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Purchase Application Process

Purchase Application Process

1. The contract agreement to buy a property. A preliminary contract is created for the purchase and reservation of the property.

This contract specifies who the buyer is, the property and conditions (price, deadlines and method of payment). It will also indicate the amount of non -refundable deposit, the date and its conditions of termination of this contract. A 10% deposit is paid upon the signing of the agreement in order to reserve the property and remove it from the market.

2. Opening a bank account in Spain. The bank account is used to pay the future taxes and community fees.

3. Obtaining an identification number of non-resident (NIE).  The following documents are required in order to obtain a NIE

– Original passport and its photocopy

– Two copies of the completed and signed application form

4. The appointment is made to sign the completed purchase agreement. Before such appointment, it is necessary to fully transfer the remaining amount to your bank account in Spain.

5. It is essential for the buyer or for an authorised representative to be present on the day of the legal signing of the agreement.

The following documents are required for the property acquisition in Spain

A Certificate of employment indicating the position, salary, working period and the name of the organization

Certified Income statement and bank statements for the previous 12 months.

Credit history statement.

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