The purchase of a property in Spain requires numerous aspects to be taken into account
They are summarised below:
All foreigners need to identify themselves with sufficient documentation to prove their identity (passport/identity card of their nationality) as well as to obtain a NIE (Foreigner’s Identification Number), which will serve as the identification number of that person before the Spanish authorities, being essential in order to be able to pay the taxes resulting from the acquisition of the property, as well as the future taxes involved in the ownership of the property.
For these purposes, it is also important to take into account whether the person or sellers are married, and if so, the matrimonial regime under which they are married (which will normally depend on the country in which they are married).
marriage). This fact has very important implications both in terms of the registration of the property in the land registry in favour of one or both spouses, and when it comes to selling the property, since it may even be necessary for both spouses to sign at the notary’s office even if the property is in the name of only one of them.
In the event that the acquisition is to be carried out by a legal entity, such legal entity must obtain a NIF in Spain, before the Tax Agency, in order to be able to obtain a NIF in Spain.
For this purpose, the person representing the legal person must sign the relevant documents to legal person must sign the relevant documents for this purpose, or grant a sufficient power of attorney, and must also sufficient power of attorney, and the existence, legal form and representation of the legal person must also be accredited by means of all the documentation of the foreign legal person, such as its
of incorporation, articles of association, and certificates from the register of companies certifying who is the legal person and who is the legal entity.
the validity of the legal entity and who represents it. All These documents must be apostilled and translated into Spanish by a sworn translator.
New buyers must also open a bank account in Spain, in order to be able to use this account for the the same for the purchase process, and use the same for the maintenance costs of the property.
We also recommend that you seek the advice of a specialist lawyer who can advise you in advance and assist you in the whole process, being able to delegate to him/her. You can delegate all the steps by granting a power of attorney.
Once it is clear that a property is to be acquired, aspects such as area, age, state of conservation, profitability (in the case that the property is to be acquired), profitability (in the case such as the area, age, state of conservation, profitability (in the event that you intend to rent it), the complex in which it is located, if it is not a
renting the property), the complex in which it is located, if it is not an independent dwelling, community of owners, etc. independent property, community of owners, etc. A complete due diligence of the property should also be carried out and its situation in the the land registry and the Town Hall, to check that all the necessary requirements are met and to avoid requirements are met and avoid possible surprises in the future.
Once a suitable property has been found, and an agreement has been reached between the parties, it is necessary to sign a sales contract, as detailed as possible.
parties, it is necessary to sign a sales contract, as detailed as possible, to guide the terms and details that will govern the purchase and sale process, such as deadlines, form of payment, consequences in the event of non-compliance by the buyer and seller, such as deadlines, method of payment, consequences in the event of non-compliance by either party, etc. by either of the parties, etc.
The usual process is to first make a down payment to reserve the property, and to give a period of time to the buyer, in order to the buyer to carry out a due diligence of the property, and once everything has been reviewed, a contract is everything is checked, a private purchase contract is signed, in which an agreed amount is normally an agreed amount, which is usually approximately 10% of the price, and a date for the price, and a date is set for the final signing at the notary’s office.
If a mortgage loan is going to be used for the purchase, it will be very important to measure the important to measure the time that this loan requires for its processing, as well as the necessary steps necessary steps, such as the appraisal of the property. In this respect, it is necessary to the viability of the loan, which will be linked to the official appraisal value of the property.
Once the signing date has arrived at the notary’s office, the purchaser must have transferred all the funds to Spain in order to be able to make the totality of the funds to Spain in order to be able to make the payment, which will have to be agreed between both parties as to how this is to be done.
When making the payment, it is important to check that everything is in order, with no debts, charges or mortgages on the property, and the retentions that the buyer should make to the seller, some of which are obligatory if the sellers are Non-Residents.
Once the signature has been made at the notary’s office, the entire purchase must be processed, registered and change of ownership in the land registry, town hall, community of owners and supplies, and liquidate and pay the taxes generated and withholdings made.
withholdings.
At Asgard Abogados, we will be delighted to advise and guide you in all these processes, with the firmest conviction in the good work and satisfaction of our clients.