How to buy a house in Moraira as a foreigner?

If you are thinking of buying a property in Moraira and you are a foreigner, you should know that for this process different procedures are carried out than for people of Spanish nationality. But these procedures are not complicated, or at least, if you are interested in buying a house in Moraira or are looking for a Real Estate in Moraira for it, in Olea-Home we work at all times of the process with the client, to accompany them from the beginning, in the search for housing until the last moment of the purchase process.

What do you need to buy a property in Moraira as a foreigner?

Be in possession of the NIE to buy a house in Moraira or Spain

To begin with the purchase process you will need to be in possession of the NIE (Foreigner Identification Number) which would be the equivalent of the DNI that Spanish residents have. This will be your legal identification document. This procedure does not take much time, but it is convenient to take it out if you have the idea of buying a house in Moraira, on the Costa Blanca or in Spain in general.

This procedure of the NIE is carried out in the General Directorate of the Police for all foreigners, as well as residents who also go to these offices to renew their ID.

You need a bank account to buy a house in Moraira

This requirement is not always mandatory, but in some companies of sale if you are requested to have an account. In case of needing a mortgage if the account will be required, but that are issues that are managed together with the bank that is used, in fact it will not be necessary to be a resident to be guaranteed, since you can have loans or mortgages without being one.

Steps we must follow to buy a house in Moraira if you are a foreigner

Although the procedures to buy a home in Moraira as a foreigner are different from those of a resident, they are not complicated procedures that can delay the operation, but if you have professionals who work with you everything will be easier.

Once you have the NIE, you can go on to make the purchase of the house before a Notary, purchase which will be registered in a public registry, the "Land Registry", but many times, before the process of the final purchase, it is also usually carried out a private contract between seller and buyer with the commitment of the sale by both parties, This is called "Contrato de arras". It is at this time that the buyer pays a part of the price on account.

And this is when you start paying taxes as a result of the transaction, such as Value Added Tax (VAT) in case it is a first transfer or a new home. Also the Property Transfer Tax (ITP), which will depend on the tax rate in which autonomous community the property is located. And of course, the Tax on Documented Legal Acts (AJD).

During the purchase process, unforeseen events, delays and other cases may arise, so when working with real estate agents who have been working in the sector for years, everything flows faster and is managed with problem solving.