Processing of purchase
In Spain, there are generally accepted processes during the execution of a real estate purchase and sale transaction:
1. The buyer opens an account in any Spanish bank, money is deposited or transferred to another account from another bank.
To open an account, the following documents are required:
1. Statement for the last 6 months from any bank about the movement of funds in your current account. Some banks accept this in English.
2. A certificate from work 2 of the personal income tax indicating the salary paid to you for the past 12 months or other income documents for this period; We can provide the form in Spanish or you can download it here - CLICK THE LINK
Pensioners can provide a pension book.
3. A certificate from the work with a description of the activities of the company or institution where you work, indicating the date of commencement of the employment contract and its term (or term), position held and average monthly salary;
4. The list of persons on whom the account is opened with the contact details: place of residence, phone and email;
5. Passports of all persons on whom a current account is opened;
A personal presence at the bank is required to sign an account opening agreement.
In the absence of these documents, the bank has the right to refuse to open an account, and without an account with a Spanish bank it is impossible to submit documents for obtaining a NIE number, which is mandatory for acquiring real estate.
2. When you have decided on a specific property, a private reservation contract is drawn up between the buyer and seller of the property, the contract exists in 2 copies, upon signing, the buyer pays from agreement 5 to 10% of the value of the property. This can be a check certified by a bank or cash. The contract comes into full legal force. The object is removed from sale. The cost of the object is fixed on the day of signing the contract.
In case of purchase of an object from builders, it is necessary to add 13% to the cost when purchasing. This amount is for registration of real estate (when buying secondary real estate: 10% purchase tax, 2% on property registration, notary expenses, when buying new real estate from developers: 10% VAT, 1% for lawyer services). If the object is purchased on credit, then it is necessary to add another 2% and then the costs will be 15%.
Prior to signing the contract, the lawyer receives information on this property and all documents for verification, and also requests from the Real Estate Register NOTA SIMPLE. NOTA SIMPLE displays all the encumbrances and facts applicable to this property for that period. Only after the affirmative decision of the lawyer on the security of the transaction, the preliminary contract is signed by both parties - the seller and the buyer.
Why do we need a lawyer (lawyer) and how much his services cost, see the section Purchase costs.
3. If desired, the buyer can use a bank loan - for information, see the Mortgage loan section.
4. The time after signing a private pre-contract (with the deposit amount) before the completed registration of the acquired property in a notary's office (signing a deed certified by a notary - “Escritura”) remains from 5 to 60 days (this time period is specified in the pre-contract and depends most often on whether a purchase is made on credit or without it). Based on this preliminary contract, the client must obtain an Alien Identification Number (NIE) at the police station.
5. When signing a deed at a notary, the buyer pays the remaining amount, in case of buying a property on credit, this is done by a representative of the bank, who must be present at the notary's office when signing the deed.
The costs of registration of the property are paid by money orders or bank checks addressed to the relevant institutions. In case of buying real estate on credit, these payments are made by a bank representative, having reserved a fund in your account in advance.
6. After signing the notarial contract of sale (Escritura), the buyer receives the keys to the purchased object and a notarized copy of the contract. The original “escriture” is sent to the property register (Registro propiedad), and there, during the period from 40 to 70 days, it passes state registration.
Based on the escort of your property and extract from the property register - NOTA SIMPLE - you get a Schengen multivisa at the Spanish Embassy within 5-10 days without problems.
IT IS NECESSARY TO CHOOSE AN PROPERTY AND IF MORTGAGE LOAN IS PROPOSED TO OPEN, OPEN A BANK ACCOUNT.
UNDER SPANISH LEGISLATION, THE MARRIAGE CONSIDERED IN A MARRIAGE MUST:
- MAKE A MORTGAGE LOAN IN SHARES AND OPEN AN ACCOUNT FOR TWO.
- TO PROPOSE REAL ESTATE ON BOTH OR OR SPECIFY THE CONDITIONS ON WHICH ONE OF THE SPOUGES DOES NOT PARTICIPATE IN THE TRANSACTION.
CHILDREN CAN BE PURCHASED ON MOLESHIP ONLY TO PURCHASE A WARRANTY IN A MORTGAGE LOAN AGREEMENT