Steps to Buy a Property in Spain as a Non-Resident
Purchasing a property on the sunny Costa del Sol is a dream for many non-residents. However, the process might seem daunting if you’re not familiar with the Spanish system. Below, we provide a step-by-step guide to make this process a stress-free experience. And remember, choosing a reliable partner like Unikk Home, experts in luxury properties on the Costa del Sol, can make all the difference.
- Preliminary Research
First and foremost, it’s crucial to research the different areas of the Costa del Sol to find the one that best suits your needs and lifestyle. Consider factors like proximity to schools, services, and beaches. - Obtaining the NIE
The Foreigner Identification Number (NIE) is essential for any transaction in Spain. You can apply for it at the nearest Spanish embassy or consulate in your home country or directly in Spain. - Opening a Spanish Bank Account
You’ll need a Spanish bank account to manage payments related to the property purchase, including the initial deposit and closing costs. - Choosing a Real Estate Agent
A trusted agent is key. Unikk Home stands out for its experience and deep knowledge of the luxury market on the Costa del Sol, guiding you through every step of the process. - Property Viewing and Selection
Visit the selected properties. Unikk Home can arrange visits to the best luxury properties that meet your criteria and preferences. - Making an Offer
Once you find your ideal property, your Unikk Home agent will help you make an offer and negotiate on your behalf to ensure the best possible deal. But once your offer is accepted it is very important to make a reservation by signing a Reservation Contract, which normally can be 1% or 2% of the value of the property, but it is also very common to have a fixed amount depending on the value of the property, which can be from 6.000 Euros. - Signing the Earnest Money Contract (ARRAS)
When you accept the offer, you will sign an earnest money contract, or Arras, which is a preliminary purchase agreement that also secures the property for you by means of a deposit. This contract establishes a commitment to purchase between the seller and the buyer, securing the transaction by the payment of a deposit (usually 10% of the sale price). - Legal Checks
It’s crucial to carry out legal checks to ensure the property is free of liens and complies with all local regulations. Unikk Home can recommend specialized real estate lawyers. - Deed Signing and Final Payment
The signing of the purchase-sale deed takes place in front of a notary. Here, the final payment is made, and the keys are handed over. - Property Registration
Finally, your property will be registered in the Spanish Property Registry, officially making you the owner.
Remember, with Unikk Home, buying a luxury property on the Costa del Sol is a seamless and satisfying experience. Their team of experts is ready to guide you every step of the way.
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Conclusion
Buying a property in Spain as a non-resident is a complex process but feasible with the right preparation. It is advisable to have professional advice at every stage, including real estate lawyers, property managers and real estate agents, to ensure a successful and legally compliant transaction.
Buying a property in Spain as a non-resident is a complex process but feasible with the right preparation. It is advisable to have professional advice at every stage, including real estate lawyers, property managers and real estate agents, to ensure a successful and legally compliant transaction.Final del formulario
