Madrid attracts buyers from all over the world. Many of them cannot be in Spain throughout the purchase process. This is possible, it is regulated and it has a concrete process. Here it is.
Can you buy a flat in Madrid without being in Spain?
Yes, it is possible to buy a property in Madrid without being physically present for most of the process. Spanish law allows notarial powers of attorney to be granted to a representative in Spain who acts on the buyer’s behalf for certain acts, including signing the title deed.
What cannot be dispensed with, under any circumstances, is the NIE (Número de Identificación de Extranjero). Without a NIE, a title deed cannot be signed in Spain. The NIE can be obtained at the Spanish consulate or embassy in the country of residence, which allows this requirement to be resolved without travelling to Spain.
The stages of the process and what can be managed remotely
◆ Search and analysis: 100% remote
With an active PSI in Madrid, the entire search can be managed remotely. Viewings can take place via video call or with the PSI attending on the buyer’s behalf, documenting the property’s condition with video and detailed reports. The price analysis, documentary due diligence and comparative valuation are done with data, not physical presence.
◆ Negotiation and offer: can be done remotely
Negotiation doesn’t require physical presence. Communications are managed through the PSI, who represents the buyer to the seller and their agent. The formal offer can be made in writing.
◆ Reservation contract (arras): requires a signature
The arras contract requires a signature. If the buyer cannot travel, they can sign digitally.
◆ Title deed: requires presence or power of attorney
The purchase deed requires the buyer to be present or to have granted power of attorney to their representative to sign on their behalf. The power of attorney can be granted at any Spanish notary or at the Spanish consulate in the country of residence.
Financing for non-resident buyers purchasing remotely
Managing a mortgage for a non-resident buyer who is purchasing remotely has an additional layer of complexity: Spanish banks require documentation that, in many cases, is in another language and needs official translation and apostille. Coordinating that process remotely, within Madrid’s market timelines, requires organisation and, typically, the assistance of an intermediary with experience in this process.
At Lora Galeva we regularly coordinate the purchase process for clients who are abroad for part or all of the process. We know the banks with the best approach for non-residents, the documentation process and the real timelines. The objective is for distance not to be an obstacle to buying well.
