Dreaming of your own home in Spain? As an EU citizen, purchasing property is straightforward, but Spanish law applies. To ensure your dream home under the sun doesn’t bring any unpleasant surprises, here are the essential tips.
Requirements for Buying Property
- NIE Number (Número de Identificación de Extranjeros): Required for purchase contracts, opening a bank account, and all legal transactions.
- Spanish Bank Account: Needed for payments at the notary and other formalities.
The Purchase Contract – Differences from Other Countries
- Contracts can be signed privately, but a notary is strongly recommended to secure the land registry entry.
- It is common to sign a reservation contract (contrato de arras): A deposit secures the property. This amount is deducted from the purchase price, but it is forfeited if you withdraw.
Real Estate Agents – Your Guide to the Dream Home
An experienced real estate agent can help you find the perfect house or apartment and assist with all the formalities. This saves you time, money, and stress, ensuring your journey to your dream home is smooth and worry-free.
Important Notes on the Spanish Property Market
- Property Size: Often the total plot size is listed instead of living area. Pay attention to details, especially for terraces or balconies.
- Documents: Land registry extract (nota simple), technical inspections (ITE), and encumbrances must be verified.
- Floor Plans & Finishes: Plans should be to scale and accurately reflect materials. Check renovations, windows, heating, and plumbing installations.
- Legality & Urban Planning: Verify building permits, legal areas, and any modifications before purchasing.
- Prices: Base your decisions on actual sale prices from official deeds, not asking prices from neighbors or online portals.
- Agent Fees: Confirm whether VAT is included to avoid unexpected costs.
Conclusion
With proper preparation, the right real estate agent, and a notary, you can make your dream of owning a home in Spain a reality. Live under the sun, enjoy the Mediterranean lifestyle, and invest in your future – confidently and well-informed.