Buying a home in Spain can be complex for people who do not live in our country. This is due to the differences in terms of laws, taxes and processes that it is necessary to go through, which may differ from those of your country of origin. For this reason, we have developed this guide in which we will explain the key points when facing a real estate purchase in Spain. Do not hesitate to come to us if you have any doubts.
These are the main steps:
1. Take your budget into account
Value the money you have and to what extent you can comfortably assume the monthly payment of a mortgage. Remember, also, to add an extra for the expenses derived from the purchase.
2. Financing
If you are going to need a mortgage, you should find out about the conditions offered by your bank and check that you can assume it. Take into account both the amount and the amortization payments.
3. Get in touch with one of our sales agents
We want to know which properties interest you and your financial situation.
4. Visit the properties
Our agents will agree with you the dates for the visit of the properties that are of interest to you. Once carried out, you can choose the perfect home for you.
5. Confirmation by the bank of the mortgage authorization
Once chosen, and before advancing the money, check that your bank has authorized the mortgage since, in Spain, banks must know all the information about the property before approving it.
6. Signature of the deposit contract
This consists of the delivery of an amount of money as a signal, to confirm the commitment to purchase the house. There are confirmatory deposits, which oblige the fulfillments of the contract, and penitential ones, which cause an economic penalty to those who breach the contract.
7. Signature of the public deed of sale
This document only needs to be signed if there is a mortgage. The purpose is to provide legal security for the sale.
8. Payment of taxes and expenses derived from the processing of the purchase
Once the purchase is made, the taxes and expenses derived from the purchase are paid, such as those of a notary’s office or those related to the registration in the property registry.
