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To buy a property in Spain, follow these steps: 1. Research and choose a property. 2. Make an offer and negotiate terms. 3. Hire a lawyer for legal matters. 4. Sign a reservation contract and pay a deposit. 5. Conduct due diligence and property checks. 6. Sign the purchase contract and pay the remaining amount. 7. Register the property in your name.
A new build property is a brand new home that has never been lived in, while a resale property is a pre-owned home. New builds often offer modern amenities and design, while resales can offer more character and a more established location. The choice depends on your personal preferences and priorities.
When buying a property in Spain, you should be aware of several taxes. The main ones include Property Transfer Tax (ITP) for resale properties, or VAT (IVA) and Stamp Duty (AJD) for new build properties. You will also need to pay annual property tax (IBI). It is recommended to consult with a legal and financial advisor to understand all the tax implications.