Buying a property in Valencia can be an excellent investment, both for enjoying the quality of life the city offers and for achieving a long-term return on investment. However, if you are a foreigner, the purchasing process may seem complicated due to the legal and administrative requirements you must meet. In this article, we explain each step of the legal process to buy a property in Valencia as a foreigner, from obtaining documentation to the final procedures.
The NIE is an identification number required to carry out any financial transaction in Spain, including property purchases. Without this number, you won’t be able to sign legal documents or open a bank account in the country.
How to obtain it:
To manage payments for the purchase as well as associated expenses (taxes, community fees, etc.), you will need a Spanish bank account. In addition, most banks in Spain require that you have an account to manage mortgage payments if you request financing.
Requirements:
Opening a bank account is relatively straightforward, and many institutions offer service in multiple languages, making the process easier for foreigners.
Once you find the property you want to buy and reach an agreement with the seller, the next step is to sign a deposit contract. This contract is a preliminary agreement that guarantees both parties are committed to the transaction.
Key details:
If you need financing for the purchase, you will need to apply for a mortgage. The process of obtaining a mortgage as a foreigner in Spain can be a bit more complex, and not all banks offer the same conditions to non-residents.
Considerations:
Before proceeding with the purchase, it is essential to conduct due diligence to ensure the property is free of encumbrances or legal issues that could complicate the transaction.
Items to verify:
It is advisable to hire a lawyer specialized in real estate law to review these details and ensure everything is in order before signing.
Once the legal review is complete, it’s time to sign the public deed of sale at a notary. In Spain, property sales must be done before a notary to have legal validity.
Notary process:
After signing, the final step is to register the property in your name in the Property Registry. This step is essential for making the transaction public and protecting your rights as the owner.
Requirements for registration:
As a new owner, you will need to cover several additional taxes and expenses:
Conclusion
The process of buying a property in Valencia as a foreigner involves several legal and administrative steps, but with proper preparation and advice, it is entirely feasible. Having a real estate agent and a lawyer specialized in real estate law can save you time and avoid problems during the process.
At Cabañal Estate, we are here to assist you at every step of this process and ensure that your buying experience in Valencia is clear and hassle-free. Contact us for personalized advice and to start your journey towards owning your dream property in Valencia.