To buy property in in Spain, you need to have an open bank account in Spain and an N.I.E. (Foreigner Identification Number), which we obtain on behalf of the client. This document can be provided within 14 days after the notarial deed. For a bank visit, you will need documents confirming the source of your income, so prepare:
When purchasing real estate with a mortgage from a Spanish bank, a minimum of 30% down payment is required, plus additional costs as shown in the tables below. In addition to mortgage costs, you will need to consider the appraiser, appraisal report (maximum of €500), and the commission for activating the bank loan. Amounts vary depending on bank promotions.
The notarial power of attorney allows for a secure and efficient purchase, even if you are in your home country. Our team actively collaborates with you remotely, providing information and documents online. In the final stage, your representative verifies the conformity of documents and signs the notarial deed on your behalf. The following day, utilities will be transferred to you as the new owner.
Why Leave Power of Attorney?
A reservation agreement for a new property in Spain usually requires a down payment of 25% to 40%, which is a standard practice to secure the interests of the developer and confirm the buyer’s commitment. Payment terms, dates, and methods are precisely defined in the agreement, and it is also crucial to use a bank guarantee, mandatory in Spain. Every developer must have insurance with a bank or another institution guaranteeing a full refund to the investor in case of the developer’s failure. The remaining amount is paid only after receiving the finished apartment from the developer, during the notarial deed.
Deposit payment between €3000 and 10% of the purchase value. The deposit secures the transaction and is treated as part of the property payment. If the transaction fails due to the buyer’s fault, the deposit may be forfeited to the seller. If the transaction fails due to the seller’s fault, the seller returns the deposit plus an additional amount equal to its value. The agreement is always prepared in Spanish, but we translate it into the native language of the buyer and seller. However, it should be noted that in Spain, any objections will be considered only in the Spanish version. We usually plan the purchase period in the reservation agreement for no longer than 2 months, in the case of a mortgage, no longer than 3 months. Most sales are finalized within 4-6 weeks.
*Legal service cost includes assistance during the notary deed, assistance at the bank, and oral translations. Transfer of utilities such as electricity and water. Change of owner in the Tax Office and in the housing community, calculation, and payment of taxes. In the case of a primary market, expect the first significant invoice from electricity and water suppliers for the first installation of meters; the amounts vary depending on the supplier. For a marital agreement, a translated document with an apostille stamp must be presented before the notary on the day of the notarial deed (additional costs may apply). Before making a reservation payment, we thoroughly verify the property from a legal perspective.
*Costs may vary slightly depending on the number of pages in the notarial deed.
**The marked certificate is usually already paid by the seller.
*** The price may vary slightly, depending on the location of the registry. The price list of services may change. Estimated data for the year 2024.
If you have any further questions about how to buy property in Spain - please contact one of the team.
| Location status | Valencian com New build | Valencian com Resale | Murcia Region New build | Murcia Region Resale |
|---|---|---|---|---|
| Purchase price | €200,000.00 | €200,000.00 | €200,000.00 | €200,000.00 |
| Vat (IVA) 10% of the purchase value | €20,000.00 | -------- | €20,000.00 | -------- |
| Tax ITP 8%, 10% of the purchase value | -------- | €20,000.00 | -------- | €16,000.00 |
| Stamp duty AJD 1.5%, 2.0% of the purchase value | €3,000.00 | -------- | €4,000.00 | -------- |
| Notary * | €1,800.00 | €1,300.00 | €2,300.00 | €1,400.00 |
| Second occupation certificate ** | -------- | €72.60 | -------- | €120.00 |
| Land Register * | €950.00 | €550.00 | €1050.00 | €700.00 |
| N.I.E Number | €121.00 | €121.00 | €121.00 | €121.00 |
| Registration with the spanish tax office | €48.40 | €48.40 | €48.40 | €48.40 |
| Legal services | €1,694.00 | €1,694.00 | €1,694.00 | €1,694.00 |
| Total | €227,613.40 | €223,786.00 | €229,213.40 | €220,083.40 |
