How to buy in Spain

Buying a property in Spain works as follows:

1. Obtaining an N.I.E. and Setting up a Bank Account: a prerequisite for buying a property is obtaining a foreigner’s registration number, known as an N.I.E., and setting up a bank account with a Spanish bank.
2. Booking Contract: After selecting a suitable property, the client completes a reservation contract. Usually the property is reserved for a period of 1-2 months.
3. Financial Aspects: 10% VAT, 2% notary’s fee and 1% other fees (cadastre, electricity, water, gas) must be added to the listed purchase price. The total purchase amount, including taxes and fees, will be sent to the client’s Spanish account after deduction of the reservation amount.
4. Purchase Agreement: The Contract of Sale must be drawn up by a Spanish notary who is responsible for the accuracy and completeness of the document. By signing the contract, the client becomes the owner of the property and can move in.
5. Registration in the Cadastre: the contract of sale is sent to the central cadastre, where the registration takes at least 2 months.

The whole process involves legal and financial steps to ensure a smooth purchase of a property in Spain.

Yes, there are several types of mortgages you can take out on a property in Spain:

1. You can get a mortgage directly in Spain. This option can be advantageous due to direct contact with a local bank that is familiar with the local market and can provide relevant terms and conditions.
2. Another option is to use a so-called American mortgage with a Czech bank, which allows you to obtain financing without a specific purpose, so you can use the money to buy property anywhere.
3. The last option is a classic mortgage from Czech providers, which is intended directly for financing real estate. This option is often preferred by those who prefer to work with a bank with which they already have an established relationship and which can offer them favourable terms due to their knowledge of the client’s financial history.

We will be happy to advise you on the most suitable mortgage here.

We will be happy to help you with anything you can think of. We work with proven specialists right here in Spain who can provide a complete service for your property including long and short term rentals, cleaning or maintenance.

If you need help finding your way around a new city or settling in, we’re here for you. We can help you with setting up a daycare for your children, renting a boat or even renting a car.