Remote real estate purchase: advantages and features in Spain

Introduction

Remote real estate purchases are becoming increasingly relevant both in Spain and in other countries, such as Bulgaria. Although this method has some drawbacks, many of them are also typical for traditional transactions. For example, when a new residential complex is being built, there may be changes in infrastructure, neighbors may be noisy, or the quality of construction work may not meet the buyer's expectations.

Advantages of remote purchasing

Nevertheless, buying a home online has several significant advantages. It allows for substantial savings on travel and accommodation costs during the period of signing the necessary documents, which not only saves money but also precious time.

Popularity in Spain

In Spain, remote property purchases are becoming increasingly popular and in demand. For a long time, Spanish real estate agencies have offered clients virtual tours of properties, but in recent months, this service has become particularly relevant.

Innovative approaches of real estate agents

Many companies strive to provide the most complete and detailed descriptions of available real estate on their websites. They actively use various media formats, such as videos and panoramic photos, so that buyers can examine important aspects.

• Virtual tours
• Video and panoramic photos
• Location data on Google Maps

Transaction process

When the client makes a decision, the realtor begins negotiations with the seller on their behalf, aiming to secure the most favorable terms of the deal. Next comes the stage where an online reservation contract, known as arras, is signed, which is processed via email.

This process includes:

• Signing documents
• Scanning
• Sending

Such a contract has the same legal force as a contract signed in the traditional manner. The document can specify that the buyer is obliged to complete the transaction within a month after the resumption of air travel between their country of residence and Spain.

Legal review

After the main stages of the transaction are completed, it is necessary to conduct a legal review of the property. This process includes preparing all required documents and obtaining the necessary certificates to finalize the deal.

Obtaining a tax number

To make any real estate purchase in Spain, a foreign citizen must obtain a tax identification number (NIE). The process of obtaining this number is very important, as it is required for all stages of the transaction's documentation and registration.

Conclusion

Thus, remote home buying represents a modern approach that takes into account the needs of those buyers who seek to save both their money and time when purchasing residential or commercial real estate in Spain or Bulgaria, while still adhering to all legal formalities.

Obtaining a number at the Spanish consulate

To obtain the necessary number, you need to contact the Spanish consulate located in Russia. You will need to submit an application for the number in person. It is important to prepare certain documents:

• Filled out questionnaire
• Photos
• Passport
• Copies of all pages of the passport
• Receipt for payment of state duty
• The justification for why this number will be needed.

You can also arrange this at the consulate.power of attorneyThis document allows the agency to represent the interests of a foreigner in real estate transactions. It grants the agency the right to act on behalf of the client before a notary when signing the purchase and sale agreement and to register this agreement in the state registry. Additionally, it is also possible to transfer contracts for utility services, such as water supply and electricity supply.

Remote real estate purchase

If you already have all the necessary information about the property and the transaction amount is determined, you can organize it.the remote purchase of real estate in SpainThis fully complies with current legislation. This means that a foreign buyer must open a bank account in Spain. This can be done either in person, which is currently not possible, or by contacting the Spanish consulate in Russia.

In the last case, it will be necessary to issue a power of attorney allowing a specific agency to open an account in the client's name at a Spanish bank.

Drafting a contract

After these procedures are completed, the agency, together with the notary, drafts a contract that outlines the payment terms for the property that are convenient for the buyer, as well as the methods of making payments. The funds can be transferred to the buyer's account or to the account of the real estateagency.

In cases where a new building is being purchased and is still under construction, a payment schedule is established based on the progress of the construction project. In such situations, the buyer is not required to open a bank account until they receive the keys to the apartment or house.

Rental and management company

If the purchased property is intended for rental through a management company, then that company opens a bank account in its name, where all payments for services such as water, electricity, gas, and internet will be deposited.

It is worth noting that in Spain, the purchase of large commercial properties worth over 10 million euros often occurs remotely, especially when it is related to obtaining guaranteed passive income.

Example of a hotel deal

For example, if an investor decides to buy a hotel that will be managed by a large management company for 10-20 years, the rental income is fixed in the contract. In this situation, the investor does not need to be physically present at the property for inspection.

For such transactions, serious law firms are usually involved to analyze the financial activities of the hotel. This is why many acquisitions are made without the direct involvement of the investor, making the entire process simpler and more efficient. Ultimately, the deal is carried out in accordance with legal requirements and takes into account the interests of both parties, requiring minimal personal presence.

Real estate auctions in Spain

In Spain, real estate is currently being sold through auctions, where participants' bids increase as competition grows. Initially, properties are listed at a starting price, which is usually around 40% of their actual market value. Participants have the opportunity to place bids, raising the amount of their offers over several rounds.

In the final, the one who offers the highest price becomes the winner. After the auction results are tallied, the price is presented to the seller, who decides whether the proposed amount is acceptable. If the seller agrees, the buyer can finalize the deal by leaving a deposit ranging from 3,000 to 10,000 euros, even before their actual arrival, or they can make the purchase remotely. This means that in Spain, it is possible to both reserve a property and conduct the entire transaction online.

Choosing an agent for remote purchasing

The key aspect of a remote purchase is the need to choose an experienced agent and a professional company that can assist in completing the transaction. In cases where both parties are interested in a quick sale and the buyer has provided all the necessary documents, the process can be completed in just one day.

Remote purchase of real estate in Bulgaria

A similar situation is observed in Bulgaria, where purchasing real estate remotely is also gaining popularity among foreign citizens. In this country, there is an active opportunity to select properties for purchase without the need for physical presence. Real estate agencies provide potential buyers with detailed descriptions of the properties, accompanied by photos and videos.

Depending on the clients' preferences, agents will help find the best apartments and houses located in various parts of the country.

Time to search for real estate

According to local realtors, finding suitable property can take anywhere from one week to a month and a half, which is sometimes due to the lack of opportunity for a personal assessment.

• The buyer is unable to assess the condition of the property.
• Touch the walls,
• Feel the atmosphere created by the plants and decor.

However, even from a distance, it is possible to visually assess the object, and experienced managers can perform additional checks, such as tapping on the walls to demonstrate the sound and condition of the premises.

The process of preparing documents and making payments

The process of preparing documents for a remote purchase and organizing payment usually takes about 7-10 business days, even considering the sending of documents through courier services.

Buying real estate in Bulgaria

Buying real estate in Bulgaria involves signing an agreement with a legal entity. After the deposit is made, the developer loses the right to take any actions regarding the property until the preliminary contract expires. This ensures the protection of the buyer's interests.

Features of secondary housing

Unlike the primary market, owners of secondary housing can secure a mortgage on their property. However, it is necessary to obtain confirmation that the property has no encumbrances. Therefore, it is crucial for the specialist overseeing the transaction to demonstrate high attention to detail and care.

Remote real estate purchase

When purchasing real estate remotely, it is very important to establish a power of attorney with the agency that will represent the buyer's interests. You also need to prepare the following documents:

• Declarations confirming the source of funds;
• Documents confirming marital status.

These documents must be notarized in Russian, after which the originals are sent by courier. Usually, such shipments arrive within three days. The cost of delivery may vary:

• DHL - about 50 euros;
• UPS - from 25 to 30 euros;
• Pony Express - about 2000 rubles.

Real estate registration

In addition, the buyer needs to consider the costs of registering the property as their own. These expenses are relevant for both those making a remote purchase and those planning to be present in Bulgaria. For example, for an apartment costing 25,000 euros, the total expenses can range from 1,300 to 1,800 euros. These figures include taxes, fees, and other costs associated with the registration process.

Restrictions for foreigners

When it comes to purchasing real estate by foreign citizens, there is only one restriction: if the purchase involves property with land, the buyer must be present in Bulgaria for the official registration of the company in their name. However, it is also possible to open a company remotely.

Reservation of the object

To reserve a property in Bulgaria, a deposit is required. Before doing this, experienced real estate agencies conduct a thorough check of the property for any encumbrances and gather complete information about its condition. The buyer receives confirmation of the property's readiness for sale along with the documents for making the deposit. Most often, the transaction guarantee and the safety of the deposit are ensured by lawyers and real estate agencies.

Receiving a deposit

It should be noted that owners of secondary housing receive the deposit only after signing the final purchase agreement. This rule is established to ensure the safety of transactions, as in most cases, the buyers are foreigners. It is essential to protect their interests as much as possible at all stages of the process — from the transfer of funds to the signing of important documents.

The process of closing a deal

When the buyer receives the package of documents from their agent or lawyer, they sign all the papers and initiate the transfer of the deposit under the deposit agreement at the bank. Once the funds are credited to the account, the process of formalizing the transaction begins, culminating in the transfer of property rights. This stage requires the attentiveness and responsibility of all participants to ensure complete transparency and protect the buyer's rights. Proper organization of each stage of the process helps avoid misunderstandings and minimize risks associated with the real estate market.

Conclusion

In conclusion, purchasing real estate remotely, whether in Spain or Bulgaria, is a modern and convenient solution for buyers who value their time and financial resources. This process, despite some potential drawbacks, offers significant advantages, including the ability to choose the right property without leaving one's home country and direct access to up-to-date real estate information through online platforms.

I have realized that modern technology not only simplifies the process but also provides confidence in the safety of transactions. Remote purchasing becomes especially relevant in conditions of global uncertainty, when physical travel may be difficult. The use of video recordings, panoramic photos, and online viewings significantly expands the opportunities for future owners, allowing them to get a complete picture of the property without leaving their homes.

Moreover, the entire procedure remains legally justified, which provides protection for both buyers and sellers. An important aspect is the transparency of transactions:

• Drafting reservation agreements.
• Legal examination of the object.

These steps ensure that the rights and interests of clients are protected, even if they cannot be present in person at the transaction. As I have seen, collaborating with experienced agencies and legal firms allows buyers to avoid many pitfalls associated with purchasing real estate abroad.

Moreover, remote purchasing allows investors, especially in commercial real estate, to consider attractive offers without being limited to local properties. Thus, we can say that remote purchasing is becoming an important tool for modern investors, offering flexibility and convenience.

Result

Ultimately, remote real estate purchasing is not just a trend, but a necessity in a rapidly changing world. I can confidently recommend this method to anyone planning to invest in foreign real estate. It's a great opportunity for favorable deals and a chance to stay calm in potentially challenging situations.