Buying a house in Spain - choose reputable real estate agents for the buying process - Spanish Properties

Buying a house in Spain is not much different in process compared to Sweden. However, there are some things you should consider that may be good to know. First and foremost, you should be prepared before you sit down to negotiate your purchase. Make sure that it is the right home for you, that the area meets your requirements, and above all, that everyone involved is knowledgeable in their respective fields. Also read our article with frequently asked questions and answers about buying a home in Spain.

The problem many times with buying houses in Spain for gullible and sun-loving foreigners (Swedes tend to be quite cautious, however) is that anyone can work as real estate agent in Spain. Many do it as an extra crack from a “hole in the wall”, so to speak. If it is too good to be true, then it is not true. Another important aspect is that it often depends on which broker you choose, authorized and serious or not, how good price and conditions you get on the property in the end. Three cornerstones in the negotiation that you can mainly negotiate are:

payment terms
move-in date
home equipment

The most common traps

Wait to sign until it feels right

In most cases, things usually go well, but those who have been careless in their choice of real estate agent can encounter a number of problems. The most common are that they have difficulty getting their the title deed , that the project is not completed on time (and in rare cases, it is never completed!). Those who buy used listing can sometimes be affected by the debts of previous owners, or that previous owners even turn up with contracts on the property. It is therefore important that your real estate agent understands the Spanish language, the Spanish laws, and has all the experience needed to be able to see the minefield of potential dangers that can pose for those looking for a house in Spain. If you choose a serious and knowledgeable agent, you will have nothing to worry about. We see it as our main task in our service to you to only refer to and collaborate with reputable real estate agents and builders so that your purchase goes smoothly – and that you don't pay an overprice.

Purchase of second-hand items

The buying process varies a lot depending on factors such as where in Spain the purchase takes place, who you are negotiating with, etc. The information below should be seen as a general guide as laws and regulations are constantly changing. Our employee Anders However, he works for a highly respected lawyer in southern Spain, and therefore keeps up to date with current laws and regulationsThe same meticulousness that everything goes right is something that characterizes all the actors Spanska Fastigheter collaborates with. However, in broad terms we can summarize the purchasing process with:

You pay €3,000 in a reservation fee to remove the home from the market.
You pay a deposit which is somewhere around 10000 Euro depending on price of the property. This is the practice in Spain, and is important to ensure that the property does not go to someone else. Should you then change your mind, the amount goes to the seller, but if the seller changes his mind, you will get the full amount back
The contracts you sign are always prepared by the broker in consultation with a lawyer. The latter's main task is to carry out a legal inspection of the property. The lawyer checks, among other things, that the property is free of debts
Once the lawyer has completed his inspection, you pay 10% of the total purchase price (minus the deposit already paid) and sign a so-called option contract, which, among other things, determines the transfer date (usually one month after signing the contract)
The title deed, or escritura in Spanish, is signed by both buyer and seller at the Notary Public, and the remaining amount is paid. Then the keys and possession of the house are handed over to the new owner

The purchasing process for newly built properties

This process is a little different because it can take a long time for your home to be completed. However, you will pay it during the construction period. The size of deposit is usually about the same. A binding contract must be drawn up and up to half of the purchase price must be paid within 30 days. When your home purchase is complete, there are some important details that remain

Once everything is signed and you have the key in your hand, and this applies to both used and new listing , you must register with your new owners’ association , sign up for electricity and water subscriptions, declare the purchase, etc. The majority of these details belong to the broker's after-sales service.

Note! A project model in Spain, which is coming strong after a few years of struggle, you should know about is housing cooperative, which pushes prices up by up to 35%. Read more here.

Finance your property purchase – up to 90 percent bank loan

Unlike many other countries, it was not a problem for foreigners to take out loans in Spain until the summer of 2009. Until then, you could borrow in any currency up to 90% of the purchase. However, with the deep financial crisis in Spain, they stopped lending money for house purchases. However, from 2013 onwards, they started offering loans for foreigners and better conditions again. The most common is that you get up to 60% and 90% in some cases. Read more about borrowing from a Spanish bank.

If you would like to know more about the purchasing process and other legal aspects or financing , please write to info@spanskafastigheter and ask Anders to call you, or you can ask your specific questions in an email and he will get back to you with an answer as soon as possible. He also has, after living and working as a broker in Spain for several years, the local knowledge that is so important to ensure a successful purchase for you. The idea is that you will find it fun to look for a home in Spain and that he can be of service with all the "boring" technical details. As boring as it sounds Swedish, you rarely regret taking the safe route before the uncertain!