NIE is your Foreigner's Identification Number (Número de Identificación de Extranjero). You need it in order to purchase a property. Our trusted personal lawyer can assist you with this in a simple and quick way.

Before the agreement is signed your lawyer will confirm that everything is correct. Our trusted personal lawyer Gabriel Fortuno can assist you from once you’ve put your bid to the final transactions.

There is an 8-11% transfer tax, depending on the purchase price. The lower the amount, the lower the tax. Then there is the cost of the notary and the land registry. A lawyer can help you calculate the exact amount, but the costs in full usually sum up to around 10-12% of the purchase price.

Once agreed on a price, you usually sign a private or option agreement. This specifies all the information about the purchase, the price, date of access etcetera. After the agreement is signed, you normally have about 1-2 months until the closing date, where you pay the remaining part of the purchase price.

Foreigners buying property in Spain will not have any problems when it comes to applying for a Spanish mortgage. Keep in mind that the criteria for non-EU citizens may be different compared to those who reside in the EU and that generally, expats applying for a Spanish mortgage will have different rates and less financing. We have a private bank person here in Mallorca and contacts with banks in Europe that we can put you into contact with.

In Spain, it’s the seller and owner of the property that pays the realtor's commission. Because of the open market, it’s common that real estate agencies share the general 5% commission. The buyer never pays a commission.