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Do you dream of real estate in Spain?
Do you dream of real estate in Spain? Then you are not the only ones. Since 2004, Zafo Law has helped hundreds of Scandinavians fulfil their dream of real estate in Spain. Zafo Law specializes in advising on international real estate transactions in Spain and we do it in your language.
We also help you after you buy, for example when you need a tourist permit for short-term rentals or if you want to make a comprehensive renovation or extension that requires the signing of a notary document.
Do you want to sell real estate in Spain?
Many who sell their real estate in Spain are unaware of their need for legal assistance. This applies both in relation to the preparation of the legal documents for the property as control of payments before and during the notary meeting, as well as the correct calculation and settlement of capital gains tax.
Three recommendations for the buyer
Apply for Spanish NIE number
Apply for a Spanish NIE number at the Spanish Embassy in your home country early in the process and preferably as the first thing, after having decided to buy real estate in Spain.
Requirement for Scandinavian buyers
If you want to buy a property in Spain, you must have a so-called NIE number. NIE is an abbreviation of “Número de Identidad de Extranjero” and it is a personal ID number corresponding to the personal ID number we have in the Scandinavian countries. The NIE number must also be used in connection with opening a Spanish bank account, inheritance of property or if you want to start your own business.
All Scandinavians can apply for a Spanish NIE number, but there can be long processing time on the issue, so it is all about getting it done well in advance. You can apply for a Spanish NIE number at the Spanish Embassy in your home country.
Always check application requirements in advance with the Spanish Embassy.
Contact information on Spanish representations http://www.exteriores.gob.es/Portal/es/ServiciosAlCiudadano/Paginas/EmbajadasConsulados.aspx
Decide if you want to prepay 10%
It is common for the buyer to pay 10% of the purchase price in advance to the seller, but this is not a legal requirement.
The idea of prepayment of 10% is that the buyer and seller are financially obliged to complete the transaction upon signing the purchase agreement, since the buyer loses the 10% if the buyer withdraws, while the seller has to pay 10% + 10% to the buyer, if seller resigns.
Often, the purchase agreement will be signed at a time when there is still a lack of investigation into several legal aspects of the property, which in itself hardly would represent a just cause for cancelation of the purchase, but which may have a major impact on the buyer’s final decision to complete the transaction.
Once the amount has been transferred to the seller, it can be difficult to get it back if the purchase and signing of the title deed is not completed. Therefore, decide beforehand whether you want to have control of your money right up to the signing of the title deed, in which case you should require the 10% to remain with your own Spanish lawyer until the title deed being signed.
Use an independent authorized Spanish attorney (abogado)
Unfortunately, in Spain, many unauthorized advisers are offering legal assistance. Use only an independent and authorized Spanish attorney to investigate and advise on the legal status of a real estate, purchase agreement, tax, notary meeting, etc.
You can find Spanish attorneys through this link: https://www.abogacia.es/servicios-abogacia/censo-de-letrados/
You can read more about authorized / unauthorized advice here: A Spanish lawyer or an unauthorized advisor?
Three recommendations after purchase
Get a digital certificate
With a digital certificate you or your Spanish advisor can send and receive digital mail to / from the Spanish public authorities. This makes it easier to ensure that there is no important mail from, for example, the Spanish tax authorities in an empty mailbox on your property in Spain.
Sign a Spanish will
Sign a Spanish will that ensures a significantly easier succession process for your heirs.
Spanish tax representative
Appoint a Spanish tax representative who can handle your annual Spanish tax return and other communications with the Spanish tax authorities.
Three recommendations for the seller
Prepare documentation
If you have mastered the legal documentation of the property, you can better demand the right price from the buyer and achieve the most efficient sales process.
Commission to real estate agent
Typically, the real estate agent will claim 5% + VAT in commission. Therefore, you must have control over which possible buyers are introduced by which real estate agent, so that you can avoid commission claims from several real estate agents.
Use an independent authorized Spanish attorney (abogado)
You can find Spanish attorneys through https://www.abogacia.es/servicios-abogacia/censo-de-letrados/
Zafo Law as Spanish tax representative
Zafo Law can help you
Buying and selling real estate
Contract Check
Control of real estate projects
Financing and mortgages
Power of attorney
Private purchase agreement
Propery Check
Public Notary
Real estate litigation
Registration of estate sharing because of divorce
Unauthorized advisers
Unfortunately, in Spain, many unauthorized advisers are offering legal assistance. Use only an independent and authorized Spanish attorney to investigate and advise on the legal status of a real estate, purchase agreement, tax, notary meeting, etc.