What steps do you have to take to buy a property if you are a foreigner?

Real Estate purchased by foreigners has increased last months and we give the keys to carry out this operation.

Find a property

The search is always one of the most complicated tasks for foreign buyers, due to the distance, the language barrier, and the lack of knowledge and procedures. Spain Costas works closely with the client from the place where the property is bought to simplify the operation and satisfy the buyer, the personalized service and the professionalism are the flag of this  real estate that works to give the best solution.

Foreigner Identification Number

Beyond this humane management, acquiring a home in this country by a foreigner is not so difficult. One of the main requirements is to be in possession of the Foreigners Identification Number (NIE in Spanish), a document that accredits residence in our country for economic, professional or social interests. In order to acquire this document, it must be requested in Spain or in the consular offices of the country of the buyer, specifying the reason for the document request.

Bank account

It is highly advisable to open a bank account in the country, since it will be much simpler to pay the taxes derived from the transaction.

The Arras contract

The Arras contract is the next step. This is a private contract between the parties; buyer and seller, where the purchase agreement is formalized, and an economic guarantee is given. It is not a mandatory step, but it is possible that the seller requires it as a condition for a foreigner, so it will be necessary to deal with this procedure.

Public deed of sale

The most important and definitive step is the public deed of sale. It is the meeting with the notary in conjunction with the seller to formalize the property purchase and make public the deed. This process implies that the seller delivers all documentation provided by law to the buyer, to prove that he is aware of the tax obligations. On the part of the buyer, it is essential to make full payment of the property or the independent writing with the bank that presents the mortgage.

Taxes and Property Registration

In order to finish, the respective taxes derived from the execution of the operation must be paid and then the property must be officially registered in the Property Registry.

Juli Alsinet Hernando || Barcelona

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