How to buy real estate in Spain online: expert advice

If some time ago the opportunity to buy overseas property without a mandatory visit to the chosen country seemed unrealistic, today this practice has become a bit more popular. This is due to the pandemic and the introduction of strict quarantine measures in many countries of the world, because of which travel to certain regions was simply impossible.

At the very beginning of the quarantine period real estate transactions involving foreign investment looked like this:

• buyer chose a suitable object through a specialized agency.
• the buyer's trustee (lawyer or realtor) was engaged in the inspection of the object, verification of documents. At the same time all issues were discussed by telephone or via messengers.
• the contract was concluded taking into account the date when the buyer will be able to visit the country physically to sign the required documents.

Now it has become easier to conclude a deal. You don't even need to visit the country since everything can be done online. In particular this applies to Spain, where the possibility of remote purchase of residential real estate has become more popular over the last years.

How to buy real estate in Spain online

In order to be able to buy residential real estate in Spain online, an investor from Russia or other countries needs to acquire a local individual taxpayer number. Typically there are no problems obtaining it. You can issue a document without visiting the country by contacting the embassy or Spanish consulate. When the document is ready, you can proceed to the selection of a suitable object.

A big advantage for those investors who want to buy a home is to use the options of a virtual tour. This allows you to get acquainted with the object in detail, see its location or even get to know the neighbors. There is an opportunity to find out all the details about the infrastructure - for example, where the nearest school is located, and more.

If the object is selected, then the process of concluding a deal can look like this:

• First, you need to register an electronic signature, which will allow the buyer to sign documents remotely.
• Next, the buyer must open a bank account in one of the banks in Spain. You can also do this without visiting the country, online. To do this, you will have to provide a number of documents, confirmed by a notary.
• After this, the transaction is directly concluded, during which both parties sign the purchase and sale agreement, and the buyer transfers the agreed amount to the account opened by the seller.

After the conclusion of the transaction the object is transferred to the new owner. It does not matter when he can personally visit the country.

It should be noted that this option for buying residential properties in Spain is not only convenient, but also profitable. Due to the pandemic, prices for houses and apartments in certain regions of the country have decreased. It is not known how the prices will behave after the quarantine restrictions are lifted, since this can be influenced by various third-party factors. Therefore, many foreign investors, including those from Russia, seek to conclude deals now so as not to overpay later.