Friday, September 18, 2015

Purchasing: Real Estate in Spain

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.