BUYING A HOME IN BARCELONA
Bcn Advisors has prepared this guide to provide guidance and information during the process of buying a property in the city of Barcelona. Following is an explanation of the steps to keep in mind throughout the process. Please feel free to contact us through our website if you need more information or we can be of assistance, www.bcnadvisors.com, or call 93.180.0272.
The administrative process
In order to be prepared when the perfect property comes along, start putting together all the necessary documentation and doing all your mortgage research at the beginning of the process. You will need:
- Documentation: N.I.E (for expats) / D.N.I. (for nationals)
- Financing: before you start your search, it is important to understand your financial situation and the need (or not) of a mortgage. If you need financing, start talking to different banks to find out the different types of mortgages and their requirements, and the amount of the loan available to you to make sure to look for properties within your budget.
Understanding your needs and communicating them to your Bcn Advisors agent will help us be more effective in your search. We will ask you a series of questions, provide guidance and make suggestions to get the conversation going and create a solid foundation for your search.
- Budget: whether you need a mortgage or not, the first step is setting a realistic budget that will fulfill all your requirements.
- Choosing the right location: Where do you work? If you have children, where do they go to school? What do you like to do in your spare time? Here are some of the questions that will help define your ideal location. You can read our Barcelona Neighborhood Guide for more information.
- Housing Requirements: size, number of bedrooms and bathrooms, special features important to you, etc..
- Viewings: Your feedback after the first viewing helps us better understand your personal taste and needs. We then craft our search and schedule viewings so that every step takes us closer to your new home.
The purchasing process
Following are the general purchasing steps once the ideal property has been found:
- Negotiation and deposit: leaving a deposit to reserve the property is an optional step in the process. Its aim is to show the seller a serious commitment to purchasing the property while negotiating to reach an agreement. It also gives you first right of purchase should someone else be interested in the same property. The property reserve form indicates the purchase price you are willing to pay as well as the time frame in which to complete all necessary steps for the purchase. If an agreement is not reached between both parties, the deposit is automatically returned. All paperwork is checked at this time: Cedule d’habitabilitat (certificate of habitation), Public Deed Document, Compraventa, Copia simple (a simplified version of the purchaser’s contract), Barcelona Property Register Certificate and any outstanding mortgages currently on the property.
- Contrato de arras (purchasing pre-agreement): the buyer usually puts down 10% of the agreed-upon price at this time. This agreement is important to have in place until the Public Deed comes through. It states the buyer’s and purchaser’s intent, as well as price and conditions negotiated.
- The closing: The deed of sale must be certified by a notary chosen by the buyer. At this time, the seller’s title of the property is handed over and the buyer’s payment.
Expenses associated with purchasing a property
The following is a list of associated expenses that must be taken into account on top of the price of the property:
- Property Registry
- Notary fees
- Registration fee for the “Registro de la propiedad”
- Transfer Tax
- Stamp Tax
At Bcn Advisors we understand that each customer requires a personalized service of the highest standard. We are here to help you and guide you at every step of the way, to make the process of purchasing a home in Barcelona a smooth and efficient one. Contact us today to start searching for your new home!