Are you planning to buy a property in Spain? If you are thinking about buying your dream house in the sunny Marbella area or you are considering making an investment, hurry up! It is the perfect moment for that perfect home in Spain.
Once you are resolved to take the final step and buying a property in Spain, there are a few things you need to know about how is the procedure for non residents and what are the precautions you need to take in account.
Before choosing your property in Marbella
In the Costa del Sol área there are thousands of properties on sale, real states websites, brokers and agencies. Whether you decide to go on with a real state agency, with a broker or by your own just surfing on the websites and calling directly to the sellers and once you are interested in a property, always, always, always:
If you see a perfect house for a ridiculous cheap price and the owner is outside the country but he/she is willing to send you videos and pictures but you have to transfer any amount of money to a bank account (usually in a third country) or by PayPal to hold the property for a few days until the owner come back, do not trust at all on it. It is probably a fraud and you will end up loosing money and time.
Ok. You visited a house, you want it. Now, ask to the real state agency/broker/owner or even better, to your lawyer to get you a NOTA SIMPLE of the property (and an current one). A nota simple is an official document issued by a public organism called «Registro de la Propiedad». It is describes ownership, possession or other rights in the property to provide evidence of title, facilitate transactions and to prevent unlawful disposal.
Once you find your property in Marbella
GETTING A NIE NUMBER
To be able to buy a property in Marbella the non-resident needs to obtain a foreigner identification number. It is a simple procedure that takes place in the immigration offices or in the police station and it takes up to 7-10 days.
SIGNING A PRECONTRACT
It is seems pretty obvious but do not pay any amount in advanced without signing a contract. In Spain we usually use a contract called CONTRATO DE ARRAS. The Arras Agreement is signed in good faith by both parties with the intention of signing the purchase sale of the property in a short period of time. But like everything else, this purchase-sale may not come about at all, either because the seller backs down and decides not to sell perhaps because he has found another buyer that pays better, or because the buyer does not find financing. In this case, article 1454 of the Spanish Civil Code establishes penalties for the breaching party. In this way, according to the Spanish legislation, if the one that breaks the agreement is the buyer, this one will lose the signal contributed by him to the signing of the Arras Contract. On the other hand, if the person who fails to comply with the agreement is the seller, the latter must not only return the signal given by the buyer, but must return twice that amount.
OPEN A BANK ACCOUNT IN SPAIN
Besides it is not mandatory, It is highly recommended in order to comply with the accreditation of payment of the purchaser in the purchase of a property in the moment to sign the de deed of sale at the notary public office, as well as for the payment of expenses and taxes inherent to the acquisition. To open a bank account you will need to provide a NIE number.
SIGNING THE CORRESPONDING DEED OF SALE BEFORE A NOTARY PUBLIC:
On the assigned day of completion, the buyer and seller (or their legal representatives ) will sign the tittle of deed in the offices of a designed notary public.
PAYING TAXES
The purchase of a property entails the payment of the following taxes, and it is amount varies depend of the nature of the property, price, etc. :
• IVA (impuesto sobre valor añadido): VAT taxes, usually at 10% .
• El Impuesto sobre Transmisiones Patrimoniales y Actos Jurídicos Documentados: he Tax on Patrimonial Transfers and Documented Legal Acts
REGISTRATION IN THE LAND REGISTRY (REGISTRO DE LA PROPIEDAD)
After the payment of transmission taxes, the property title must be registered in the Property Registry corresponding to the location of the acquired property.
Are you thinking about buying a property in Spain? G&G Legal team can advise you during whole process. Do not hesitate to contact us! We speak your language!
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