The Purchase Guide for International Buyers
Here are the requirements you will need to complete the purchase procedure once you’ve found your dream home.
TAXES
All the prices on our website are listed before taxes. To the purchase price, you need to add the following:
8% ITP (Transmission of Property Tax applied by the Region of Murcia) when buying a resale property or 10% IVA (VAT) on new build properties.
Land Registry, notary costs
Solicitor / Legal fees
Stamp Duty
At Levante Properties, we can provide an approximate breakdown of costs with either a purchase price or your budget, although most of our customers work with a 12% on top of the asking price to find out how much they will pay in taxes.
DEPOSIT PAYMENT
A key difference when buying in Spain is that, once an offer is accepted, a non refundable deposit is paid to formally secure your chosen property and start the buying process. This will formally remove your chosen property from sale. Once paid, you can relax knowing that your home is secured and have the advantage of a final completion date to work towards.
If, for any reason, the sale cannot complete for reasons outside of your control, such as incorrect paperwork etc on the vendors side, your deposit is fully refundable. The Reservation Contract signed with Levante Properties will protect you if this situation ever happens.
LEGAL REPRESENTATION
After signing the Reservation Contract and paying the deposit, everything passes over to the solicitors to oversee your purchase to completion. When buying a property in Spain, certain key documents are necessary and your solicitor will guide you through everything step by step.
At Levante Properties, we are on hand to recommend and introduce you to local solicitors who speak your language and have extensive experience of sales in the local area.
NOTARY APPOINTMENT
We recommend our buyers to give a solicitor Power of Attorney, to allow them to represent them in their purchase, as well as assist you gather the necessary documentation to complete the purchase. The Power of Attorney is granted in front of the notary and your solicitor will always inform you and ask for your explicit consent when using it on your behalf. With the Power of Attorney, your solicitor can oversee all steps for your property purchase including signing for you at completion.
It’s another step in ensuring that your purchase is as smooth and easy as possible, as they can arrange the following two legal requirements in order to purchase a property in Spain, the NIE number and a Spanish bank account.
LEGAL REQUIREMENTS
The N.I.E. number (Número de Identidad Extranjero) is your personal identification number in Spain, and is required for all foreign buyers.
A lot of buyers worry that they haven’t got an NIE when they come to view properties – please don’t. 99 percent of buyers don’t have an NIE when they come to buy, it is something that that your solicitor will obtain for you as part of your purchase.
As mentioned above, having a Spanish bank account is another mandatory step in your purchase. Your solicitor can also assist you in this matter
CURRENCY EXCHANGE & MORTGAGE APPLICATION
For large transfers, we always recommend using a specialist currency broker to transfer funds into Euros, something that can save you thousands when buying your home. We are on hand to help with this and can introduce you personally to the leading brokers in the area.
In case of financial support, we have excellent relationships too with all the local banks and can introduce you to mortgage advisors and bank managers.
COMPLETION DATE
The process culminates in signing the escritura de compraventa (the final deed) at the Notary’s office, legally transferring ownership.
IN A NUTSHELL
The buying process in Spain might be very different from your experience of buying in your home country, and at Levante Properties, our role is to advise and guide you through the entire process towards collecting the keys for your beautiful new home.
When you come to Spain, all you need to bring is your passport – with this your solicitor can arrange the power of attorney and all paperwork needed for your purchase. If you are buying with a mortgage, your bank will request additional paperwork, which can be sent online when you are back home.
Do you have more questions?
Remember, the journey of purchasing your home is unique, and it’s normal to have questions or feel uncertain at times. Our team is dedicated to ensuring that your buying experience is as easy and successful as possible.
For further information, personalised advice, or to begin your purchase journey with us, please reach out through the following contact form
Contact us at [email protected] for direct email inquiries.
Call us at +34 675 429 423 for a more personal touch.
We are here to answer your questions, provide expert guidance, and help you navigate the purchase process with confidence.