getting a mortgage in your country of residence, mortgages are relatively easy to acquire in Spain as long as you have all the necessary paperwork such proof of income. Non-residents  and residents not tax registered in Spain  will find that they are charged a slightly higher interest rate then Spanish residents, but the rate is still fairly low.

Whatever your query, intoBarcelona has the know-how and contacts to guide you every step of the way to ensure that the buying process is as quick and stress-free as possible!