Dreaming of buying in Valencia? With proper preparation and the right advice, you can move forward with peace of mind and security.
All that’s left is to pack your bags and prepare the boxes! Valencia is waiting for you.
The most important
Validate your mortgage loan first
Whether from your country of residence or directly from Spain, it is essential to validate your mortgage loan before you start your property search. This will help you know whether you can secure a property by paying a deposit, which is often required upon reservation. To avoid unpleasant surprises or losing money, it is crucial to validate your mortgage loan before you begin any property search process.
Obtain your FIN
Once your financing is validated, the next step is to obtain your FIN (Foreigner Identification Number). Although this procedure is generally simple, it is indispensable for completing a property transaction in Spain. If you are in a hurry, the notary can obtain a temporary tax number for those who are delayed.
Open a Spanish bank account
pening a Spanish bank account is optional. It depends on the notary with whom you sign the deed of sale. In some cases, the agent can arrange for a direct payment from France. The transfer can be made directly to the Spanish notary’s account, including charges and taxes, thus avoiding the direct payment to the owner, as is commonly done in Spain.
Search for the property
Once your financing and NIE are in place, you can begin your search. Use specialized websites or contact local agencies to find the ideal property.
Sign the deed of sale
Sign a preliminary contract: After finding the property, you will sign a preliminary purchase agreement with a 10% deposit, usually paid into the owner’s account.
Property registration
After signing, the purchase is registered with the Spanish property registry to officially formalize the acquisition.
Enregistrement de la propriété
After signing, the purchase is registered with the Spanish property registry to officially formalize the acquisition.
En résumé : Validez d’abord votre prêt immobilier, obtenez votre NIE (avec la possibilité d’un numéro fiscal temporaire si nécessaire), puis, selon le notaire, vous pouvez soit ouvrir un compte bancaire en Espagne, soit effectuer un paiement direct sur le compte du notaire espagnol. Vous pouvez ainsi éviter de verser directement au propriétaire comme cela est habituellement fait en Espagne.
The 3 main steps of the property buying process in the Valencia region
Before paying a single cent, it is essential to carry out the first legal and administrative checks to ensure the property is in order. The three main steps to buying property in the Valencia region are:
01
Property reservation
A first amount, generally between €1,000 and €3,000, may be required when signing a reservation document to take the property off the market and make the offer.
02
Signing the preliminary agreement ("Las Arras")
A few days later, the buyer signs an “Arras” contract, which formalizes the commitment between both parties. At this stage, 10% of the sale price is paid. If the buyer withdraws, they lose this amount. If the seller cancels, they must return double the deposit.
03
Signing the deed with the notary
The average time between signing the preliminary agreement and the final deed is 60 days at most. The goal is to set a date before the deadline to finalize the transaction under the best conditions.
Are there any suspensive clauses after signing the purchase agreement, “arras,” in the Valencia region, Spain?
EIn Spain, and particularly in Valencia, signing the “arras” contract (“contrato de arras penitenciales”) constitutes a firm commitment between the buyer and the seller. Unlike in France, where it is common to include suspensive clauses (such as obtaining a loan), in Spain, these are not automatic and must be expressly negotiated and included in the contract.
A few key points
- No standard suspensive clause: Once signed, the “arras” contract obliges the buyer to finalize the purchase, under penalty of losing the deposit (usually 10% of the sale price). If the seller withdraws, they must return double the deposit.
- Custom clauses can be added: It is possible to include specific conditions, such as obtaining bank financing or validating administrative documents, but this must be clearly written in the contract and agreed upon by both parties.
Essential legal verification : Before signing, it is recommended to consult a real estate professional to ensure that all necessary guarantees are in place.
If you have any doubts or wish to include a specific clause, it is better to negotiate it before signing to avoid any financial risks.
Advantages of being accompanied by a professional for your property purchase in Valencia:
Buying a property in Spain, and especially in Valencia, can be a great opportunity but also a challenging process for an inexperienced buyer. Working with a professional allows you to secure your investment and gain peace of mind.
- Perfect knowledge of the local market: A real estate expert knows how to identify the best neighborhoods based on your needs, avoid pitfalls, and offer properties at fair prices.
- Legal and administrative verification: Buying in Spain involves legal specifics (cadastre, registry, property status, potential debts, NIE…). A professional ensures the transaction by verifying all these aspects.
- Optimized negotiation: Thanks to their expertise in the market and with sellers, your agent will help you get the best conditions based on the agency, private seller, or bank.
- Saves time and energy
How does a property hunter’s commission work in Valencia?
A service dedicated to the buyer
Unlike traditional agencies that work for both the seller and the buyer, a property hunter works exclusively for the buyer. Their goal is to find the property that fits the client’s criteria and negotiate the best deal for them, using various methods, including searching with agencies, private sellers, or through bank repossessions.
Transparent and predefined fees
A property hunter’s compensation is typically in the form of fixed fees or a percentage of the purchase price (usually between 3% and 5%). These fees are clarified at the outset in a search mandate.
Possible payment in several stages
An upfront deposit may be required at the beginning of the search.
In our case at BuenApart, 100% of our fees are only payable when the deed is signed, and the purchase is finalized.
