Here is a brief description of how the purchase of a property in Spain happens because it is all different than in Belgium.
If you look at a property on the Spanish housing market you have to take into account that at the purchase price there are about 12% costs that are divided as follows:
When purchasing a property through real estate agent or directly from the owner there is the "Impuesto de Transferencia de Propiedad" to pay and that amounts to 10% (new tariff by law of 05/08/13).
Is, like in Belgium, the registration fee to put the house in your name and you therefore have to pay as buyer.
When you buy a house in a new building project, there is "IVA" to pay and that amounts to 10% (new rate by law of 01/01/13)
The "IVA" is the Spanish counterpart of our VAT
The notary and the attorney make all necessary official documents and ensure that your property is registered with the Spanish Land Registry.
The "Plus Valia" tax: Is a small capital gain tax payable to the municipality / city.This tax is payable by the seller. Only in case of new construction is this cost borne by the buyer.
Tax stamps and official legal deeds: Payable only in the case of a new building and amounts to approximately 1.5% and is payable by the buyer.
Once you have made the decision on which property you are going to purchase and you have agreed on a price with the seller, you must of course insure the purchase by signing a sales contract and paying an advance (€ 3,000 for resale and € 6,000). for new construction)
Once the advance has been paid, the property is withdrawn from the market and the final sale price is fixed in the sales agreement.
The next step is to make an appointment with a registered lawyer who will supervise the sale. In Spain, the lawyer does what the notary in Belgium does. Check the home for debts (elec, water, taxes, etc ...) and verify legality (land registry, building permits, etc ...) and set the date on which the sale is officially recorded at the notary (usually between 4 and 8 weeks).
Also the application for NIE number is prepared (application can also be made via ambasade in Belgium, by proxy with your Spanish lawyer or via online application in Spain) During these 4 to 8 weeks, the Notary and the lawyers have the time to prepare all official documents.
This date can be agreed in consultation with the vendor and the Real Estate Agency depending on the personal situation If the agreed date of the official sale at the notary exceeds the period of 4 weeks then it is usually asked to pay an additional deposit of 10% of the value of the property.
On the day that the deed of purchase is executed at the notary's office, both parties, buyer and seller, are deemed to be present accompanied by their respective lawyers.
(Of course, a proxy can be given to your lawyer if it is difficult for you to be present on that date)
A representative of the real estate agent will also be present and on that day the settlement will be made and the remaining amount will be paid either with a bank check or by means of a bank check. bank transfer settled.
Once all documents have been signed by both parties at the notary, you are officially the new owner
The average time span between the sales contract and the execution of the deed at the notary is about 4 to 8 weeks on average depending on the situation.
It can sometimes go faster of course depending on the circumstances (needs a loan or not, possibility of buyer and / or seller to free themselves, etc ...)