The city of Alicante, located on the Costa Blanca, is one of the biggest tourist destinations on the east coast of Spain.
A large number of golf courses and the serene Mediterranean Sea are only a small fraction of what the port city has to offer.
Among these offers, real estate takes a crucial place. People are attracted not only by the outstanding climate and perfect location but the great opportunity to buy a villa in Alicante as well.
What is the procedure for buying? What are the required documents? Are there any risks? The answers to all these questions are in this article.
Real Estate for Sale in Alicante
Alicante is a city on the Mediterranean coast. This is a magnificent zone for real estate purchases that attracts thousands of foreigners.
Those who want to buy the best housing inexpensively by the sea, or at least within 1st or 2 st lines from the coast are especially interested in Alicante.
And indeed: a comfortable climate, low temperature in summer, and not too low in winter, make this region of the Costa Blanca the best place for a variety of recreation and permanent residence.
The Procedure for Buying Real Estate in Alicante
To obtain a spacious villa on the Mediterranean coast, it is necessary to perform a definite set of steps.
Choose a Property.
The first step to buying is choosing the specific property you wish to purchase.
It is highly recommended to make a purchase decision after a thorough personal viewing of the property during a trip to Spain.
1. Get a Número De Identificación De Extranjero (N.i.e.) and Open a Spanish Bank Account.
In Spain, every foreign national must have an Identification Number, which must be shown on his or her tax return and any tax application.
This number must be obtained well in advance of the execution of the Notarial Deed of Sale.
Also, to buy property in Spain you will need to open an account in a Spanish bank.
2. Sign the Reservation Contract.
This is the step when a buyer should provide a down payment.
As a rule, the validity of such an agreement is from 2 weeks to 1 month, although it may be longer.
Both the validity period and the amount of money to be paid by the buyer when signing the contract will in any case depend on the agreement of the parties.
The reservation contract is compiled for several reasons:
- provides extra time for a buyer to make a final decision;
- gives time to organize documents and take on a mortgage;
- guarantees the rights and obligations of a buyer and a seller.
- Sign a preliminary contract of sale (contrato de arras).
During the period specified in the reservation agreement, the parties sign the so-called preliminary contract, a more detailed document.
Than the previous one, which sets out all the details of the transaction and specifies the deadline for the execution of the Official Notarial Act of Sale, the so-called Escritura Pública.
At the signing of the preliminary contract, as a rule, there is another sum of money on account of the full value of the property, usually 10-20% of the value of the object.
3. The Signing of the Official Notarial Deed of Purchase and Sale (Escritura Publica).
On the agreed date both parties visit the Notary, who certifies the intentions of buyer and seller and issues the corresponding Notarial Act (Certificate of Title).
The buyer, if he can not personally travel to Spain to sign this document, has the right to provide his attorney to be present and act on his behalf at the signing of the act, in the presence of a notary.
The notarized deed is the main document proving your ownership of the property in Spain.
4. Registration at the Property Registry.
In Spain, it is obligatory to register the title deed (notarial deed mentioned in the previous paragraph) at the Property Registry, as it is a public deed and becomes enforceable against third parties as soon as it is registered.
The registration process will be carried out and coordinated by a Notary Public and, if necessary, your lawyer and the whole procedure to its full completion will take approximately 1.5 to 2 months.
5. Risks in the Process of a Real Estate Purchase
Any real estate purchase is followed by certain risks. They may differ depending on the location of a property.
However, there are several common possible issues.
In the case of primary or secondary housing, the risks are approximately equal, but different in nature.
For this reason, it is advisable to analyze the information from various sources and know in advance where to expect problems.
In the case of a new construction, the risk is mainly associated with the developer.
You can get on the unreliable developer, who can delay the deadline for delivery of the house.
In the worst case, he will simply declare bankruptcy and leave the project unfinished.
In the case of the secondary fund there are more risks, but they are associated with the past of the apartment.
Violated rights of minors, division of property by spouses, sudden heirs – this is just the tip of the iceberg.
Therefore, you need to conduct a thorough check of the legal purity of the documents.
Buying real estate in Alicante as in any foreign city requires rational approach and deep investigation.
The decision to invest in an apartment or a villa is not to be made on the spot. Spain-Real.Estate is a reliable source that provides a catalog of affordable housing from reliable developers.
The housing units to any taste and money are represented on the website and available for sale.
Do not delay the buying because of a complicated procedure or several possible drawbacks.
The trusted real estate agencies will deliver professional service to any visitor of Spain-Real.Estate.