Buying process in Spain
The real estate agent in Spain
It is not compulsory, but highly advisable to hire an estate agent when buying a property in Spain. Anyone can act as your representative. Certified estate agents are a member of one of the trade organisations (for example API, GEPA or EFEA).
Spanish estate agents do not have a fixed fee. Their commission can range from 5% to 10% of the purchase price of the property in Spain. The vendor ususally has to pay the commission.
The notary public in Spain
The notary public in Spain is the legal representative of the state and has the following duties:
- Applying for information about the property at the Land Registry Office
- Checking who is the legal owner of the property
- Checking if there are any debts secured against the property
- Drafting the deed of conveyance
The Spanish notary public will probably try to avoid these duties by putting in a condition subsequent in the deed of ownership, so you are advised to appoint an advisor of your own who will do this for you.
0.6%-1% of the purchase price of your property in Spain.
Appointing a gestor is a common practice in Spain and he can do many things for you. He will take care of all the paperwork, the payment of the purchase price, taxes and notary fees. He will also make sure to correctly and fully register your property and he will take out any insurance in time. After you have bought your property in Spain the gestor can still help you out with other things. For example, he could make sure that all taxes and bills will be paid in your absence. You can also have a solicitor do this for you, as he will be able to check the contracts for legal misstatements.
The fees are not fixed, so you will have to make clear price arrangements. It is advisable to compare prices.