Procedure of real estate buying


Acquisition of real estate in Spain (however, like in any other country) can not be called an elementary task. In addition to the availability of a certain amount, in transactions of this kind, a lot of nuances are taken into account - the type of the object of purchase, the features of the legislation, and much more. For this reason, buying a property in Spain is a rather complicated procedure, proceeding in several stages and requiring the most practical, profitable and rational approach.

Stage 1. CONCLUSION OF THE CONTRACT

After deciding on the choice of housing or other real estate object (as a rule - based on the results of the familiarization tour organized by the intermediary company at its expense), the potential buyer needs to "reserve" the lot offered for sale. To withdraw it from the auction with the seller is a preliminary contract - stipulating, including the deposit, included in the total value of the property, but not refundable in the event of a breakdown of the transaction through the fault of the buyer. The amount of such an initial contribution is usually small and varies within 3-4% of the final price of the acquired property.

In the primary market, the seller is most often the direct developer, and on the secondary one - the realtor company, which provides all the necessary assistance on procedural issues of buying and concluding the main contract. A standard contract necessarily contains items relating to:
• data on the buyer and seller;
• All significant terms of the transaction (price, terms and method of payment, technical characteristics of the property, deposit amount, etc.);
• force majeure, termination conditions (if necessary) and other legal aspects.

Step 2. OPENING AN ACCOUNT IN THE SPANISH BANK

This operation is usually the simplest, albeit absolutely necessary, not only for registering a purchase of real estate in Spain, but also for further financial transactions (mortgage registration, utility payments, payment of taxes, etc.). The optimal choice of a bank is usually taken by qualified specialists of the realtor company - in accordance with, first of all, the convenience of opening an account with the bank whose services are used by either the developer or the direct seller, as well as the solidity of the banking institution and its tariff policy.

One of the pleasant amenities is the possibility of opening a common account for several people (for example, family members). Also, there are no problems and do not require additional financial means to issue personal plastic cards for account management in the future.

Funds for the purchase of real estate in the amount determined by law are paid into the open account even before the conclusion of the contract. From here, in the future, all necessary payments will be made - including automatic cancellation of taxes, payments for utilities, etc.

Step 3. IDENTIFICATION NUMBER OF THE FOREIGNER - NIE

This number is an absolutely necessary identity for non-residents of the country, without which it is impossible to make a single transaction or receive a particular document. The issuance of NIE is carried out after the processing of data from documents submitted to a specialized police department dealing with all matters of foreign citizens. The list of such documents includes:

• Schengen visa;
• Passport (with a note of entry into the country) and several of its copies;
• a couple of pictures 3 x 4;
• the original and a copy of tickets for the return airplane;
• the original and a copy of the real estate reservation contract;
• a receipt for the payment of the deposit;
Application for NIE in 2 copies.

Usually, the period for obtaining the number is about 60 days (both the filing of documents and the issuance of the decision is carried out in the settlement on whose balance sheet the purchased real estate is located).

Stage 4. CREDIT FOR MORTGAGE

The purchase of real estate in Spain is more than half done at the expense of funds received on a mortgage loan (depending on the bank, this amount may reach 60, and even 70% of the total value of the acquired object). The maturity of the mortgage loan in Spain is about 30 years on average, and the annual rate is 3%.
To obtain a loan, you must meet certain age categories, and also provide the bank with all the necessary documents in advance:

A certificate of income (or a tax return) - for citizens of the Russian Federation, this is usually a form of 2 Personal Income Tax for one or two last years;
A certificate from the workplace (containing information about the position, length of service and amount of salary);
An extract from the bank account (also for the year), as well as the availability of deposit accounts;
Documents on the ownership of the company (for businessmen);
Recommendation letter from the banking institution of the host country.
The list may vary, but each document must be translated into Spanish and notarized. Copies of the above documents are recommended to be sent to the bank in advance, which will significantly reduce the time for consideration by their profile specialists making a decision on the loan (usually a total period of consideration is about 30 days, and the bank commission is about 2% of the real estate price).

Stage 5. CONCLUSION OF TRANSACTIONS

As soon as the identification number of the foreigner is received, a bank account is opened and a loan is issued (with the funds deposited to this account), all documentation is certified by the notary and the deadline for completing the purchase is set. It is desirable to be present at the signing of the contract, but not necessarily (both the buyer and the seller can be represented by their authorized representatives). In case of personal presence for citizens who do not speak Spanish, it is necessary to attend to the presence at the conclusion of the contract by an interpreter - since the deed and the documents of final settlement are compiled in Spanish and are monitored, in terms of the purity of all legal and financial transactions, by profile qualified experts.
The completion of the transaction is indicated by the transfer to the owner of a property warrant and keys (if the object is housing).

Step 6. TRANSFER OF OWNERSHIP RIGHTS

Having received the warrant and the right of ownership, the procedure of purchase and sale for the client ends. However, the purchase of real estate in Spain requires additional financial expenses and subsequent concerns.

First, the buyer needs, in addition to the cost of the facility itself and commissions, to pay current costs and value added tax to the Spanish state (10% for a residential property and 16% for any other).
Secondly, another 4% will have to a number of related taxes and fees.
Thirdly, documents (for mortgages, notarized copies of contracts) will require registration in the State Property Register, which will take about 3 more months. Only after that the owner becomes the full owner of not only the original deed of purchase and extract from the State Register, but also be able to legally issue an annual Schengen visa.
Thus, with the help of competent specialists and a reasonable approach, the positive result of the acquisition of real estate will always be 100%. After that, the owner will only have to continue the procedure of consecutive acquisition of Spanish citizenship, simultaneously engaged in their current affairs.