More and more foreigners are choosing to buy a home in Spain, whether as an investment, for retirement, or to enjoy vacation time, attracted by the climate, cuisine, and lifestyle. However, the process of purchasing a property in Spain requires following a series of essential steps, such as hiring a specialist, obtaining a NIE (National Identity Document), opening a bank account, reserving a deposit, or having the property appraised. Below, we review the key procedures for completing the purchase successfully.
1. Hire a specialist to advise you
Hiring a lawyer or specialist in the purchase and sale process is highly recommended. Their support will avoid unnecessary travel and make all the paperwork easier for you. Although it is not mandatory, it is an option that can save you time and complications.
2. Conduct a feasibility study
If you need to apply for a mortgage, conducting a financial feasibility study is essential. This procedure can be completed at banks specializing in international clients, such as Sabadell or BBVA, which will confirm the viability of the transaction within 72 hours through online platforms, without the need for translation.
3. Apply for a NIE (Foreigner’s Identification Number) for identification
The Foreigner’s Identification Number (NIE) is an essential requirement for completing any transaction in Spain, including the purchase of a home. If you need assistance, an advisor can assist you with obtaining it.
4. Open a bank account in Spain
It is advisable to open a bank account in Spain, as all payments related to the purchase (taxes and other expenses) must be processed through a local account. If you reside in one of the 15 eligible European countries (Austria, Germany, Belgium, Denmark, Italy, Norway, Luxembourg, the Netherlands, Finland, France, Ireland, Portugal, Sweden, Switzerland, and the United Kingdom), you can complete this procedure without having to travel.
If you prefer to do it in person, you can grant a power of attorney to a trusted person to handle the process on your behalf. In this case, an official Spanish translation and a certified copy of your passport or ID with a Hague Apostille will be required.
The documents required to open the account include:
✅ Passport or ID
✅ Tax Identification Number (TIN)
✅ Proof of economic activity and income
5. Check the condition of the property
Before finalizing the purchase, it is advisable to hire a specialized company to inspect the condition of the property. It is also important to request the simple registry note, a document that includes the legal information about the property, to ensure it has no liens or legal issues.
6. Reserve the property with a deposit
The deposit contract is an agreement by which you reserve the property by paying a deposit, which is usually 10% of the total price.
📌 If the purchase is not completed due to the buyer’s decision, the deposit will be forfeited.
📌 If the seller decides to cancel the transaction, they must return double the amount paid.
7. Prepare the mortgage documentation
If you need financing, the bank will request certain documents to assess your financial capacity. Make sure you gather all the necessary documentation in advance to expedite the process.
8. Appraise the property
A property appraisal is a mandatory step if you are applying for a mortgage. It must be carried out by an approved company, which will allow you to determine the property’s true value and ensure that the loan requested is suitable.
9. Sign the pre-contractual documents and choose a notary
Before the final signature, you must sign the pre-contractual documents. In Spain, there is a mandatory reflection period:
🔹 10 business days in most autonomous communities
🔹 14 business days in Catalonia
During this time, you can resolve any questions with the notary before the final signature.
10. Sign the purchase agreement and mortgage
The final step is signing the purchase agreement before a notary. In this act, the seller hands over the property to the buyer in exchange for the agreed payment. It is a binding contract, so failure by either party to comply can have legal consequences.
Conclusion
Buying a home in Spain as a foreigner may seem like a complex process, but following these 10 steps will help you complete the transaction safely and smoothly. Having the support of specialists and planning each phase will allow you to enjoy your new home without worries.
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