Following the customer’s needs, AB House Project will propose a selection of properties that may be of great interes
Once the property has been identified, it must be verified. The first step is the request for the Nota Simple (the “nota simple ” is an official document issued by the Spanish Real Estate Registry which informs us about who owns the property, if there are any charges (mortgages, privileges, easements …) and the limitations and restrictions that affect the owners and / or the property).
At this point it is necessary to “block” the apartment in order to be able to remove it from the market and proceed c with the subsequent phases.
Normally, 10% of the value of the property is required to be paid into the account of the owner or the real estate agency that represents him.
This deposit can also be made from a foreign current account by bank transfer, but the final balance must be made with a non-transferable cashier’s check necessarily issued by a Spanish bank in the name of the property owner.
At the same time, a purchase agreement is signed (called “contrato de arras”) in which all the aspects of the operation are present (ownership data, interested parties, sale price, conditions of sale, expected date of the deed, .. .)
Normally, between the signing of the compromise and the date of the deed, a period of time ranging between 15 days and 2 months passes to allow the necessary collection of documents to be transmitted to the notary for the correct drafting of the deed of purchase (energy certificate, verification of the lack of debts with the condominium, payment of the IBI – the annual tax on the property -, of the garbage, of the electricity, personal data, marital status, possible translation of documents from the original language into Spanish that must be done by an official translator, amount of any loan to be extinguished – at the same time as signing the deed of sale – or loan to be requested).
This period of time also allows the buyer to obligatorily proceed with the request of their N.I.E. (the N.I.E. in Spain is the “Numero de Identidad de Extranjero”, an identification code for foreigners.
A sort of tax code for foreigners, which becomes essential for a large number of practices, from opening a bank account to purchasing of a telephone SIM and in general for all professional, financial or legal activities) and the opening of a current account at a Spanish bank where you can transfer the money necessary to complete the transaction. If requested, our agency will be happy to facilitate you in these practices by following you step by step and acting as an interpreter if necessary.
After the verifications indicated above, our agency will take care of transferring all the necessary documents to the Notary’s office and verifying the final sales document (“escritura”). At the date of the deed we will also be present as official translators, if necessary. Normally the practices relating to the registration of the deed and the related payment and the balance of notary expenses are entrusted to an administrative office (often present within the notary itself) called “Gestoria”.
The “Gestoria” will send us an estimated cost (=provision of funds) before the date of the deed, which will be paid by the buyer immediately after signing the deed of purchase. With this “fund” available, the “Gestoria”will pay all expenses previously indicated. If requested, the Management can also take care of the change of ownership of the utilities and the condominium. The domiciliation of the IBI and garbage payment must normally be made by the buyer.
In the event of a loan application, this Gestoriat” is managed and chosen directly by the bank which will provide the “provsion of funds” to be sure that all the post-sale procedure is carried out correctly by having to take out a mortgage on the property itself.
Any positive balance with respect to the provision of the fund will be returned to you by the “Gestoria” itself with the invoices relating to each individual cost.
You signed the deed and the apartment is yours now and you can move in and start enjoying this beautiful island !!