Purchase contract:

Once you have decided on a property, a contract will have to be drafted from the solicitor and you need to prepare to make provisions for the deposit. The standard deposit is about 10% of the purchase price. The deposit is payable upon signing the purchase contract (Contrato de Compraventa) , which will include a completion date and the transaction conditions which contain an assurance by the sellers that the property is sold free of charges, tenants and mortgages.

Bank account:

We will assist you in opening a bank account with a local branch, into which you need to transfer the money for the purchase, and into which you can pay cheques or cash in any currency including Euro. From this account you can draw Euro that have been converted from a foreign currency.

Legal costs:

Apart from the actual cost of a property, you need to allow 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.

Foreigners ID. Number (N.I.E.):

All property owners in Spain, whether resident or not, must have this number available in connection with the completion of the purchase. This number is also necessary for payment of annual taxes, purchase of a vehicle, insurance policies etc. We will be pleased to advise you in acquiring this N.I.E. number.

Annual taxes:

For non-residents there are two personal taxes based on the value of the property. One is a wealth tax and the other is an income tax. The percentages on the value of the property of both taxes are reasonably low. A legal representative, whom we will be pleased to recommend, can deal with these matters on your behalf.
Furthermore there are the local rates (contribuciones rusticas/urbanas). This is a tax based on the value stipulated by the Tax Department (La Hacienda)

If you or your legal representative require further information from us, we will be pleased to supply it