You have been to Spain many times and for a long time you have had warm feelings for this beautiful country with its unique climate and incredible living conditions. Having decided to buy your own property, you must decide on the location and quality characteristics of the future housing. First of all, potential investors are considering property for sale in Spain with a sea view.
Buying an apartment or a house located near the sea coast is the right decision both for people who want to get maximum comfort, and for those who invest in real estate in order to generate income. After all, sea views are one of the key factors in the high demand for housing.
Many who are planning to purchase real estate may be concerned about the process of buying, especially if they are citizens of other countries. Ignorance of Spanish laws, lack of experience in such transactions can become an obstacle to making a decision. Therefore, it is worth considering some aspects of the legal process of buying a home in Spain.
How to legally carry out the process of buying real estate
Spain strongly encourages the purchase of real estate by both residents and non-residents. Moreover, when purchasing real estate worth more than €500,000, a non-resident investor can apply for a Golden Visa. When buying property for sale in Spain with a sea view, you will be required to act in accordance with Spanish law. In order to smoothly carry out the purchase process, you should follow the following steps:
- Selecting a property. It is necessary to carefully study the real estate market, using various sources, starting from studying the websites of specialized agencies and up to a personal visit to the country in order to familiarize yourself with the offers. It should be borne in mind that the price and quality of housing depends on its location and many other characteristics.
- It is recommended to hire a local lawyer who speaks your language. A qualified lawyer will help you figure out all the legal aspects of the transaction, check the documents for real estate, insure against unforeseen circumstances and accompany all stages of the purchase. Among other things, you need to carefully check whether the sale of the property will be legal, whether there are any outstanding debts or whether there are any hidden defects. In all these matters, the help of a lawyer is indispensable.
- To complete the transaction, you must obtain the Número de Identificación de Extranjero (NIE) identification number, which is required for all foreigners who wish to purchase property in Spain. You can apply for a NIE at the Spanish embassy or consulate in your country or directly in Spain. This is also where your hired lawyer can help. You will need to open an account with a Spanish bank in order to conduct financial transactions.
- When you choose the object of purchase, you should book it. To do this, a booking agreement is concluded, and you make a deposit in the amount of 5-10% of the price of the property. In case of your subsequent cancellation of the purchase, the deposit will not be refunded. The contract specifies the terms of sale and the term for signing the main purchase agreement.
- The process of signing the main contract of sale, which should be carefully prepared with the help of a lawyer.
- Completion of the transaction consists in the transfer of funds for the acquired property, the payment of all taxes and fees. The transfer of ownership is carried out in a notary’s office, there must also be a registration of the sale of real estate in the local land registry. You should remember that all stages of the transaction might require additional costs, which you should be prepared for.
When considering a property in Spain with a sea view, you should be aware that there is a coastal law in this country. It regulates the ownership of real estate on the coast in order to protect the seashore from excessive development and guarantees free access to the sea for vacationers. Therefore, make sure if the construction of the property you have chosen is legal and if it is located in close proximity to the beach.
Property in Spain with a sea view today is in the center of attention for those who want to spend their holidays here, permanently reside or receive a guaranteed rental income. The process of buying such a property is long-established and simple, given the favorable attitude of the Spanish authorities to such transactions. Therefore, feel free to make a purchase and your cherished dream will come true.