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How to Buy Property in Spain

Rights and obligations of foreigners

Foreigners have the same rights and obligations as citizens of Spain in relation to the purchase and / or sale of properties, both to private buyers/sellers or companies established by the Spanish legislation.

Purchase and sale contract

If the buyer does not have the total amount to buy the property, a contract of sale linking the buyer and the seller of the property is signed. A sum of money between the seller and purchaser as reservation, which is also considered as part of the agrred price. In the contract of sale , a date is set as deadline to sign the deed of the property at the notary. If the buyer of the property eventually gives up in buying the property , he loses the money paid as reservation, and if the seller decides not to sell your property, you will receive as a fine double the money previously paid as reservation.

When the deadline is reached (or before) in the contract of sale , the signing of the deeds is performed by a Notary, and the buyer at that time pays the remaining amount resulting from the difference between the price of the property and the amount of the reserve previously done.

Land Registry

Even though it is not required to register the purchased property in the Land Registry by the buyer, it is very important to do it as a legal backup of your purchase.

NIE ( Foreigner Identification Number )

The NIE is a personal and unique number that identifies foreigners in the Spanish territory. It is mandatory for any foreign , non-resident or naturalized Spanish in order to open a bank account , buy a home or do any business in Spain .

How to obtain the NIE .

To get the NIE a foreigner must , in addition to complete and sign the appropriate form, show your original passport and / or identity document , attaching a copy. The NIE can also be requested by a foreigner through a legal representative. In case of a non-EU foreigner who requested the NIE, the documentation must be previously authenticated and if necessary translated into Spanish.

A foreigner can apply for a mortgage in Spain

While Spanish law grants the same rights and obligations to a foreigner than to a Spanish citizen, banks also contemplated the possibility of granting a mortgage to a foreigner equal . It is very important to remember that any foreigner who applies for a mortgage , in addition to the conditions required by the bank , you must first apply for your NIE

Must a foreigner have an overseas bank account in Spain to buy a home?

A foreigner who wishes to buy a property in Spain is not required to have a bank account at a Spanish financial institution, although having a bank account in Spain makes it easier the payment of expenses associated with the purchase of the property and also the payment of electricity , water, telephone, and local taxes.

You need to know

The south of the province of Alicante , Valencian Community, a place well-known for its beautiful landscapes and enjoys being bathed by the waters of the Mediterranean Sea. All beaches within the so-called region of Vega Baja (Torrevieja , La Mata, Guardamar del Segura , Orihuela Costa) , are characterized by warm temperatures throughout the year . Summers offering ideal temperatures to enjoy its beautiful beaches and other natural landscapes of great ecological value; springs that are confused with the summer and mild autumns that promote gradual step towards mild winters .

Flight Connections

Alicante International Airport is among the 50 busiest airports in number of passengers of the European Union , and in March 2011 it opened its new terminal . The large number of international flight frequencies across Europe , plus the large number of airlines operating at the airport , allow travelers to schedule their trips comfortably and at the same time , offer a very important degree of flexibility.

As part of Costa Invest package of services, we offer the possibility to pick our customers direct from Alicante’s airport.

Terrestrial communication

The beach area mentioned has an excellent road network , which facilitates mobility by car. The N -332 road , with almost 400 km, goes along the coast of the Spanish Mediterranean Sea connecting all the beaches in the region. The N -332 highway also allows easy access to the Mediterranean motorway (A -7 / AP -7 and E-15), where you can get to large cities such as Madrid (400km), Barcelona (600km), Murcia (60km)and Valencia (200km).

The security of the area

While it is very important to be able to enjoy a well deserved holiday, your security must be garanteed. The area has a strong presence of the Spanish Security Forces ; jointly between the National Police and Civil Guard , adding to the presence of the local police in each specific area , ensure the safety of tourists and residents.

Health services:

Health services are also an important factor to consider. Nearby is the new hospital of Torrevieja, with the latest medical technologies and infrastructure dedicated to the care of their patients , it is reinforced by large numbers of primary care centers and an excellent system of ambulances for medical emergencies. There are also private hospitals of high quality, such as Quiron hospital, also known as San Jaime Hospital, offering agreements with insurance companies across Europe.

Entertainment and shopping:

Orihuela Costa has a shopping center next to our office that is among the largest in the region with a variety of businesses ranging from clothing stores to restaurants and shops dedicated to leisure. In Torrevieja recreational area specifically designed for the enjoyment is also found , offering cinemas, variety of restaurants and a bowling alley .

Having an excellent road network , it also allows you to move comfortably in close proximity to large cities such as Alicante or Murcia , where you can find a top quality cultural and leisure offer.

The presence of large European supermarkets is something you just get detected , a large number of branches of them scattered throughout the shopping area, provides not only food and staples , also clothing , appliances, furniture and electronics in La Zenia Boulevard Shopping Center which is next to our office.