13.12.2024 
What Documents Are Needed for a Real Estate Transaction in Spain
The process of buying a property in Spain requires a specific set of documents. For foreigners planning to carry out such a transaction, it is necessary to prepare a series of papers that ensure the legality and security of the deal. In this article, we will discuss exactly which documents are required and how the main stages of the purchase are carried out.
Basic Documents for Buying a Property
To successfully purchase a property in Spain, foreigners must provide the following documents:
- Passport. This document is essential for identifying the buyer and for entry into the country.
- Foreigner Identification Number (NIE). This is an individual number required for all financial transactions in Spain, including the purchase of property. It can be obtained either at the consulate or in Spain.
- Income Certificate. This may be a letter from the employer or a bank statement that proves the availability of funds for the purchase.
- Bank Account Opening Certificate in Spain. It is necessary to have an account in a Spanish bank to carry out financial transactions and formalize the transaction.
- Notarial Power of Attorney (if the purchase is made without personal presence). If the buyer cannot be present during the transaction, a power of attorney must be granted to a representative. This document must be translated into Spanish and apostilled.
Property Purchase Process
The process of buying property in Spain consists of several stages, each requiring the preparation of certain documents:
1. Selection of the Property and Real Estate Agent
In Spain, the purchase of a property is often accompanied by the services of a real estate agent. This specialist will help select the property, verify its legal status, and prepare all the necessary documentation to finalize the transaction.
2. Obtaining the Tax Identification Number (NIE)
It is not possible to buy a property without obtaining the NIE. This number must be acquired before signing the sales contract. For this, you can contact the immigration department of the police or the Spanish consulate.
3. Opening a Bank Account
To carry out financial transactions in Spain, it is essential to open an account in a Spanish bank. For this purpose, you will need to present your passport, the NIE, and the income certificate.
4. Signing the Preliminary Contract
Once the property is selected, the buyer and the seller sign a preliminary contract in which the terms of the transaction, the amount of the deposit, and the deadline for final payment are agreed upon. The deposit usually represents 10% of the property’s value.
5. Preparation and Verification of Documents
Before signing the final sales contract, a lawyer reviews the property to detect any debts, encumbrances, or other limitations that could affect the sale, in order to avoid unpleasant surprises in the future.
6. Signing the Sales Contract
The transaction is formalized in the presence of a notary. In the case that the purchase is made through a mortgage, a representative from the bank will also be present. On that day, the buyer must pay the remaining balance via bank transfer.
7. Payment of Taxes and Registration
After the contract is signed, the buyer proceeds to pay the property purchase tax and the notary fees. Additionally, the transaction must be registered in the Property Registry within one month.
8. Obtaining the Title Deed
After the registration in the Property Registry, the buyer receives the title deed, which confirms his legal right over the property in Spain.
Additional Documents and Considerations
Depending on the type of property or the specifics of the transaction, additional documents may be required, such as:
- Energy certificate of the property.
- A receipt confirming the absence of debts for communal services.
- Documentation that confirms the seller's ownership rights.
If the purchase is made through a mortgage, the bank may require additional proof regarding the buyer's financial situation.
Conclusion
Acquiring a property in Spain requires meticulous preparation of documents and adherence to all procedures to avoid legal and financial risks. By following the described stages and preparing the necessary paperwork, you can successfully complete the transaction and become the owner of a property in one of the most popular countries in Europe.
