You have chosen the property you’d like to purchase in Spain, assessed the location’s potentials, agreed on the price, and mapped out some ideas on how to profit from it. Purchasing it will be your final step before being an official owner of the property.

Here are the 3 final and crucial steps to close the purchase on your dream property in Spain:

1. Set up an account.

You will need a fiscal number, a foreign exchange account, an insurance, and a local bank account to close your purchase. Having all these necessities arranged in advance will save you time and money.

A fiscal number is an identification number used for all your tax matters in Spain. A property consultant can help you to obtain this in less than 6 weeks.

You will need a fiscal number, a foreign exchange account, an insurance, and a local bank account to close your purchase. Having all these necessities arranged in advance will save you time and money.

A fiscal number is an identification number used for all your tax matters in Spain. A property consultant can help you to obtain this in less than 6 weeks.

You will also need to purchase Euros if your funds are in other currencies. The most effective way to do this is by using a currency broker. Be prepared to purchase your own insurance if you are not on Spanish mortgage. And as most sellers would only feel comfortable accepting checks from Spanish banks, a local bank account will come in handy.

Your property consultant should be able to help you setting up all these necessities.

2. Get an independent local lawyer that speaks and understands both Spanish and English.

There is a grim reality waiting many investors who have hired only a notary in Spain. Unlike in any other countries, a notary in Spain is solely representing the interests of the State, not you.

When you can always work with with an independent lawyer who specializes in Spanish land law (urbanismo).

Unlike a notary, an independent lawyer would work on your behalf. They are only representing and protecting your best interests. They are not looking after the interests of the State, a real-estate agent, or a developer. Hiring an independent lawyer helps you to secure all your contracts and agreement based on whatever serves you best.

In addition, most notaries in Spain do not speak any other languages other than Spanish. You would find it challenging to have them explaining any intricacies of Spanish property law in a way that you could clearly understand.

Even if the deed in Spain should still be prepared by a public notary, your lawyer would take a very important role throughout the whole process. The lawyer would be the one to examine and double-check if the notary has done his job correctly; and if the deed and other supporting documents have been translated to your prefered language by a sworn translator.

3. Purchase your property mindfully.

As this would be your final step, please, be mindful about any serious financial implications that might occur. Never feel forced or rushed to buy or sign if you haven’t fully completed your due diligence.

Whenever you can, visit the property you’d like to purchase and be present during the signing of all contracts. If this is impossible, appoint a trusted representative to oversee the whole process. You can also sign a power of attorney (poder) so your trusted lawyer can act on your behalf.

A note for off-plan property: if they asked you to sign a reservation contract (to take the property off the market for 30 days in return for a few thousand euros), check if there is a clause saying that this deposit will still be returned to you even if you cannot proceed with the purchasing.

Once these 3 final steps are completed, you will be the official owner of a property in Spain! Now, what would you do to manage it effectively for the best returns? Find out how we help our clients in managing their property in Spain.