Purchase Conveyancing
Conveyancing in Spain: Property Purchase Services
Legal Security in Your Property Purchase in Spain
Buying a property in Spain is an important and exciting step, but it can also be a complex process without proper legal support. At Fuster & Associates, we specialize in providing a transparent conveyancing service, protecting your interests at every stage of the purchase.
Let us accompany you on this new chapter and help you navigate all the legal intricacies that come with buying a new property and conveyancing Spain.
Why You Need a Conveyancing Service in Spain?
The process of purchasing a property in Spain involves a series of legal and administrative procedures that can be complicated, especially for foreign buyers. Our team takes care of:
Reviewing legal documents to ensure the property is free of charges and debts.
Negotiating and drafting contracts with clear and risk-free terms.
Managing permits and legal requirements to ensure a secure transaction.
Assisting with signing before a notary and registering the property.
Ensuring secure payments through best practices and our dedicated client account, protecting your funds throughout the transaction.
Steps in the Conveyancing Process in Spain
1. Purchase Preparation
Before signing any document, we conduct a full analysis of the property to ensure there are no legal issues.
Reservation contract: A preliminary check on the property before paying the deposit.
Legal due diligence: We investigate the legal status of the property in the Land Registry and Cadastre.
Foreign Identification Number (NIE): We assist in obtaining this required number for the purchase.
Opening a bank account: We facilitate the process of setting up a Spanish account.
Power of attorney: If you cannot be present in Spain, we can legally represent you.
2. Signing the Purchase Agreement
Drafting and reviewing the contract terms.
Negotiating with the seller to protect your interests.
Overseeing the deposit payment and related guarantees.
3. Signing the Public Deed Before a Notary
We coordinate the notary appointment.
We verify final documentation.
We ensure that the signing process is legally secure.
4. Registration and Completion of the Purchase
Payment of taxes associated with the purchase.
Registration of the property in your name.
Change of ownership for utilities and services.
Purchase Conveyancing in Spain
Act Early to Avoid Stress and Risk
Finding the perfect property is exciting, but the process can quickly become overwhelming. Many buyers rush into signing contracts and making deposits under pressure from sellers who want to secure the deal fast. This urgency can lead to mistakes and legal uncertainties.
To ensure your peace of mind, we strongly recommend contacting us before reaching this stage. By obtaining a power of attorney in advance, you can simply hand your details to the seller, and we will immediately begin the necessary legal checks. This proactive approach allows us to safeguard your investment, verify the property’s legal status, and ensure that all payments are securely managed, minimizing risks and stress.
What are the costs
Costs Associated with Buying a Property in Spain
Before purchasing a property in Spain, it is important to consider that total costs can add between 10% and 14% to the purchase price. These additional costs include taxes, legal fees, and other related expenses. Below is a breakdown of the main costs you should anticipate:
1. Purchase Taxes
Property Transfer Tax (ITP): For second-hand homes (ranging between 6% and 10%, depending on the region).
VAT (10%) and Stamp Duty (AJD): For new properties.
Property Tax (IBI): Mandatory annual payment.
2. Notary and Registry Fees
Notary fees: Depending on the property price, ranging from €600 to €1,500.
Land Registry fees: Approximately €400 to €1,000
3. Legal and Administrative Fees
Conveyancing services: Approximately 1% to 1.5% of the property value.
Tax management and document processing.
4. Banking and Financial Costs
Opening a bank account.
International fund transfer fees.
Bank commissions and mortgage-related expenses.
5. Other Related Costs
Property valuation: Mandatory if applying for a mortgage (€300 to €600).
Home and community insurance.
Initial setup costs for utilities (water, electricity, gas).
Conveyancing Lawyers in Spain
Why Choose Fuster & Associates for Your Property Purchase in Spain
✅ Extensive Network and Experience: With over 25 years of experience and 5 strategically located offices, we offer unparalleled support throughout your purchase process and extensive experience handling purchases for foreign buyers.
✅ Large and Specialized Team: Every conveyancing case is handled by a dedicated lawyer and an assistant who speaks the client’s language, ensuring clear communication and a smooth process.
✅ Notary Assistance by a Lawyer: A specialized lawyer personally attends the notary signing to guarantee legal accuracy and protection.
✅ Registered and Certified Legal Professionals: Our lawyers are officially registered with the Spanish Bar Association, ensuring the highest standards of legal expertise.
✅ Secure Client Account for Payments: We safeguard your funds through our dedicated client account, guaranteeing secure transactions.
✅ New Build Department: Our specialized team ensures that every payment is secured until the final signing of the property deed.
✅ Comprehensive Tax Advisory Services: Our in-house tax department provides expert financial advice, ensuring clients make informed decisions about their investment.
Contact us today and take the first step toward buying your property in Spain with complete security.
No Move No Fee
Our experience tells us that things don’t always proceed as smoothly as expected.
That’s why we are glad to offer a No Move No Fee guarantee for all our clients.
What does this mean?
It means you will not have to pay for our services if the purchase or sale of your property doesn’t go ahead due to factors outside your control.
FAQS
Frequently Asked Questions
How do I get finance to buy a Spanish property?
You will be able to obtain a mortgage from a Spanish bank or lenders based in your country of origin.
What are the costs involved in getting mortgage finance?
The set up costs will amount to approximately 4-5% of the amount borrowed.
How can I transfer money into my overseas account?
How can I transfer money into my overseas account?
Is a survey carried out on the property, its structure and its foundations?
New-build properties have a 10 year construction guarantee and a certificate from the architect. Surveys will not be carried out on resales unless it is specified as a requirement in which case it will be arranged.
What action can be taken if the developer does not complete the property within the agreed time period?
If the delay is longer than 4 months then you will be entitled to claim compensation.
What would happen if the developer goes bankrupt?
If the builder goes bankrupt and you have bank guarantees then the money paid will be refunded. If the bank guarantees were not provided then legal action will have to be taken against the bank.
How should property ownership be structured for tax reasons?
There are various ways to structure the ownership of the property (listed below) and each has its own advantages and disadvantages. We will advise you on which is most beneficial for you. In your own name, in joint names: yourself and your spouse or co-purchaser, in your children’s or inheritors’ names, in the name of a limited company
When do I have access to the property I purchase?
On the day of completion when you have received the keys.
Who pays the Seller’s tax?
If the seller is non-resident then the buyer is required by law to pay 3% of the purchase price to the tax office to cover the seller’s potential tax liabilities. However, this does not impact the purchase price and simply means that 97% of the price will be paid directly to the seller with the remaining 3% going to the tax office.
What are the yearly costs for owning a Spanish property?
Approximate amounts will be: Spanish Property Purchase Guide Council tax: €400 Non-Resident tax: €500 Community fees (where applicable)