We've compiled and answered our customers' most frequently asked questions. Here’s an overview:What’s the first step if I find a property I want to buy?There are many listings online and through various agents, but in 2024, you'll quickly see that many properties are either overpriced, poorly located, or of low quality. High demand from Europe has left a mark on the Spanish property market, which is likely to continue. As housing supply hasn’t kept up with demand in recent years, prices have increased. Once you find a suitable property, act quickly to secure it. This is typically done in Spain with a private agreement between buyer and seller outlining transaction details. At this stage, buyers usually transfer 10% of the purchase price to the seller’s bank account. If found through a real estate agent, keep in mind that in Spain, the seller usually pays the agent’s commission. Some agents might try to insert themselves into the contract or claim a portion of the deposit—it's advisable to involve a lawyer to ensure that any deposit goes directly to the rightful owner, not the agent.What do I need as a foreigner to buy property in Spain?As a foreign buyer, you'll need a Spanish tax ID, known as the NIE, and a Spanish bank account to facilitate the transfer of funds from your foreign account to your Spanish account, which is crucial for the notary at the signing. Spanish banks take time to open accounts, especially for non-residents, so plan for at least two business days before activation.How is the property paid for?Properties are typically paid with certified bank checks issued to the seller, as they’re reliable and eliminate potential delays or issues at the notary’s office. Bank checks come with fees, so inquire about these costs when opening your Spanish bank account. Wire transfers are generally discouraged because of the delays they can cause, as sellers have the right to receive the full amount before signing.Do I need a Spanish bank account?Although some large utility companies accept foreign IBANs, many smaller companies, like property management firms, require a Spanish account for direct debits.Where can I get a Spanish tax number, or NIE?The NIE number is essential for many things in Spain, including property purchase, insurance, and vehicle registration. The application process has become more bureaucratic in 2024, so expect delays. The NIE requires form EX15, payment of a fee, ID copies, and sometimes a preliminary sales agreement. The appointment itself can take up to two months in some areas, so applying through the Spanish consulate in your home country is often faster.Is there an escrow service in Spain for property transactions?Some notaries offer escrow accounts, though it’s neither common nor necessary. At the signing, the property purchase is finalized: keys are handed over, the sale price is paid in full, and the deed is signed. If you still prefer escrow, you’ll need both the seller's consent and a notary who provides this service, along with covering the associated costs.Is the purchase process safe in Spain?The process is 100% safe and transparent if you follow local procedures. Attempting to apply methods common in other countries can disrupt the standard process and may compromise guarantees and security.