Frequently asked questions
Frequently asked questions
Embedded Files
Which are the costs involved in buying a property?
For resale properties you should add about an additional 11% of the purchase price. For new developments you should add about 14%.
Who pays the real estate agent commission?
The seller pays the agent commissions
How long does it take to buy a house?
How long does it take to buy a house?
Once you have found your desired residence, you can buy your new house in just 1 or 2 weeks. But the exact time will also depend both on the seller and the agency. Normally it will take about 6-8 weeks.
If I ask for a loan, how much money will the bank give me? Is there any restriction?
If I ask for a loan, how much money will the bank give me? Is there any restriction?
Nowadays banks will usually give you from 60 to 70% of the price of the property. Financing used to be 90% of the purchasing price if you were a Spanish resident, but they have become more conservative, especially if you are an expat.
Can you buy a house without “cédula de habitabilidad” (certificate of occupancy) or "first occupany licence (LPO)"?
Can you buy a house without “cédula de habitabilidad” (certificate of occupancy) or "first occupany licence (LPO)"?
Can you buy a property that does not have the certificate? Well, you actually can, but if you plan to rent out the property then you should only buy a property with the licence since it is required to get a rental licence.
Do i need a lawyer to buy a property?
While it’s not legally mandatory to have a lawyer, it is highly recommended. A lawyer can assist with legal verifications, contract reviews, and ensuring compliance with Spanish property laws. They can also help navigate the complexities of the Spanish property market, especially for non-resident buyers.
What is the role of a notary in the Spanish property buying process?
In Spain, the notary plays a crucial role in the property buying process. They are responsible for verifying the legality of the property transaction, ensuring all necessary documents are accurate and properly executed, and witnessing the signing of the deed of sale (Escritura de Compraventa). The notary also handles the registration of the deed, making the sale official and legally binding.
Page updated
Google Sites
Report abuse