The Property Purchase Process

Buying a property on the Northern Costa Blanca is a popular choice for both international buyers and Spaniards, thanks to the wonderful climate, beautiful coastline, and high quality of life. However, the purchase process can differ from that in your home country, so it is important to be well informed.

1. Orientation and property selection
   The first step is to determine your needs and budget. Do you want a beachfront apartment, a villa with sea views, or a rural finca? Hiring a local real estate agent can help you find the right property and provide access to reliable listings.

2. Legal and financial preparation
   Before buying, it is necessary to obtain a Spanish tax identification number (NIE). This number is mandatory for all legal and financial transactions in Spain. It is also advisable to hire a local lawyer to guide you in checking ownership documents, permits, and any debts on the property.

3. Reservation and preliminary agreement
   Once you have chosen a property, you can sign a reservation contract and make a deposit. This is usually followed by a preliminary purchase agreement (Contrato de Arras), which sets out the terms of the sale, the price, and the timeframe for the final transfer.

4. Financing
   If needed, you can apply for a mortgage with a Spanish bank. Most banks usually require a 30–40% down payment for non-residents. Your lawyer or agent can assist in gathering the necessary documents and arranging financing.

5. Notarial transfer
   The final step is the deed of sale (Escritura de Compraventa) before a notary. During this ceremony, the full purchase price is paid, and the property is officially registered in your name. The notary records the deed in the land registry, ensuring you are the legitimate owner.

6. Taxes and additional costs
   Purchasing a property in Spain involves extra costs, such as transfer tax (IVA or ITP, depending on new or resale property), notary fees, registration fees, and legal costs. These generally range between 10% and 13% of the purchase price.

7. Living and management
   After the transfer, you can start using the property. Many foreign buyers choose to hire a local property manager or rental company to handle maintenance and potential rentals.

The purchase process on the Northern Costa Blanca is structured and transparent, but hiring experienced professionals such as a real estate agent and lawyer is essential to minimize risks and ensure a smooth transaction.