Firstly, NIE (a Spanish ID number for foreigners) is essential to carry out any Spanish administrative or fiscal formalities. A NIE may be secured in three weeks.
After this, property visits start according to the budget available, and then the home is chosen.
Our agency deals with the conditions of the negotiation and the transaction to ensure the best possible purchase price is agreed upon.
The next step is the signing of a commitment of sale between the buyer and the seller, upon which an advance payment of 10 % over the sale price is established. The property is then removed from the market and the document becomes legally binding.
Spain does not establish a time limit for signing the definitive contract, so the parties may go directly to the notary public for the definitive signing of the deed of sale. Nevertheless, the time needed to verify all the documentation must be taken into consideration.
In Spain, notary publics’ functions are limited in the process of selling a property, as they only intervene when it comes to signing the deed. Therefore, they are not involved in redacting the documents before the sale or diagnosing the different legal, administrative and town planning controls that are required beforehand. The notary public’s fees represent about 0.1 % of the sale price (at a set minimum of €400).
You may opt for being accompanied by ibiza-services.com, which is included in our fees. Most of the transactions we carry out do not require a lawyers’ services.
However, depending on the complexity of the case and the potential special characteristics, we might suggest consulting with a lawyer.
If you would rather have legal counsel for assistance and control of the documents, it is preferable to establish a price for the lawyer’s services beforehand, rather than to set a commission over the sale price for covering their fees. The first solution will work out more cost-effective.
The total cost for the entire process will vary between 8 % and 13 % over the sale price. The main taxes applicable are the Property Transfer Tax (ITP) and the Documented Legal Acts Tax (IAJD).
In the event the buyer secures a loan for the purposes of financing the property, the funding will be released at the notary public’s office on signing the sale deed. A Spanish bank account is needed to buy property in Spain. We have a wide range of apartments on sale in Ibiza and Formentera.
We have a wide range of villas and houses on sale in Ibiza and Formentera.