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Czechs and Slovaks are in no way restricted in buying property in Spain and may own such property as either a natural person or legal entity.
The first step in the process of buying property is to obtain a tax identification number. A reservation agreement is generally signed once a property has been chosen and the buyer pays a deposit, usually 5-15 % of the price of the property (if the buyer withdraws from the agreement, he/she loses the deposit put down; if, on the other hand, the seller withdraws, he/she compensates the buyer with twice the amount which the buyer deposited).
The seller of the property and the authorised representative of Mediterránea R.E.I. then prepare a contract of purchase. The terms and amounts of individual instalment payments of the purchase price are stated in the contract of purchase. The actual signing of the contract of purchase or a notarial record on the ownership of the property takes place before a Spanish notary (Escritura de compraventa). A mortgage contract can also be signed at the same time. From this moment the client becomes the owner of the property and may use it as he/she wishes. The notary applies for a change of ownership to be made in the real estate cadastre immediately after the notarial record in made. This will take around 4 to 6 months. The document of ownership is known as the “Escritura de compraventa”. The notary’s office will arrange the payment of notarial fees and taxes associated with the transfer of the property.
The length of time between signing the contract of purchase and making out the notarial record differs depending on the type of property. Everything moves along much quicker for previously owned properties (within approximately 1 month). In the case of buying property which is part of a development project, there may be up to 20 months between signing the contract of purchase and transferring the property due to the fact that the property is being built at this time.
The estimated costs associated with buying property in Spain are as follows:
  • property transfer tax (6-7 %) – only for previously owned property;
  • VAT (7 %) – only for new property;
  • the cost of notarial fees and other fees associated with the purchase (approximately 3 %).
The costs associated with running property in Spain are as follows:
  • tax on income from property;
  • local property tax;
  • property tax;
  • the costs of services (electricity, water, telephone, gas, cleaning, etc.);
  • property insurance.