If you are thinking of buying a property in Torrevieja, this is perhaps the best time to do so. After what seemed like an eternity, Spain is finally coming out of the recession and is making strides towards economic stability. Currently, properties in the Spanish real estate market can be bought for two thirds the amount of what their owners paid years ago.

If you are an investor from a non-EU country, purchasing apartments for sale in Torrevieja gives an added benefit of allowing you to apply for a visa. It is nothing like a residency document but it will let you move and stay in Spain is you so wish. However, before you hop on a plane to buy an apartment in the land of the sun, you might want to know 5 legal requirements you’ll need to fulfill before you do so.

Obtain a NIE (Foreigner’s Identification Number)

First and foremost, you must obtain a Foreigner’s Identification Number (NIE). This is a personal, unique, and fixed number used by the Spanish government to identify taxable subjects from other countries. You can get the NIE at the Spanish Consulate, Spanish Embassy, or at a Spanish police station near you.

Property registration

Like other countries, buyers in Torrevieja are responsible for registering the property. Sure, the notary may offer to do this for a fee but they are not technically obligated to notify the registry office about the sale — you are.

You Must Bear All Costs And Taxes

All costs during the buying process are taken care of by the buyer. The standard costs vary from region to region with some being fixed and some negotiable. These costs include property transfer tax, notary costs, lad registration fee, title deed tax, and legal fees.

Sign the contract at the Notary office

Another legal requirement that you shouldn’t forget to meet before purchasing apartments for sale in Torrevieja is that you must complete the sale at the Notary office. This includes making the final payment, signing purchase title deeds, and receiving the keys.

Change property bills to your name

After you’ve signed deeds at the Notary, your property will be registered in your name at the Torrevieja Land Registry Office. If the existing property bills bear a different name, you will need to change this as well.

Bottom-line

Forget about purchasing property in Torrevieja if you cannot fulfill the above highlighted legal requirements. Thankfully, a good lawyer in Torrevieja should make the job easy, so get researching for a good one as soon as possible.