The process of buying a property in Spain. The process of buying a property in Spain usually runs as follows. First, the buyer makes an offer. If this is accepted, then the buyer and seller sign a preliminary contract (contrato privado de compravento) and the buyer pays a deposit, typically 10% of the purchase price.

How long does it take to buy a flat in Spain?

The shortest time that the buying process can take is approximately a week to two weeks if everything is going in your favour and your independent legal adviser is focusing mainly on your transaction, although in reality a purchase is likely to take from four to six weeks from the moment you find the property and agree …

Can you buy property in Spain without being a resident?

Are foreigners allowed to buy property in Spain? There are no restrictions on buying property in Spain, whether it’s commercial, residential or land. In fact, Spain encourages investment by foreigners, both resident and non-resident.

How much below asking price should I offer in Spain?

How far below the asking price should you pitch your offer? The average offer made in July was 20.9% below the asking price, according to data from the Spanish property portal Idealista.com, based on offers made via the portal.

Is it a good time to buy a villa in Spain?

If you do have the capital and owning a property in Spain has always been your dream, then 2021 could be a good year to do it. Buyers who purchase for the first time are increasingly looking to buy Spain. Spain has not lost any of its fantastic attractions with this crisis.

What do you need to know when buying a property in Spain?

Whilst looking into title issues your lawyer will also need to find out if anyone has a pre-emption right over the property. A pre-emption right gives its holder a preferential right to buy the property at the price agreed between you and the vendor. This would be the case if there are sitting tenants with indefinite contracts.

Can you take out a mortgage in Spain?

Generally speaking, if you take out a mortgage from a Spanish bank when buying a property in Spain you will also benefit from the due diligence that the bank carries out. After all the bank will have a significant stake in the property and therefore is just as interested as you that the property is free of legal problems.

How to find out if a property is free of debt in Spain?

With a nota simple from the Property Registry ( Registro de la Propiedad ), you’ll find out if the property is free of debt, if it really belongs to the seller, and if the description of the property matches what the buyer has been told (to avoid surprises about missing square meters).

How long does it take to negotiate a house in Spain?

The negotiations process will vary from case to case but will usually be done via the estate agent, rather than directly with the vendor, and may take anything from a few days to several months. There is often an exasperating amount of to and fro with offer followed by counter offer and back again.