Do I need a sworn translation to buy property in Spain?
Buying property is not a simple process: choosing the right kind according to your needs, agreeing with the partners with whom you are going to purchase it, the investment you have to make… This process is especially complicated if you buy the property overseas due to language barriers, different legislation, and bureaucracy. At iTrad, we want to make your process of buying a property in Spain easier. Keep reading “Do I need a sworn translation to buy property in Spain” and find out the key requirements that you have to meet in order to buy property in this southern European country.
1.- Get your NIE
What is a NIE and what is so important about it? Spanish citizens have DNI (National Identity Card) and foreigners have NIE (National Identity Number for Foreigners in Spain). In order to buy property in Spain, the purchaser will need to register in the country and subsequently get the corresponding NIE. This number is essential for any financial transaction in Spain.
Fortunately, the process is not too complicated. The registry process can be carried out from outside of the country in any Spanish Embassy. If you prefer, you have the option to get it in Spain at a Foreign Affairs Office (Oficina de Extranjería) or authorise someone to do the process for you. You can do it yourself, however, it is advisable to get a lawyer specialised in foreign affairs to make the process faster and trouble-free.
2.- Spanish bank account
Do I need a Spanish bank account to buy property in Spain? The short answer is no, but it is highly recommended. You can buy property in the country with a foreign bank account. Nevertheless, opening a bank account in Spain will ease the following parts of the purchasing process, especially tax-related payments and expenses derived from notary public services.
3.- You may want to know
You may want to know that it is highly recommended to get a property appraisal (valoración de la vivienda) so as to be aware of the objective price of the property. You can formally do so by contacting specialised real estate companies or banks. Nonetheless, you can compare the property price with that of similar ones to get a rough estimate
on how objective the price you are offered is. If you do not agree with the price, some vendors allow negotiation.
Moreover, if you need to get a mortgage it must be noted that foreigners are required to pay a 15% higher initial payment. Do not worry, being a foreigner usually does not affect the type of interest.
4.- Contracts:
Contracts are crucial when formalising any kind of purchase, they help specify the conditions and they give a material basis to turn to if any claim is to be made. In order to buy a property in Spain you will need two essential contracts.
4.1.- Reservation contract
If you negotiate the purchase directly with the vendor, you will not need to sign this contract. However, in most cases foreign purchasers buy property by means of a real estate company or a similar entity. In these cases, signing the reservation contract will establish that you will pay the agreed price, and that the vendor undertakes not to sell the property to someone else even if a higher price is offered.
4.2.- Earnest money contract (contrato de arras)
By means of this contract the initial payment is officially registered. Both the amount to be paid and the time to withdraw your interest in the property will be found in the contract. If within the agreed time you finally decide not to buy the property, you will lose the initial payment, but you will not be bound with any legal responsibilities. The vendor will, however, need to compensate you if they decide that they do not want to sell the property anymore.
5.- Do I need a sworn translation to buy property in Spain? Documents and certificates.
Sworn translation is either required or highly recommended for all documents involved in the process of acquiring property overseas. You may need sworn translation of official documents like birth certificates to get the NIE, as well as more specific ones such as:
Nota simple (simple note): a document which details more technical aspects of the property as well as previous owners.
ITE: (technical property inspection) certifies the state of the property, especially architectural factors.
Public deed: you will need to appoint a notary public for the public deed, in which the vendor officially transfers the property to your name.
Property registry: when the property is officially yours, you will need to register your property in the property registry of the municipality where this is found.
As mentioned above, some of these documents are required to be translated by Spanish law and others are highly recommended. If Spanish is not your native language, it is recommended to have all your documents translated by an official sworn translator in case you need to make any legal claims. In these cases, it is better to be safe than sorry, translate your contracts and documents for a faster and easier claim process. You can rely on iTrad to translate your documents from and into Spanish. Itrad will help you through the process of buying a property by making all necessary documents understandable to both the administration and you.
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