Purchasing

After purchase, the normal annual charges follow, such as any community contribution and/or maintenance of the swimming pool and garden, e.g. tax, garbage disposal, electricity, water, insurance, etc. Spain also has a form of rental value tax. If you own more than 700,000 euros (2021) in Spain, you will be subject to wealth tax for a certain amount. 

Once you have decided to purchase a certain object and the negotiations have come to a successful conclusion, you need further guidance. We are well-versed in this process and, where possible, always check on your behalf. A large part of the work that would be done by the notary in the Northern countries is done in Spain by the lawyers of the buying and selling party. You appoint a lawyer who will further look after your purchase. WWP can advise you on good and therefore reliable lawyers. 

Your lawyer will arrange the necessary Spanish tax NIE number for you, check all the paperwork of the object and check whether there are any charges on the object that must be paid by the selling party. You can also give your lawyer a power of attorney for the entire settlement. 

As mentioned before, you make a first deposit of several thousand euros per bank into the account of your lawyer, this is the reservation deposit. With this you indicate that you are a serious purchase candidate, the object is taken off the market and a so-called reservation contract is drawn up between the parties. 

A few weeks after the date of service of the reservation contract, a Spanish version of the preliminary purchase contract will be drawn up and 10% of the purchase price minus your previous down payment must be paid. This step is often skipped in a fast transfer. 

During the actual transfer, both lawyers, both parties (unless power of attorney has been granted) appear with their brokers at the notary, the documents are reviewed and signed and the checks prepared by the purchasing lawyer for the amount of the remaining purchase price are handed over to the selling party.