FAQs

Yes. In Spain, the vendor pays the commission to the real estate agency according to a contract both parties have signed.

You don’t! That’s why we have started this FAQ. So that you will know how to manage the buying process by yourself.

However, going through a real estate agency has its advantages:

1. The sales price remains the same.
2. The negotiation capacity is stronger.
3. Visits and translations are free.
4. You will never be alone: you’ll get assistance from professionals at all times.
5. You will be in the hands of experts in real estate, tax, legal and administrative issues.
6. You will be advise against inheritance and/or company issues.
7. In case of need, you will also have architects, developers and renovation professionals at your disposal.

Furthermore, BlancaReal is ISO9001 and AIPP certified, as opposed to 99% of realtors in the Costa del Sol. So should there be any mistake, we are responsible for it.

It’s rather simple: the vendor only pays for the Added-Value (plusvalía), which is calculated by the town hall authorities.

This tax must be paid by the vendor within 30 days after the title deed signature.

Regarding the buyer, he’s obliged to pay notary fees, buying costs (see below) and land registry.

1. Documents check-up by the real estate agency.
2. Private contract redaction.
3. Reservation Payment (10% of the total amount).
4. Signature of the title deed at the notary.
5. Registration of the property and payment of taxes (within 30 days).

In case of buying a second-hand property, the buyer has to pay:

• Transfer tax (ITP).

Its cost varies according to the value of the house: 8% (until €399K), 9% (until €699K) and 10% (over €700K).

When buying a new property (usually from a developer through an agency), the buyer has to pay:

• Stamp Duty (AJD) (1.5%).
• VAT (10%).
• Notary fees and land registry costs (1,5%).

These fees can be subject to an update. Please check with us regularly.

It’s very simple:

• National ID (for EU citizens), or passport (for non-EU citizens).
• Spanish fiscal number called NIE.
• The NIE can be obtained at the Spanish Policia Nacional.
• You can apply for it online or we can do it for you.
• A bank account in Spain, is highly recommended.

Indeed. A limited power of attorney allows the real estate representative to sign the purchase of the property and deal with all the administrative paperwork afterwards.

Bear in mind that the power of Attorney must be either signed in Spain or stamped outside Spain with The Hague Apostille to be recognized by a Spanish notary.

We always recommend working with a lawyer, especially to properly check for the property’s papers.

At BlancaReal, we have an inhouse lawyer who has 8 years of experience at the Spanish Land Registry and has been working with BlancaReal since 2015.

Mainly, her job is to make sure the property is ready for you before signing any paper.

She will check:

• Previous title deed.
• Building licenses.
• Solvency of the developer (if applicable).
• Property papers (nota simple).
• Payment of all fees.
• Existing invoices.
• Absence of tenants’ charges and mortgages.
• Verification of ownership.

Furthermore, once you have become a rightful owner, our lawyer will make sure that the property is properly registered and all taxes are paid.

Yes, Spanish banks have to accept your request: however, the latest mortgage laws in Spain (2019) have obliged banks to be rather cautious when it comes to lending money.

In addition, banks usually lend up to 70-80% of the sales price, while developers currently offer up to 90% mortgages for new properties.

This is a shortlist of all documents the buyer has to ask for.

• Licencia de primera ocupación: the Ability Certificate or First Occupancy Licence.
• Recibos de IBI: any existing Cataster Tax receipts from the Town Hall (there could none yet if the construction is still under way).
• Planos: all plans of all levels of the building.
• Comunidad: if any community has been created, you need its details and the Community Statutes.
• Seguro decenal: mandatory 10-year insurance.
• Memoria de calidades: building specs.
• Datos registrales (división horizontal): Land Registration Details.
• Boletines de agua y luz para contratar suministros: all water/electricity certificates.

• Previous title deed.
• Nota simple: registration certificate not over 30 days old.
• All cataster tax (IBI) , water, electricity, community fees and receipts.
• Details of the community administrator.
• Letter from the administrator confirming that the previous owner has no pending charges.

Yes. In order to buy a property in Spain, whether as a private investor or a legal entity, the bank account is necessary because all payment (either transfer or cheque) must be endorsed by a Spanish bank, which can establish the origin of the funds.

The current Spanish rental income tax rate for non-residents corresponds to 24% of gross income with no deductions permitted for expenses.

However, non-residents can also ask for a reduced income tax rate of 19%.

In all cases, Spanish rental income must be reported and paid one month after the rent is received.

The system is very easy in Spain: as a vendor, you will only pay the Added-Value (Plusvalía).

Yes, and we encourage it.

That’s another reason to buy with BlancaReal: we provide that service for free.

In 2020, banks will usually give you from 60 to 70% of the evaluation price of the property. Please be aware that the evaluation price from the bank has nothing to do with the selling price.