**More and More Foreigners Choose to Buy Property in Spain**

Foreign buyers increasingly choose Spain for property purchases, whether as an investment, a retirement home, or a vacation retreat in a country known for its climate, cuisine, and lifestyle. However, the process involves several steps, from hiring specialists to obtaining a Foreigner Identification Number (NIE), opening a Spanish bank account, and completing other important formalities. At Carabassí Casas, we summarize the key stages of this process. ### **Hire a Specialist** It is advisable to hire a lawyer or specialist to facilitate the purchasing process. While not mandatory, their guidance can help avoid unnecessary trips and simplify administrative procedures.

 **Conduct a Feasibility Study** If you need to apply for a mortgage, conduct a financial feasibility analysis. Institutions like CaixaBank, Sabadell, and BBVA offer this service for international clients, verifying transactions in a short timeframe. 

Apply for the NIE** The Foreigner Identification Number (NIE) is essential for legal identification in Spain and for completing administrative tasks. A specialist can handle the application process on your behalf. 

Open a Bank Account in Spain** Opening a bank account is crucial for covering expenses and taxes associated with the purchase. This can be done in person or through a notarized power of attorney, with the required documents properly certified and translated. 

Inspect the Property** It's vital to assess the property's condition before buying. A specialized company can perform technical inspections and obtain the property registry extract (nota simple), which contains details about the property.

Reserve the Property** Formalize the reservation with a deposit agreement, typically by paying a deposit of 10% of the purchase price. If the transaction doesn't proceed due to the buyer’s fault, this deposit may be forfeited.

Complete the Final Steps** Gather the required documents for the mortgage and have the property appraised to determine its market value. Sign the pre-contractual documents and consult with the chosen notary before finalizing the purchase and mortgage agreement to secure the transaction. This process ensures a safe and efficient property purchase for foreigners looking to invest in Spain.