Buying a flat in your own or foreign country is always an important decision which requires a serious approach and accurate information. In this article you can find the main steps to follow when buying real estate.
After several years in the red due to the economic crisis, the real estate sector is beginning its recovery. The current market, with a high supply of housing at still very affordable prices, is especially attractive for foreign clients. If this is your case, in this guide we explain the steps you have to follow to benefit from buying a house in Spain:
1. Choose the place and type of home
Without any doubts is the most complicated decision. Spain is a really varied and hospitable country, with a Mediterranean climate that is highly appreciated by foreigners. The real estate offer is huge, but in Taloki you will find selected homes selected according to your necessities. A big city? A quiet town? Beautiful chalet on the beach you always dreamed of? Compare and decide.
2. Request the NIE
The Foreigner Identity Number (NIE) is a unique and personal identification code, mandatory if you want to carry out an economic activity, such as buying a home in Spain or opening a bank account in the country. The application process is very simple, you simply have to take your documentation to the Spanish Consulate or Embassy in your country, or to a National Police station in the Spanish city where you intend to buy the property.
3. Open a bank account in Spain
Having an account in a Spanish bank branch is not mandatory if you are a foreigner, but it makes things much easier when the bills for your new home (water, gas, electricity, of community) are charged directly from your Spanish account, also your account gives you a possibility to obtain financing in Spain for the purchase of the home. You can choose any bank, but it is always more convenient to have a branch near your home. In any case, today electronic banking in Spain works great, so you can manage your account online from anywhere.
4. Visit the property, check that everything is correct and negotiate the purchase
Check the condition of the property and make sure that it complies with everything specified in the description of the ad. Also, find out about the legal situation of the house: certificates, compliance with local regulations and absence of associated economic burdens. If it is the property you were looking for, negotiate the final price and reserve it by signing a deposit contract with the owner and paying a deposit. As a foreigner, we recommend that you have the advice of a Spanish expert, as it will greatly facilitate the procedures.
5. Sign the deal of sale
Formalize your purchase before a notary by signing this public document with the seller, who grants you title to the house in exchange for payment of the rest of the agreed price.
6. Register the deed in the Property Registry
This mandatory procedure -which is handled by the notary electronically- legally declares you the sole owner of the property, something that you will need to formalize the mortgage loan if you want to finance the purchase.
7. Enjoy your home and all its advantages
Finally, once you have paid the costs of the lawyer, notary and registration, you can start enjoying your home in Spain and all the advantages associated with it.
