Mortgage and Financing

Financing a property in Spain often involves securing a mortgage with a local bank. Our team assists with loan applications, negotiations, and document preparation to help you obtain the best financial solution.

1- What is the NIE number?

The NIE (Número de Identificación de Extranjero) is a unique identification number for foreigners. It is required for purchasing property, opening a bank account, and handling official procedures in Spain.

2- How much is the property transfer tax in Spain?

The property transfer tax (ITP) varies by region and property value, typically ranging from 6% to 10% for resale properties. For new properties, buyers must pay 10% VAT (IVA) and 1.5% stamp duty (AJD).

3- What additional costs should I expect?

Besides the transfer tax, property purchases include additional costs:
• Notary fees: approximately 0.5%
• Land registry fees: 0.2-0.5%
• Legal fees: usually around 1%
The total additional costs are around 1.5% of the purchase price.

4- Do I need a Spanish bank account?

Yes, a Spanish bank account is required for property transactions and is necessary for automatic utility bill payments (water, electricity, gas).

5- What is a bank check for property payment?

A bank check (cheque bancario) is a secured payment instrument issued by a Spanish bank. It is the safest way to transfer the purchase price and is handed over to the seller at the notary appointment.