How do I buy a property in Spain?

Do you know the steps during the acquisition of a new property in Spain?

When purchasing a new house there are always a million question and doubts. On top of that, you have to add the language barrier when it comes to a different country. Below there is a list of the main stages before getting the keys of your dream house.

• A small contract with the owner will be signed which contains normally the 10 % of the price of the property and has a duration to be agreed normally between 1 to 3 months.
• You will obtain your NIE (Foreigner ID).
• Find the best mortgage with a Spanish bank if you need one.
• Open your bank account in Spain.
• Get an independent property surveyor to value the price of the property in case you need a mortgage.
• Get a notary. If you get a mortgage the bank will suggest the notaries they work with, but we can always choose an independent one.
• If you get a mortgage the bank will get a gestor to do all the paperwork.
• If the house is new you pay the Valued Added Tax (IVA) which is 10% (in the Canary Island is called IGIC and it is 6,5%). If it is a resale you pay the transfer tax (ITP) which is between 6% and 10%.

Why HomeLab?

The world is changing and the Real Estate sector is evolving. There is a new way of understanding the market by giving more value and services to the client. During a property visit you will have many questions. We are technicians that will give you full support and answers from day one.

When it comes to the final agreement with the seller we intermediate to negotiate the best price for our client. Now when the purchase is done we even give more value to our services; we go step by step with you explaining and executing all necessary requirements until the final signature. The translation is included as we have a team of Spanish, English and Dutch speakers.

What now?

And what do I do after I am done with the paperwork and I got the keys? Below is a summary of the main procedures that can be handled by HomeLab before you move in:

• The water supply and sewage depends on the municipality and on the company and it is normally paid every 3 months.
• The electricity depends on the municipality and on the company and it is normally paid monthly.
• The gas depends on the municipality and on the company and it is normally paid every 2 months.
• The land telephone line and the internet depends on the company and it is normally paid monthly.
• The rubbish collection tax depends on the municipality and it is normally paid yearly.
• The Property Ownership Tax (IBI) depends on the municipality and it is paid once a year and is normally a percentage (between 0,4% and 1,3%) of the cadastral value of the property.