Advices for foreigner buyer of Real estate in Spain

For a real estate purchase, the main difference in Spain lies in the role of the notary. When, for example, the French notaries carry out all the legal, administrative and urbanistic checks on the property before the sale, their Spanish counterparts are not supposed to verify this information. Verification of the authenticity of the property belongs to the buyer. He also has the right to choose the notary.

It is therefore the latter or his real estate agent who must ensure, for example, that the cadastre is well respected and that there is no mortgage on the property sold. Opting for a real estate advisor is usually a better option than a lawyer because he or she accompanies his or her client throughout the purchase process and his fees are due only if successful.

Covering taxes, charges and fees represent 8% to 13% of the purchase price, according to the autonomous communities (the Spanish regions). Spain has seventeen different tax regimes, each autonomous community managing its property taxes. This is why purchase tax rates vary by region. The main tax is the property transfer tax (“Impuesto de Transmisiones Patrimoniales” or ITP). The ITP rate is 6% of the sale in Madrid, 10% in Barcelona and Valencia, 8% to 10% in Andalusia, 8% to 11% in the Balearic Islands and 7% in the country. Basque.

A Spanish peculiarity is that the Spanish square meter of real estate listings is generally 15% to 20% smaller than the French square meter. In France, the area advertised is the living space or floor area. In Spain, the area that owners and agencies talk about is most often the built area that includes a percentage of common areas, balconies, terraces, wall thickness, and so on.

A real estate advisor of the region who will communicate in English with the buyer is strongly advised, because it will avoid you any problem in your approach of purchase. There is the possibility of hiring a Real Estate Shopper (real estate hunter) who can find you on the spot and according to your specific needs the real estate requested. It will save you time and money while securing the entire purchase process.