Step by step process of buying property in Spain

Buying a property in Spain can be a straightforward process if you follow the necessary steps. In MySpot Barcelona we help you navigate through the process and bare with you at any step of it:

1.     Find a property: Start by searching for properties that fit your budget and preferences – or let MySpot do the work for you. You can search online for properties listed on popular portals such as Idealista, Habitaclia or Fotocasa and contact MySpot for our extensive archive including properties that are not listed online.

2.     Hire a lawyer: Once you have found a property, it is advisable to hire a lawyer or a trusted agency like MySpot Barcelona. We can bring you in touch with our network of trusted legal advisors that will guide you through the legal process. We can help you understand the contracts, negotiate the terms of the purchase, and ensure that the property has all the necessary permits.

3.     Obtain an NIE number: An NIE (Número de Identificación de Extranjero) is a tax identification number that is required for all foreigners who wish to purchase property in Spain. You can obtain an NIE number at a police station, a Spanish consulate in your home country or with us for a minimum fee – headache and hassle-free.

4.     Make an offer: Once you have found a property you like, you can make an offer to the seller. The offer should best be in writing which the seller has to countersign once accepted, include the price you are willing to pay, any contingencies, and the timeframe for deposit contract (Las Arras) and the deed (Escritura).

5.     Sign a deposit contract: If the seller accepts your offer, you will need to sign a deposit contract (Las Arras) and pay a deposit. The deposit is typically 10% of the purchase price and is held in escrow until the sale is completed.

6.     Conduct due diligence: Before signing the final deed, you should conduct due diligence on the property. At My Spot Barcelona we verify for you that the property has all the necessary permits, that there are no outstanding debts or liens and do all the documentary checks so you don’t need to worry about anything. If needed, we send an architect for you to do a structural check to avoid unwanted surprises.

7.     Sign the deed: Once you are satisfied with the property, it is time to  sign the deed (escritura) at a notary's office. The deed is a legally binding document that transfers ownership of the property from the seller to the buyer. At My Spot Barcelona we will prepare any paperwork that you will need to hand in and accompany you to the notary visit.

8.     Pay the remaining balance: Once the deed is signed, you will need to pay the remaining balance of the purchase price. Buyers and Sellers banks must be consulted about the preferred form of payment (with cheque, notary's office or via bank transfer via Bank of Spain) and their requirements of closing eventual loans on the property. We accompany you to secure save payments or can do this for you in case you are not in the country.

9.     Register the property: Finally, you will need to register the property with the Spanish Land Registry (Registro de la Propiedad) to complete the purchase. Let us do the necessary paperwork for you so you don’t have to work through mountains of paperwork in Spanish.

At MySpot Barcelona we take the headache out of the selling and buying process and guide you through it at every step of the way. Let us know what we can do for you.