Property Lawyers in Spain
Get assistance Investing in Purchasing a Property in Spain with the help of our expert Lawyers
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How can I buy a Property in Spain?
- Power of Attorney: If you can’t travel to Spain freecuently, we recomend giving Power of Attorney to a Lawyer. This allows the lawyer to act in your behalf with the terms that you set.
- Obtaining a NIE Number (Spanish Fiscal ID)
- Opening a Spanish bank account and assistance with mortgage obtainment: You will need to transfer funds internationally to do the transactions.
What is the process of purchasing a property?
First, you need to have the ideal property selected. At Lexidy we can provide you with some recommendations of portals to look for your desired home in case you still have not decided yet.
Once you have the property selected, the general procedures is as follows:
- Reserve Contract: Acceptance of the formal offer. With the lawyers help, you will make an offer to the seller, and if they accept, you then need to sign a reservation contract, normally valid for 10-15 days, but it can be extended.
- Due Diligence: Due to the historic nature of Spanish real estate, we recommend performing a due diligence on the property. This means checking if there are any debts, charges or documentation issues with the asset.
- Depending on the country, we also encourage some investors to work with an arquitecht on a technical report to ensure they are built structurely correct. We can recommend partners in your area.
- Arras Contract: Here you sign a formal contract with a deadline date. The buyer makes a down payment of 10% of the property’s value, however, here in Spain it is a little different from other countries:
- If you withdraw from the contract or miss the deadline, you can miss the 10% payment unless both parties agree to continue the transaction.
- If the seller withdraw from the transaction they must pay the potential buyer double the original down payment.
- Public Deed of Sale: Next step is an appointment with a notary, where the sale and purchase agreement is signed. If a mortgage is needed, then the bank must also come to the signing. However, the buyer doesn’t have to come to this appointment, we can use the Power of Attorney and sign the agreement on their behalf.
- Tax and Budget Planning: Taxes and fees are mostly paid by the buyer and vary from region to region. They typically include the following:
- Property transfer tax of 6% to 10% for an existing property or a 10% VAT, or IVA, for new properties
- Notary costs, title deed tax and land registration fee of 1% to 2.5%
- Legal fees of around 1% to 2%, inclusive of VAT. If you want to get an exact quote on how much will the process with us cost make sure to contact us for a free case consultation.
How long will the process take?
The general timeline of the property purchase process in Spain is as following. Please note this is estimated time average and it can vary depending on each case:
- Formal Offer: Around 7 days.
- Reserve contract: 2 weeks.
- Arras Contract: 2 months
- Property Purchase: 1 month
What taxes do I need to pay?
When purchasing a property in Spain, be prepared for additional costs beyond the purchase price. These expenses, including taxes and professional fees, typically add up to 10-15% of the property’s price. It’s essential to incorporate these costs into your budget. Note that tax rates can vary by region; our examples refer to properties in Barcelona, Catalonia.
Property Taxes
New Properties
- VAT (IVA): 10% of the purchase price. For instance, a new villa priced at €950,000 will incur €95,000 in VAT.
- Stamp Duty (AJD): Between 1 to 1.5% of the purchase price. For the same villa, AJD would be €9,500 to 14,250€.
Total: 11 to 11.5% additional cost.
Resale Properties
- Transfer Tax (ITP): 12% of the purchase price. This rate applies universally to resale properties on Catalonia. It depends on the total amount of the property, for example for properties under 400,000€, it is 10%, and it goes up to 13% on properties over 1 milion. In other districts of Spain it can vary, for example in Andalusia is a 7% and in Madrid a 10 to 11%.
Additional Costs
Notary Fees
- Charged for preparing and signing title deeds. Typically around 0.5-1% of the purchase price.
Land Registry Fees
- For recording ownership, ranging from 0.5-1% of the purchase price.
Legal Fees
- Highly recommended to use a lawyer. Expect around 1 to 2% of the purchase price depending on the total amount.
Estate Agent Fees
- Usually paid by the seller. Fees can range from 2% to over 10%.
In conclusion, buying a property in Spain can be a complicated process to do alone, specially if you are from outside the country and don’t understand Spanish.
If you’re ready to buy a Property in spain or have any questions about the process, please don’t hesitate to contact us. Our team of lawyers is ready to assist you and provide the legal support you need to succeed.
How can a property lawyer help me in Spain?
A real estate lawyer in Spain can assist you in several ways when dealing with property transactions:
Legal due diligence: They will verify that the property has no legal issues, such as unpaid debts, legal claims, or zoning restrictions, ensuring the purchase is safe and sound.
Reviewing contracts: A lawyer will review and negotiate the terms of the purchase agreement or lease contract to protect your interests, ensuring all legal terms are clear and favorable.
Handling paperwork: They manage the necessary legal documentation, such as deeds, taxes, and registration, to ensure the property transfer is correctly filed with local authorities.
Navigating local laws: A lawyer will ensure compliance with Spanish real estate laws, helping you understand legal obligations, including taxes, permits, and fees.
Representing you: If you are not present in Spain, your lawyer can represent you in the transaction, ensuring everything proceeds smoothly and legally.
Resolving disputes: In case of disputes over property, boundaries, or contracts, a real estate lawyer can represent you in negotiations or court if necessary.
If you are interested in talking with a property lawyer, don’t hesitate to contact us today.
Our team of experienced lawyers is ready to assist you and guide you through the entire application process. Let us help you make your dream of living and working in Spain a reality.
Life
Work
Buy a property in Spain with Alejandro Cano
“There are many factors when considering buying a property in Spain”.
- How the payment will be made?
- What certificates do I need?
- Preliminary steps before buying a property
Quality Life for You and Your Family
Why Spain?
Obtaining a digital nomad visa in Spain offers numerous advantages. Firstly, it opens an opportunity to live in one of Europe’s most captivating countries, with its vibrant cities, stunning coastline, and rich cultural heritage. Secondly, the visa enables access to Spain’s thriving digital and tech ecosystem, fostering networking opportunities and professional growth. Lastly, you will immerse in the warmth of Spanish hospitality, savor its delectable cuisine, and explore its diverse regions while maintaining a flexible work-life balance.
Cultural immersion
Experience the rich Spanish culture.
Location
Explore Europe without visa restrictions.
Stable economy
Spain has a stable and growing economy
Delicious cuisine
Taste world-renowned Spanish food and wine.
Affordable living
Cost of living is lower compared to other European countries.
Healthcare access
Access to high-quality healthcare facilities and services.
Skilled workforce
Spain has a highly skilled and multilingual workforce.
Travel Opportunities
Explore diverse regions within Spain.
Frequently Asked Questions
Can foreigners buy property in Spain?
There are no restrictions on buying residential or commercial property in Italy.
In fact, Spain encourages overseas investment in both residential and non-residential real estate. For example, investors can apply for a Golden Visa if they spend €500,000 or more on any real estate.
What real estate taxes do I need to pay?
All property owners in Spain must pay three different taxes annually.
Residents are subject to Income Tax, Real Estate Tax (IBI) and Capital Gains Tax.
Non-residents are subject to Income Tax, Real Estate Tax (IBI), Capital Gains Tax and a Non-resident Property Tax.
Can I get citizenship if I buy a property?
Yes. If you invest €500,000 or more in Spanish real estate, you can apply for residency with a Golden Visa. Our lawyers can assist you with this type of residency and you can read more about this here.
What taxes do I pay when buying a new property?
All new home purchases are subject to 10% VAT on the value of the property as well as 1.5% for a Legal Documentation Tax.
When buying an existing property, you must pay a Transfer Tax, or ITP. This is levied on a sliding scale depending on the purchase price.
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For us, Lexidy is a way of life and what excites us the most is to be able to deliver the happiness and satisfaction of a successful immigration process. We want to help you achieve your goals and dreams, whether it’s residence in Spain or simply an investment.
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