Buying Guide
Buying & selling a property in Spain will involve different procedures than those you are accustomed to in your home country. It is key to learn as much a possible about the various procedures in Spain. Once the property has been selected, there is a specific protocol to follow before signing any documents. At Barcelona Properties & Real Estate Services we will take you step by step through the each transaction until completion and final inspection.
We offer an exclusive selection of property listings from direct owners and through partner agencies. Our selection of properties is continually updated and includes most areas in Barcelona. By using our Search Tools clients can browse through properties or have one of our consultants assist in search process and coordinate all visits.
Property Report & Verification
A check should be made with the Land Registry (Registro de la Propiedad) to determine property ownership, and verify property's characteristics as well as any pending charges, encumbrances or mortgages. We can also check for other debts, such as local taxes. The new owner only has responsibility for the last 12 months of local taxes and common ownership expenses.
Private contract (ÂContrato de ArrasÂ)
The next step is to evidence the terms of purchase in writing. A solicitor will draft a contract, for which you will need to make provisions for deposit. The standard deposit is 10% of the purchase price, and payable upon signature. The contract must include completion date and transaction conditions assuring sellers that property is sold free of charges, tenants and mortgages.
Title Deed (ÂEscritura PúblicaÂ)
On completion day your lawyer will go to the Notary Public to sign Title Deed and make final payment to vendor, who will in turn pass over possession of the property and keys. Once sale is completed, the notary must send details of the title deed to the local Land Register including the identity of the new owner to prevent property from any duplicate sale. The Notary and the Land Register act together to protect and guarantee your interests. You must also pay the relevant taxes and have the original title deed submitted to the Land register for registration.
Having completed the purchase you must engage or transfer utility services. Both electricity and water meters need to be transferred into your name. All regular bills can be paid by a direct debit "standing order" through your local bank.
You are responsible for obtaining insurance upon POSSESSION OF THE PROPERTY. Spanish insurance companies normally offer a split policy, whereby the property and its contents are assessed separately. In some property owners' associations, community fees may include coverage for building and/or third party risks. At Barcelona Properties we have access to a network of experts who will present the most convenient insurance plan for your property, based on your specific needs.
All property owners in Spain, whether resident or not, must have this number before completing the purchase or other transactions, such as payment of annual taxes, purchase of a vehicle, insurance policies etc. We can assist you with application process for Foreign Identification (N.I.E.) number.
Apart from cost of property, you should count approximately 10 % of the purchase price to cover the fees and costs acquiring the property. This 10% will cover the solicitor's fees, land registry costs, transfer tax (7%), notary's fees etc. Invoices will be attached to the original registered Deeds when inscribed.
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