It is a unique tax identification number in Spain for anyone who isn’t a Spanish citizen. You will need your own NIE number to purchase property and pay necessary taxes! So it’s wise to apply for this as soon as you start looking for properties.
You can get it in person or via a third party. You can get it in Spain or in your home country at a Spanish Consulate. You need to ask one for your spouse as well if you buy together.
The “contrato de Reserva” expresses your intent to purchase and removes the property from the market, it is the reservation contract. In general, you will need to pay a holding fee of €3000 to 6000. Funds are held in escrow during 14 to 21 days and you have the time to do checks on the property during that period. At the same time, a purchase contract will be drawn up and legal checks carried out.
=> This contract is very important, don’t sign without including provisions so you can exit the contract.
You will need to pay your deposit: 10% of the property within 10 days.
As soon as the necessary legal checks have taken place, you will be required to sign the private purchase contract which will state the full price of the property.
Go to the Notary for signing the contract for the purchase of the property
At the completion stage, all parties connected with the selling and purchasing of the property must be in attendance to sign at the offices of Notaria Publica. This includes your lawyer, mortgage provider (if applicable) and the seller or their legal representative. Before signing you should ensure you have a thorough understanding of all the costs involved and have sufficient funds to cover payments, fees and taxes.
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FAQ Buying property in Spain
Is buying property in Spain a good idea?
There are many reasons for buying a property in Spain: one of the first is that real estate is cheap and the cost of life is low. Of course, you need Beach and 320 days of Sun. But there are many others, that's why Spain is the number one tourist destination in Europe
What taxes do you pay when buying a property in Spain?
The taxes for buying a property in Spain are different depending on the fact that it is a resale or a new build. Each region in Spain as well as some tax authority. The rule of thumb is that taxes are between 10 and 15%. Read our dedicated article on that: What are the cost of property acquisition in Spain?
How long does it take to buy a house in Spain?
Buying a house in Spain can be done in one day. But if you want to do a proper due diligence and if you want a mortgage it should be about 10 weeks.
Can foreigners buy real estate in Spain?
Yes foreigners can purchase a property in Spain. In order to do that, they need a NIE. Read more in our article: the 9 steps to your Spanish property