Buying a property in Spain: guide for a new owners
Buying a house in Spain can be tricky. It can be a pain in the neck to deal with all the bureaucracy this involves. You may need a lawyer to help you along the way because there is a lot you need to do before having your dream house.
Steps for buying a house in Spain
The first thing you need for buying a house is the Número de Identificación del Extranjero (Foreigner’s ID Number) or NIE. It is relatively easy to obtain but it takes a long time. It is not mandatory but a bank account can make the process easier.
When buying a house you have to pay several taxes: the property transfer tax 6–10% (existing properties) / VAT (or IVA) at 10% (new properties); the notary costs, title deed tax, and land registration fee 1–2.5%; and the Legal fees 1–2% (including VAT).
Finally, a party may present a letter of intent in order to begin negotiations and then the execution or signature.
If you are still looking for a house or you want someone to help you in this process contact us and our team of lawyers will give you a hand.