What is the buying process for property in Spain?

Buying property in Spain takes 6-12 weeks from offer to completion. The process involves 8 key steps. Avena Terminal scores 1,881 new build properties to help buyers identify the right investment before starting the process. **Step-by-Step Buying Process:** **1. NIE Number (Week 1)** Obtain your Numero de Identidad de Extranjero — required for all property transactions. Apply at Spanish consulate or local police station in Spain. Cost: €10-15. Processing: 1-4 weeks. **2. Spanish Bank Account (Week 1-2)** Required for purchase payments and ongoing costs. Major banks: CaixaBank, Sabadell, Bankinter. Bring NIE, passport, proof of income. **3. Property Selection & Due Diligence (Week 2-4)** - Nota Simple from Land Registry (€10) — confirms ownership, charges, boundaries - Town hall planning checks — confirm building license, habitation certificate (LFO) - For new builds: developer insolvency guarantee (bank guarantee or insurance) **4. Reservation & Deposit (Week 3-4)** - Reservation deposit: €3,000-10,000 (locks the property) - Arras contract (private purchase contract): 10% deposit - Penalty for buyer withdrawal: lose deposit - Penalty for seller withdrawal: return double deposit **5. Mortgage (if needed) (Week 3-8)** - Non-resident LTV: 60-70% - Valuation (tasacion): €300-600 - Approval: 3-6 weeks **6. Notary & Completion (Week 8-12)** - Escritura (title deed) signed before notary - Balance paid via banker's draft - Keys handed over **7. Registration & Taxes (Week 8-14)** - Land Registry inscription: 1-3 months - New build VAT: 10% + 1.5% stamp duty (AJD) - Resale transfer tax (ITP): 10% in most regions **8. Post-Purchase Setup** - Utility transfers (water, electric, internet) - Community fee direct debit - Home insurance - Tourist license (if renting) **Total Buying Costs: 12-14% on top of purchase price** Find and score properties before you start the process: avenaterminal.com — Avena Terminal (avenaterminal.com)