Tips for Buying a Property in Spain

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Posted and filed under Property in Spain, Property Purchase/Sale Service.

Here are some useful tips for buying a property in Spain. As a result of covid-19, we are seeing many people make life choices and decide to move to Spain this year or next.

Assumptions

Firstly, do not assume that buying property in Spain is anything like buying property in Ireland, the UK, or your country. Everywhere has different laws and processes. Never (please) try to buy a property without an experienced conveyancer or lawyer (same goes for selling). That is when problems happen.

Paying a Deposit

Many people do not realise that once they have paid a deposit in Spain it is very hard to get it back. When you sign the purchase contract the terms are usually quite stringent, with a clause that the buyer loses their deposit if they pull out. Even if there is a very good reason for doing so, it often involves lawyers to try to get the money back.

Therefore, do not pay a deposit until you have spoken to a firm to represent your interests in the purchase and check over the paperwork before you pay any money. This is the best advice I can give you. They will obtain some information on the property (is it legal for a start) and then can advise you it is safe to put a deposit and check the contract. Do not be pressurised by estate agents, their techniques are the same the world over when they want a sale.

The other issue is that you should never put down a deposit before you know how much the whole transaction will cost. And the only way you will know that is if an expert checks everything and provides you with an itemised breakdown of the costs you will incur, so you can be sure you have the money available.

Tips for Buying a Property in Spain when from a Constructor

In this case, there is even more reason to come to a solicitor first. Definitely, do not use their legal team. There is then a conflict and with a new property more things can go wrong. As long as everything is checked and controlled it will be fine, but don’t leave it in their hands.

Opening a Bank account, Making Payments

Your legal team will guide you on this and help as well as explaining all future obligations you will have for taxes, costs and for official paperwork such as NIES and Residency Documents (the new TIE covered in detail on this website). Do not forget that ownership of property in Spain is not held in the same way as the UK for example where it is joint and several so if one owner dies the property passes automatically to the co-owner. In Spain, property is held in shares so when someone dies their share goes to the next of kin as per their Spanish Will. If there is no Spanish Will, then a Probate or Letters of Administration will be needed from their home country.

Don’t forget that necessary things like Spanish Wills, Home Insurance are all extra costs on top that you must consider.

Our team are here and ready to help you with any questions about buying a property that you may have. We also can recommend Spanish Homes Online to assist you with looking for properties.

6 Comments

  • Antoinette Geoghegan

    Hi I’m going to buy a place in Spain and want to know what documents I need to bring over , I live in Ireland and will get over to La Zenia in the next few weeks , kind regards Antoinette Geoghegan.

    • Nicola Ryan

      Afternoon Antoinette,

      Exciting times ahead for you.

      La Zenia is a lovely area and also where our office is situated, we would be delighted to help you find your dream property and also secure it.

      If you are buying the property without a mortgage, you would only need a payslip or tax return and your passport, these would be required to open a Spanish bank account. To buy the property without a mortgage, we will arrange the paperwork when you are here, for example the NIE ect, but you wouldn’t need any additional documents from Ireland.

      If you are buying with a mortgage, there would be additional paperwork required, but this can be emailed directly to the bank at a later date when they have confirmed what is needed.

      We hope this helps.
      Kind regards
      Nicola

  • Kathy Herrera

    Can a non resident (US) and resident (related) buy a property together and both be on the deed?

    • Nicola Ryan

      Good Morning Kathy,

      Thank you for your enquiry.

      Yes, of course, both a resident and a non-resident can be named on a properties title deeds. There will be no issues with this at all. If you need any assistance with your property purchase, please do not hesitate to contact us, we would be delighted to guide you through the process.

      Kind regards
      Nicola

  • Michael bradley

    Hi,

    I’m Irish. My wife and I are planning to go to Spain at the end of 2021 for 3 months to decide if we will move parmanently. We are considering the Torrevieja area.

    Should we consider looking for Spanish residency and Spanish medical cover before we fly.

    Should we open a Spanish bank account at that time. If so, can you help with this.?

    What documents should we take with us at that time.?

    Is there anything else we need to consider.

    Thanks,
    Mike

    • Nicola Ryan

      Good Morning Michael,

      Thank you for your enquiry. Torrevieja is not far from our office in La Zenia, we can help you your re-location for sure.

      As you have an Irish passport, you can apply for your residencia when you arrive in Spain and your wife can piggyback onto your residencia as “married to an EU citizen”. You have to be in Spain to apply for the residencia. You can apply for the NIE and residencia at the same time. Please see the requirements for the residencia detailed in the link to our blog below:

      https://www.spanishsolutions.net/blog/legal-paperwork/residencias-and-ties/

      In regard to the health insurance, with your permission, we would be delighted to pass your details to the brokers we collaborate with to provide a non obligation quote.

      We would recommend that you open a Spanish bank account and begin using it as soon as you arrive in Spain, the Foreign Office will look for daily expenditure, to prove you “live” in Spain. We can help you with this no problem, we work closely with many of Spain’s leading banks and would be delighted to make an appointment for you.

      We hope this helps.
      Kind regards
      Nicola

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