What this guide covers
- Step 1 – Get your NIE
- Step 2 – Open a Spanish bank account
- Step 3 – Find the property and make an offer
- Step 4 – Reservation contract and due diligence
- Step 5 – Mortgage feasibility and application
- Step 6 – Private purchase contract (arras)
- Step 7 – Notary signing (escritura)
- Step 8 – Registration and aftercare
Step 1 - Get your NIE
The Número de Identidad de Extranjero (NIE) is your Spanish foreign identification number. You need it for everything: opening a bank account, signing the purchase deed, taking out a mortgage, paying tax. It is not optional.
You can apply at a Spanish consulate in your home country (slower, often 2–6 weeks) or in person in Spain at a national police station. A Spanish lawyer can apply on your behalf with a power of attorney. We typically recommend starting this in parallel with the property search, not after.
Step 2 - Open a Spanish bank account
You need a Spanish current account to pay deposits, mortgage instalments, utilities and the closing costs. Most Spanish banks open non-resident accounts – some smoothly, some not. If a mortgage is involved, opening the account at the lender that’s likely to finance the purchase often simplifies later.
Step 3 - Find the property and make an offer
Most international buyers work with a real-estate agent or a buying agent. We work alongside agents from Sotheby’s, Berkshire Hathaway, Lucas Fox and others. Once a property is identified, an offer is made through the agent, usually subject to financing.
Step 4 - Reservation contract and due diligence
When the offer is accepted, a reservation deposit (typically €6,000–€15,000) takes the property off the market for 2–4 weeks. During this window, your lawyer runs due diligence: title, debts, planning, energy certificate, community fees, taxes paid.
If anything material surfaces – an outstanding mortgage on the property, a planning irregularity, an unpaid tax — this is where it gets resolved or where the deal stops.
Step 5 - Mortgage feasibility and application
Ideally you complete a feasibility check before making an offer. The Quick Scan covers this in two minutes. Once an offer is accepted, the formal mortgage application begins:
- Documents collected and translated where needed.
- Bank shortlist agreed (typically two or three lenders).
- Files submitted; bank conducts its valuation of the property.
- Binding offer (FEIN/FiAE) issued.
Mortgage approval takes 4–8 weeks for standard non-resident files, longer for HNW or holding-company files.
Step 6 - Private purchase contract (arras)
Once due diligence is clean and mortgage feasibility is in hand, the parties sign a private purchase contract – the contrato de arras. The buyer typically pays 10% of the purchase price as a deposit at this stage. From here, both sides are legally committed to closing.
Step 7 - Notary signing (escritura)
The escritura pública is the deed of sale. Signing happens at a Spanish notary. Present at the table: buyer, seller (or representatives), the notary, and a representative of the lending bank. The mortgage is signed at the same notary appointment.
The remaining purchase price is paid (usually via bank cheque or transfer). Closing costs and taxes are settled. Keys change hands.
Step 8 - Registration and after
The escritura is filed at the local property registry. Tax returns (transfer tax or VAT, depending on the property type) are filed. Utilities are transferred to your name. Annual non-resident income tax (IRNR) and local property tax (IBI) start from the next cycle.
A realistic - timeline
- Pre-purchase preparation: 2-4 weeks (NIE, bank account, feasibility check)
- Property search: highly variable - days to many months
- Offer to reservation: 1-2 weeks
- Due diligence: 2-4 weeks
- Mortgage approval: 4-8 weeks for standard files; 8-12 weeks for HNW
- Arras to escritura: typically 4-8 weeks
- Total from offer to keys: 8-14 weeks for clean cases