Home purchase and sale in Fuengirola and in all the Costa del Sol

1.A. NATURAL PEOPLE.

All foreigners need to identify themselves with sufficient documentation to prove their identity (passport/identity document of their nationality) as well as obtain a NIE (Foreign Identification Number), which will serve as the identification number of said person before the Spanish authorities, being essential to be able to pay the taxes derived from the acquisition of the property, as well as the future taxes that the ownership of it entails.

For these purposes, it is also important to take into account whether the person or sellers are married, and if so, the marital regime under which they are married (which will normally depend on the country in which they are married).

marriage). This fact has very important implications both when it comes to registering the home in the Property Registry in favor of one or both spouses, and when selling the home, since it may even be necessary for both spouses to sign in I would notary it even if the home is in the name of only one of them.

1.B LEGAL PEOPLE.

In the event that the acquisition is to be carried out by a legal entity, said legal entity must obtain a NIF in Spain, before the Tax Agency, in order to obtain a NIF in Spain.

To this end, the person representing the legal entity must sign the pertinent documents to the legal entity must sign the pertinent documents for this purpose, or grant sufficient power, and must also prove the existence, form legal entity and representation of the legal entity through all the documentation of the foreign legal entity, such as its of constitution, statutes and commercial registry certificates that certify who the legal entity is and who the legal entity is the validity of the legal entity and who represents it. All these documents must be apostilled and translated into Spanish by a sworn translator.

New buyers must also open a bank account in Spain, in order to be able to use this account for themselves for the purchase process, and use the same for the maintenance costs of the property.

We also recommend that you seek the advice of a specialist lawyer who can advise you beforehand and help you throughout the process, being able to delegate to him. You can delegate all the procedures by granting a power of attorney.

Once it is clear that a property is going to be acquired, aspects such as surface area, age, state of conservation, profitability (in the event that the property is going to be acquired), profitability ( in the event that it is going to be rented), the complex in which it is located, if it is not an independent home, the community of owners, etc.

rent it), the complex in which it is located, if it is not an independent home, community of owners, etc. independent housing, community of owners, etc. A complete due diligence must also be carried out on the property and its situation in the property registry and at the Town Hall, to verify that all the necessary requirements are met and to prevent the requirements from being met and avoid possible surprises in the future.

Once a suitable property has been found and an agreement has been reached between the parties, it is necessary to sign a purchase and sale contract, as detailed as possible parties, it is necessary to sign a purchase and sale contract, as detailed as possible, to guide the terms and details that will govern the purchase and sale process, such as deadlines, payment method, consequences in case of non-compliance by the buyer and the seller, such as deadlines , method of payment, consequences in case of non-compliance by any of the parties, etc. by any of the parties, etc.

The usual process is to first make an initial payment to reserve the home, and give the buyer a period of time to carry out a due diligence on the home, and once everything has been reviewed, everything is checked, a private purchase and sale contract is signed, in which an amount is normally agreed upon, which is usually approximately 10% of the price, and a date for the price, and a date is set for the final signature at the notary's office.

If a mortgage loan is going to be used for the purchase, it will be very important to measure the time required for this loan to be processed, as well as the necessary procedures, such as the appraisal of the property. In this sense, the viability of the loan is necessary, which will be linked to the official appraisal value of the property.

Once the date of the signature arrives at the notary, the buyer must have transferred all the funds to Spain in order to be able to transfer all the funds to Spain to be able to make the payment, which must be agreed between both parties how it will be made.

When making the payment, it is important to check that everything is in order, without debts, charges or mortgages on the property, and the withholdings that the buyer must make to the seller, some of which are mandatory if the sellers are Non-Residents.

Once the signature has been made at the notary, the entire purchase must be processed, the ownership must be registered and changed in the property registry, town hall, community of owners and supplies, and the taxes generated and withholdings made must be settled and paid.