What is the typical sequence for European buyers purchasing property in Costa del Sol?

The process for European buyers in Costa del Sol generally begins with securing a Spanish identification number (NIE), which is essential for any financial transaction in Spain. Next, it's highly advisable to appoint an independent lawyer specializing in Spanish property law. This legal professional will conduct crucial due diligence, verifying the property's legal status, registration at the Land Registry, and checking for any outstanding debts or charges. Following this, buyers typically open a Spanish bank account for facilitating payments and deposits. Once a property is chosen, a private purchase agreement is signed, usually accompanied by a deposit (typically 10% of the purchase price). This agreement outlines the terms of the sale and the completion date. The lawyer then oversees the preparation of the public deed of sale, which is signed before a Spanish Public Notary. The notary ensures all legal requirements are met and that both parties understand the contract. Finally, after the signing, the property is registered in the Spanish Land Registry, and necessary taxes are paid. Throughout this process, foreign exchange considerations are critical, and many European buyers use specialist currency transfer services to optimize exchange rates when converting funds for their purchase. Understanding local tax obligations, such as transfer tax (ITP) for resale properties or VAT for new builds, is also a key part of the process that your legal representative will guide you through.