Buy a property

Buying a property, what you need to know

Renting a property in Spain… which steps do you take?

Research and Budgeting:

Determine your budget for buying a property, taking into consideration additional costs like taxes, legal fees, and maintenance. Research the areas in Spain where you want to buy, considering factors like proximity to amenities, transportation, and potential for rental income if applicable.

Property Search:

Your agent will present you with properties that match your criteria. You'll visit them to get a feel for the neighborhood and assess whether they meet your requirements.

When you and the seller agree on a price, a reservation contract is typically signed. This contract includes a deposit and outlines the conditions of the sale.

Due Diligence:

It's crucial to conduct a thorough due diligence. This includes checking the property's legal status, any outstanding debts, and ensuring that it complies with local regulations.

Obtain a NIE (Número de Identificación de Extranjero):

This is a tax identification number that non-Spanish residents need to conduct certain transactions, including buying property.

Signing the Escritura (Deed):

This is the formal agreement that transfers ownership of the property. It's signed before a notary.

Payment:

At this point, you'll need to pay the remaining balance, including taxes and fees.

Register the Property:

The deed must be registered with the Land Registry to establish legal ownership.

Change of Utilities:

Set up water, gas, electricity, and any other utilities in your name.

Tax Declaration:

You'll need to declare the property and its value to the tax authorities once a year and pay a small fee.

Ongoing Costs:

Consider property taxes, community fees (if applicable), maintenance costs, insurance...

Remember, the specifics of the process can vary depending on the region in Spain.

Our Other Services

Explore our range of real estate services:

Buy or sell a property: Find your dream home or sell your property with the guidance of our expert advisors.

Investment Advisory: Unlock the potential of real estate investments with our data-driven insights and strategic recommendations.

Legal and Financial Support: Navigate the legal and financial aspects of real estate transactions with confidence, supported by our experienced team.

Buying property in Spain involves several steps and it’s important to follow them carefully to ensure a smooth transaction. Here is a general outline of the process:

Why choose IPM Spain?

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