Process of purchase
Non-residents of Spain have the same rights to purchase real estate in country as its residents (there are no limits on amount of real estate for purchase). Consideration for right of private property has developed historically so any owner, even foreign, is well protected by Spanish laws.
If you have defined the place, price and appropriate object of property you should do the following:
- First step — design a private sale-purchase contract where all conditions of purchase must be stated, as well as payment methods, terms of payment and participants of the transaction. Purchaser should pay 10% of the purchase price when signing the contract. The rest of sum must be paid when signing an escritura (Escritura Publica) — basic document that certifies the transfer of property rights from Seller to Purchaser.
- Upon failing to observe the contract (i.e. refusal of the Seller to sell) the Seller must pay a deposit at a doubled rate. The deposit must not to be returned upon refusal of the purchaser.
- Foreign citizen who are financially interested in Spain must register at police office to obtain identification number for foreigners (NIE). Then they can open a bank account to settle all necessary payments to purchase real estate.
- The main step is processing of basic official document — escritura. The document is to be signed at notary office in presence of Spanish notary. When signing escritura the rest of the sum must be paid (it can be a bank cheque issued by the bank where you hold the money stated). Since then you are legally competent owner of purchased real estate.
- Then you will pass a registration of escritura in Register of property of Spain. It takes about a month and you obtain the registered original of escritura.