Buyer's guide
When buying a property in a foreign country, it is important to choose an agent who guides you smoothly through the process from beginning until end.
Costs when buying a property in the Valencian community
You will have to factor into your budget between 12,5% and 15% on average into your budget above the agreed purchase price
- 10% Purchase tax
- 2,5% Costs for lawyer, notary, registration etc.
- Registration fee and costs in case of a property finance
- These amounts can vary - that´s why we recommend to appoint an independent lawyer to be your legal representative giving exact advice
What do you need?
- An NIE number (número de identificación de extranjeros) – You or your lawyer should apply for a foreigner´s identification number
- A Spanish bank account – open a Spanish bank account to proceed payments within the country
The process
- The private purchase contract is drawn up and signed once all parties agree and a 10% down payment is required
- The deeds are signed at the notary´s office on the in the contract agreed date
- Once the purchase price is agreed, it can happen that a reservation contract is drawn up in combination with a reservation fee, which is deducted later from the total price – if a mortgage is necessary, it now is time for the bank valuation/surveys
At the notary
- Either you or your power of attorney will attend, as well as the sellers or their legal representatives
- Your lawyer will prepare the „Escritura“ – the title deeds – and the notary will confirm that the property is free of debts or encumbrances
- If you decided to buy with a mortgage or if a mortgage needs to be cancelled, the bank will also attend the notary
- Final payments will be made to all relevant parties