How to Buy Property in Spain: A Step-by-Step Guide

Spain, as a member of the European Union, has a robust title deed conveyance system that is applicable to everyone, whether they are local or foreign buyers. Purchasing real estate is a task that demands knowledge and expertise. Proceeding with professional assistance is essential for ensuring easy transactions of keys and property title deeds. The registry of the property takes 1 to 2 months after you choose your home, depending on the property.

TEKCE Real Estate’s skilled sales agents will assist you in locating the ideal property that meets your needs. The company's experienced property lawyers will manage the due diligence and procedures with you or on your behalf, ensuring legal responsibilities are in order.

There are 8 easy steps to buying real estate in Spain, from finding the right property to getting your title deed.

Here is a detailed, step-by-step guide to the property acquisition process in Spain:

• Listening to Your Wishes and Finding Your Dream Property
• Property Viewing Tour
• Reservation
• KYC & AML Checks
• Signing the Contract
• Getting the NIE number & Opening a Bank Account
• Signing Deed at Notary
• Registering the Title Deed

Buying Property in Spain: Full Timelines and Step-by-Step Process for Off-Plan vs Resale

Buying Off-Plan Properties

Off-plan purchases usually take longer, as the timeline depends on construction progress and the issuance of building permits.

1. Listening to Your Wishes and Finding Your Dream Property (Timeline: 1-3 days)

Similar to resale, start by defining your goals (location, budget, developer reputation). Agents will highlight high-potential new developments that match your criteria.

We guide you on investment potential and track promising projects, using our up-to-date listings and industry knowledge.

2. Project Viewing Tour (Timeline 1-3 days)

For off-plan purchases, you may tour the development site or visit a model unit. TEKCE can arrange in-person visits, or you can use our TeleProperty service to see the project remotely.

Viewing a new project typically takes a few days, depending on developer scheduling.

3. Reservation (Deposit) (Timeline 1-3 days)

Once you choose a specific unit, reserve it by paying a small deposit and signing a reservation contract.

4. KYC & AML Checks (3-15 days)

As with resale properties, the legal team conducts all required KYC and AML checks, which are mandatory for international investors under Spanish and EU regulations.

5. Signing the Contract (3-15 days)

For off-plan properties, the official contract is typically signed once the developer has obtained the building license. If the license has not yet been issued, this process usually takes an additional 15–30 days.

6. Obtain NIE & Open Bank Account (Timeline: 15–30 days)

Before the final handover, you still need an NIE and a bank account. TEKCE assists as above, for the NIE, and helps you open a local account. You use these to make all payments (installments and taxes) in the build-up to completion.

7. Final Deed Signing at Notary (Timeline: on delivery date)

When the building is finished and ready for handover, you attend the notary (this date depends on the construction schedule). At that time, you sign the final public deed of sale and pay any remaining balance.

8. Title Deed Registration (Within 20-30 days)

After the construction is complete, as with resale purchases, the notary registers the new deed in the Land Registry automatically after the signing. This usually takes 2–4 weeks.

Mortgage Note (Off-Plan): If you intend to use mortgage financing, the application process should begin at least two months before the notary appointment (handover date) to ensure the funds are available for the final signing.

Overview of Resale and Off-Plan Property Purchases in Spain

What are the Required Documents to Buy a Property in Spain?

Buyers should prepare certain documents to finalize the purchase of the property in Spain. These documents are needed to proceed with the transfer of ownership between buyer and seller. Here are documents to buy a real estate in Spain:

• Valid passport of the buyer
• NIE number
• Power of attorney if the procedures will be followed by a representative
• Sales contract
• A statement that there are no encumbrances on the property

Fundamentals of Buying Real Estate in Spain

• Financing the purchase of property: If your dream property’s price exceeds your planned budget, banks in Spain are willing to finance both local and international buyers. Spain has the average interest rates of European Union banks, which are appropriate for long-term mortgages. They provide various mortgage rates. Mortgages in Spain are quite advantageous with low interest rates and flexible payment periods. Interest rates may vary for foreign purchasers as the risk is somewhat higher than for locals.
• Purchasing expenses: There might be additional expenses for the purchase along with the property’s sales amount. There will be legal fees, one-time or annual taxes, valuation fees, and more. Not to be surprised with unexpected costs, it is essential to calculate all expenses beforehand.
• Buying with Cryptocurrency: Since there isn’t a certain restriction about property purchases with cryptocurrency, buyers can use their crypto assets for it. TEKCE has brought hundreds of crypto-holders with their dream homes on purchases with Bitcoin.

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