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BUYING AND SELLING REAL PROPERTY IN SPAIN:
- Due diligence of title and charges: search in Property Registry and cadastral records.
- Draft power of attorney to be executed at the Spanish Consulate of country of origin or with a local notary and apostille, as most convenient.
- Application for Foreigner ID Number under power of attorney.
- Opening of Spanish bank accounts under power of attorney.
- Deposit contract to purchase real estate property: negotiation, drafting and signing of the contract under power of attorney.
- Full explanation of terms and conditions.
- Review financing and coordination with mortgage banks.
- Calculation, full explanation and filing of relevant taxes.
- Coordination and attendance at signing of notarial deed and/or signing of the deed under power of attorney.
- Change utility contracts and contact with Owners Association.
- Registration of title in the Property Registry.
- Contracting home insurance policy.
- Preparation and filing of quarterly or annual Non-resident Income Tax returns.
- Estate planning of foreigners with investments in Spain: drafting of wills to cover Spanish property.
- Acquisition of Spanish real estate inherited by foreigners.
RENTING REAL ESTATE IN SPAIN:
- Negotiation of the conditions of the lease with the tenant or landlord.
- Drafting of the lease in accordance with the agreements reached by the parties.
- Accompanying client to sign the lease or signing the lease under the power of attorney.
- Deal with any problem with the tenant or landlord for the duration of the contract.
- Preparation and filing of quarterly or annual non-resident Income Tax returns for rent obtained by the rental of properties owned by non-residents.
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Download this PDF document completely free of charge.
We have been using it with our clients for decades and it has always served as a guide for making important and sensitive decisions such as a Will and Health Proxy.
How to buy real estate property in Spain?
The purchase or sale of real estate in Spain is documented in a public deed signed by the buyer and the seller before a Spanish notary. The notary is a public official who testifies to the date, the capacity of the buyer and seller and all the conditions of the contract of sale.
Subsequently, this document is inscribed in the corresponding Property Registry and this inscription guarantees the rights of the owner.
We do not recommend signing private purchase or sale contracts (another thing is the private deposit contract, which is a common practice in Spain while financing or other practical aspects of the transaction are solved), since private contracts do not have access to the Property Registry and therefore do not afford protection against third party claims. Above all, it will be problematic in the future to sell the property, since a buyer will want to verify that the title is registered and if there are any liens recorded in the Property Registry. The property will not appear inscribed and cannot be sold until the title is registered. If a property is inherited, the private purchase contract must be converted to a public deed; in some cases it is necessary to go to a court procedure to inscribe the inheritance in the Property Registry, which involves time and expense which could very well be avoided by formalizing the aforementioned public deed of purchase.
What Spanish taxes and other expenses must be paid when buying or selling a property in Spain?
In the case of purchase, the usual taxes and expenses involved are as follows:
- Transfer or Sales Tax.
- Annual or Quarterly Non-Resident Income Tax.
- Property Registry.
- Filing Agent.
In the case of sale, the usual taxes and expenses involved are as follows:
- Municipal Increase in the Value of Land Tax upon sale.
- Capital Gains Tax.
- Notary.
- Filing Agent.
Contact us for a summary of the approximate taxes and expenses involved in your particular case.
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