The procedure for completing the purchase of property in Spain may seem quite complex at times, and we are happy to provide you with expert guidance.
In the first instance, the buyer signs a private contract establishing the property being bought, the price, the form of payment and the completion date. This document is signed by all parties without the intervention of a Notary. The parties are obliged to fulfil it but it is not valid in relation to third parties. It is usual to pay a deposit of about 10% of the price.
This is known as FOREIGNERS IDENTIFICATION NUMBER. It is not a social security number, but rather is an identification for tax purposes. It is compulsory for foreigners to obtain one when they have properties/interests in Spain. The number never changes – even if the person buys and sells many different properties. In the event of the property owner selling up and moving out of Spain, that number will remain theirs, regardless of the amount of years spent away from Spain. THE SIGNATURE OF ANY TITLE DEED IS NOT POSSIBLE UNLESS THE NIE IS PRESENTED TO THE NOTARY.
When the time comes to complete the purchase, the Title Deed (Escritura) is signed before a Public Notary. IT IS STRONGLY RECOMMENDED YOU USE THE SERVICES OF A SOLICITOR TO MAKE SURE EVERYTHING IS IN ORDER. Your solicitor will attend the notary with you or in the event you cannot be present in Spain he/she can also represent you with a POWER OF ATTORNEY.
REGISTERING OF TITLE DEED:
Your solicitor will take care of paying the transmission tax and to make sure the property is duly registered in your name. For more information, see item corresponding to taxation and cost. The solicitor will also take care of setting up all the utilities contracts for your property.
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