As long as Spanish
Real Estate market is re-awakening, our lawyers tell you the main steps when purchasing a property. This is a brief summary, in further
posts we will tell you more details on each step. Anyway, let us know if you
want to learn more, our lawyers
will be more than happy to assists you. Evolutiza Lawyers & Tax Advisors
is here to help!
The very first step you should take is to
contact a local and independent lawyer
who assists you throughout the whole process, and who will ensure your
assets and rights are fully protected. Our lawyers,
with offices in Madrid
and Malaga are able to cover whole Spain and they
don’t only know just the applicable legislation, but they also know the area
and the potential problems you might have to face. In addition we can meet up in London , where we have a branch.
First, it is mandatory to
obtain The Foreigners’ Identification Number (NIE) is a personal, fixed and
unique number that is used to identify foreign taxable subjects. All foreigners
with economic, professional or social interests in Spain are under obligation to apply
for a NIE before the relevant body of the Spanish Home Office.
Second, the purchaser must, once he has obtained
the NIE, open a bank account in the Spanish territory.
Of course, you have to choose the
property. We can also assist you on that, anywhere, all kind of Real Estate
properties, ensuring a due diligence
report on the property. When property is selected and everything is in order it
is advisable to pay a deposit and sign a reservation document, with the
relevant and proper stipulations in order to ensure the down-payment and the
legal situation of the purchase. We can guide all this process, researching and
finding out all legal implications on the property, for avoiding disappointing
events and legal risks.
This is the momento to negotatie the
terms of the purchase contract. This is
the point at which we negotiate with the selling party to agree on the most
favourable conditions for our client’s interests.
The purchasing process ends
when the public deed of purchase is signed by the purchaser and the vendor. At
the moment of signing, the vendor grants the purchaser the title deed of
ownership and the purchaser hands over the rest of the agreed price. The deed
of purchase is signed at a notary. Notaries in Spain are public officers and,
consequently, they are independent.
Throughout the signing process at
the notary’s office, our clients are
always accompanied by one of our lawyers, who oversees the
documentation, checks that everything is in order, and acts as an interpreter.
From the moment of signing the deed at
the notary, the new title deed of ownership will appear in the Property
Register as the notary will send it electronically. However, a subsequent
procedure must be carried out to collect the original document from the
notary’s office, to settle and pay any corresponding taxes and, lastly, to
submit the deeds at the Property Register to be properly entered.
Next posts will cover with more detail
aforementioned steps and the taxes
and cost derived from purchase a property in Spain . Meanwhile, let us
know when doubts appear, contact our lawyers!
Evolutiza
Lawyers & Tax Advisors is a specialist desk in Real Estate and investment in Spain .