We believe in clarity and transparency. Explore the answers to frequently asked questions and gain a better understanding of how we support you throughout your property journey.
You need two things in particular - a serious interest in purchasing a property and adequate financial resources. We will help you with the other requirements - selecting a property, checking the property, registering a NIE or CIF (Spanish tax identification number), opening a bank account, choosing a suitable gestor or lawyer, securing a state notary, acquiring the property, translating contracts and amending contracts with energy suppliers.
The price stated is the price of the property being sold. To this must be added total fees of 10-14% of the property price. The fees include: property transfer tax (8-11% depending on its price) or value added tax (10% replaces the transfer tax for new buildings), in the case of using the services of a Spanish lawyer 1% of the property price, as well as a notary fee, a fee to the cadastral office and a commission fee.
The financial transaction itself has two parts - reservation and payment of the property. Reservation of 10% of the property price is usually made by bank transfer within 5 days of signing the reservation contract (option contract) to a notary's escrow account. You transfer the amount of 90% of the price to your own bank account in Spain before signing the purchase contract. The bank will then issue you a bank check in the appropriate amount and you will pay for the property directly at the notary, when signing the purchase contract. It is also possible to send both amounts 10% + 90% to a notary's escrow account.
You can buy a property without a lawyer, but we 100% recommend the assistance of a reputable Spanish lawyer. The originals of the reservation and purchase contracts are drawn up in Spanish and are subject to Spanish law. We ensure the entire sales process and carefully monitor its flawless progress, but a good lawyer is your best insurance. We cooperate with proven law firms from Mallorca and will be happy to advise you in choosing a reliable and flexible lawyer.
Yes, you will transfer the amount needed to pay for the property and related fees to your Spanish bank account. Payment for the property is made by bank-issued checks (covered bank checks), which you will hand over directly when signing the purchase contract at the notary. You will still need the bank account to pay for utilities and services related to the operation and maintenance of your new property, and to pay the annual property taxes.
Yes, a Spanish mortgage is a possible way to co-finance the purchase of a property. You need to provide sufficient equity and the required income and documents. We will put those interested in a mortgage in touch with a reputable capital company in Spain or with one of our proven banking advisors.
The official language in Spain is Spanish, the originals of the reservation and purchase contracts are also drawn up in Spanish. We provide translations into your native language for each contract. In Spain, we cooperate with bankers and lawyers specializing in foreign clients, English is a matter of course in communication, the second most used language is German.
Buying a property is similar - through selection, inspection, reservation, purchase and subsequent administrative service. The specification may be in the method of acquiring the property - in Spain, the title of acquisition is a purchase contract signed by a notary. The difference is also in the amount of related fees (transfer tax, notary and cadastral fee).
Before the viewing, we will consult with you about the individual steps of purchasing the property, other selection options, and the overall logistics of the viewing. We usually book viewing dates a week in advance, we are with you the entire time, and we interpret all negotiations.
We will draw up a reservation option agreement between the buyer and the seller through a Spanish law firm. Once we have finalized all the details and incorporated the requirements of both parties, we will arrange for the contract to be signed by both parties. The reservation becomes effective upon payment of a 10% reservation fee to a notary's escrow account.
In Spain, the title deed is the purchase contract signed in front of any public notary, and the ownership of the property is transferred from the seller to the buyer by the signature of the parties involved. You leave the notary's office with a copy of the title deed and the keys to your new property.
Yes, you can rent the property soon after signing the purchase contract. Here it is necessary to distinguish between long-term and short-term rental. Long-term rental is confirmed by a rental contract for a period of at least 1 month and there is no formal restriction. Short-term rental of the property is possible if the property has an approved tourist rental license (ETV). If you intend to rent the property commercially (Airbnb, Booking, etc.), we recommend choosing properties with a valid tourist license.
As a property owner in Spain, you are required to pay annual property tax (IBI), annual municipal tax (waste) and income tax. If you buy a property in a community administration, the owner pays a monthly fee for the management of common areas. It is advisable to entrust the management of all taxes, fees and official mail to a lawyer or gestor.
