Barcelona is doubtless one of the most important and fascinating cities in Europe: the melting-pot and the innumerable cultural events, the gastronomic traditions and variety, the beaches and the sea, the sports and open air activities encouraged by the pleasant climate attract every day a growing number of people from every corner of the planet, interested in investing in properties and/or in buying their own new home.
When you decide to buy a property, if you are not resident in Spain, you have to take into account some important aspects, own some specific documents and consider some basic premises and steps: first of all, you must choose the city area where you’d like to acquire the apartment, it’s really important to consider the intended use before deciding the kind of flat and its location.
If you want an apartment as a place to live in during your sporadic stays in the city, or if you want to rent it out, it’s always better to choose the city centre: its vitality and transport facilities will make easier and more enjoyable your visits or will allow to rent out your property sooner.
After choosing the area, knowing the amount of money you’re ready to spend for the purchase of the flat and related costs, you’ll need to decide the kind of property you look for, establishing an order of priorities and preferences: a big or little apartment, with one, two or more bedrooms, already renovated or to remodel at your will.
Counting on a reputed and reliable local real estate agent is indispensable: he can understand your needs and wishes, facilitate your search and offer different options.
At the end of your choosing process, when you decide to buy a property, you have to follow these steps:
1) After you have chosen the flat you like, you’ll need to write a declaration of interest. From this moment you’ll receive from our company the title from the property register (nota simple in Spanish), certifying the owner’s name, the area, the existence of mortgages and other debts, so you’ll avoid any unpleasant surprise later. During this step you won’t have to pay any import in advance.
2) Property reservation:
After knowing the legal situation of the flat, you have to declare you formal interest in purchasing the property by presenting your purchase offer and booking (reserva de compra in spanish). The booking specifies your proposal and the payment option you prefer, as well as the main duties of both the seller and the buyer (this step is directly managed by the real estate agency).
3) When the negotiation has been successfully closed, the next step is the private contract signature with the property seller. Between the seller and the buyer, it’s better to have a valid private contract till the public deed of purchase is ready. It’s usually a document in which the seller declares his intent to transfer the property to the buyer, and the buyer expresses his intent to buy at the price and conditions agreed upon. In this circumstance, the buyer will hand over to the seller a 10% of the agreed property value. The typical pre-contract in Spain (called contrato de arras) tells that if the buyer backs out of the contract, he loses his deposit; if the seller backs out, he has to pay the double amount.
In particular cases, when the purchase can be quickly concluded, point nº 2 can be skipped and the parts can directly pass to the notarial deed.
4) The last step is the sale-purchase notarial deed: in front of a notary, the buyer will hand over the remaining amount (90%) and the seller will give him the ownership title of the property. These are the detailed documents to present in front of the notary: a proof of identity (or power of attorney) of both parties, the seller’s original title of property, and the buyer’s payment. After the buyer and the seller have signed the contract, beneath their signature the notary signs, using his firma protocolizada. The deed is ready for taxes.
Taxes and costs
For the buyer:
Trasfer tax (Spanish I.T.P. – impuesto de transmisión patrimonial) 8%
Notary costs, stamp tax and submission to the Central Property Registry: between 0,5 % and 2% depending if buying with mortgage or not.
The buyer will be correctly informed about the total amount of expenses and taxes at the end of negotiation, before signing the private contract.
For the seller:
A local tax called plusvalía (sometimes the parts agree that the buyer will pay this tax). With a copy of the deed, the seller must go to the City Hall. After fillng a form, the seller will receive a mail notice containing the exact amount he must pay. The amount is calculated based on the number of years the property was held, and on the property’s value determined by the land registry (catastro).
The seller must also assume the administrative expenses to erase all the previous charges, if necessary (mortgage, debts related to the building maintenance etc.).
Real Estate Agencies in Catalonia
In Catalonia exists an official register of real estate agents (AICAT), where every agent who wants to work as a professional in his city must authenticate his capability and civil responsibility, and present a guarantee insurance. As a professional real estate agency, Casc Antic BCN, owner of buyapartmentbarcelona.com, has his own registry number, to offer the maximum reliability, a quality guarantee for buyers, especially for foreign ones who need a special protection in the real estate jungle.
Real estate agencies in Spain ask to pay their cost to sellers, that’s why the buyer doesn’t have to pay any commissions to the company for the purchase.
The buyer can ask and pay for additional services before and after the purchase.
These are the services offered by Buy Apartment Barcelona:
Help to get the NIE (identification number for foreigners), open a Spanish bank account, obtain a mortgage.
Assistance for paperworks after the purchase (i.e. to change the holder of public services: water, electricity, gas etc.).
Projects for a flat renovation with big or small work, refurbishment and equipment, decoration.
Documents that the seller must present to the buyer:
Property deed
Property registry note
I.B.I. (impuesto sobre bienes inmuebles), the Spanish yearly property tax.
Document from the Comunidad de Proprietarios (the community composed of all the owners of an apartment within the same development or building) certifying the regular payment of condominium bills.
Certificate of Occupancy
Documents the buyer needs:
Catalan bureaucracy is quite quick and efficient. Anyway it could be difficult for foreigners to face it. That’s why our company, Casc Antic BCN S.L., through its offices in Barcelona, can offer you all the assistance you need to obtain the helpful documents and necessary conditions for buying:
– N.I.E. (Número de identificación de extranjero) identification number for strangers. It can be obtained in the Barcelona Foreigner’s Office, that is in fact a police station. To obtain a N.I.E. you must bring with you your original passport and fill in a form. If you cannot be present, you can formally delegate this step.
– Opening a spanish bank account it’s another prerequisite. You will need it for all the money transfers from your country to Spain. This step must be done personally.
– Registration of notarial sell-purchase deed. It must be done in the Property Ownership Register. Usually the same notary that manages the deeds also provides this service.
