Interested in buying a property in Spain?

Description of actions to be taken in relation to the acquisition of property in Spain, once the property to be acquired has been identified:

FIRST PHASE: Legal and urban analysis of the investment to be made

• Analysis of the registry and urban situation of the property to be acquired by the client, by obtaining information from the public registry and local councils.

SECOND PHASE: Formalization of the client’s investment operation

• Collaborating in the preparation of the necessary documents and contracts to be formalized for the acquisition of the property, both preparatory (deposit contract) and purchase contracts, so that the operation can be performed with maximum legal certainty.
• Representing the client, where necessary, before the State Administration and the relevant regional government and local councils, both in the stage prior to purchase and following the purchase, in order to register the property in the client’s name in all necessary government agencies and private entities.
• (Where necessary) Obtaining the client’s foreign national identification number (NIE) from the tax office, which is a prerequisite for carrying out economic operations in Spain.
• Opening a bank account within Spain on behalf of the client, so that direct debits for any bills and charges relating to the property can be set up.
• (Where necessary) Obtaining bank finance to carry out the investment in Spain.
• Study, analysis and opinion regarding the conditions of the loan proposed by the financial entity to the client.
• Assisting the client with the signing of deeds related to the purchase of the property, as well as of preparatory contracts, before a notary.
• (Where necessary) Statement before the Ministry of Economy. Department of Foreign Transactions for investments made by non-residents.

THIRD PHASE: Bank financing for real estate investments

• Obtaining bank finance to carry out the investment in Spain.
• Study, analysis and opinion regarding the conditions of the loan proposed by the financial entity to the client.
• Signing of deeds related to the mortgage of the property, as well as of preparatory contracts, before a notary.

FOURTH PHASE: Registration of property acquired in public records and subsequent procedures

• Preparation, development and management of the settlement of indirect taxes generated by the purchase of the property before the competent administrative authority.
• Settlement of Property Transfer Tax and Stamp Duty following the purchase of the property, and provision of the necessary documents before the relevant regional government, within the mandatory term, unless the financial institution is entrusted with the management thereof.
• (Where necessary) Settlement of non-resident withholding tax, in the event of a transfer of the property to a non-tax resident in Spain.
• (Where necessary) Settlement of capital gains tax before the relevant local council, in the event that the seller is not a tax resident in Spain.
• Notifying the property records office of the change in ownership of the property.
• Managing the registration of the title deeds with the Land Registry on behalf of the investor, in order to protect their rights erga-omnes.
• Communicating with the relevant local council regarding the setting up of direct debits for taxes generated by the acquisition of the property that are payable at regular intervals.

FIFTH PHASE: Various procedures related to ownership of the property

• Changing the account holder with energy suppliers for any bills (water, electricity, telephone, etc.) for the property acquired, as well setting up any direct debits for bills issued by suppliers.
• Managing paperwork from the Homeowners’ Association, where necessary, in order to communicate the change of ownership and monitor Community agreements related to the property at the time of acquisition.