Due diligence and KYC
Yes, the formal identification obligation applies to both parties to the contract.
It is not limited to whichever side instructed your office. The identity document — passport, DNI, or NIE — of both buyer and seller must be verified before the transaction proceeds.
Where one of the parties is a legal entity, determining the ultimate beneficial owner is added on top. An older incorporation deed alone is often not enough: it doesn't reliably reflect the current ownership, control, and representation structure. Current registry and representation certificates are needed, along with suitable documentation of the existing ownership and control structure.
Legal basis: Ley 10/2010, Art. 3 (identificación formal); Real Decreto 304/2014
Practical tip: It is on the seller side that identification is skipped most often — with long-standing owners you know personally, it feels like a formality. But a missing record can itself constitute a compliance issue in an inspection, even if the transaction turns out to be entirely unremarkable in substance.
AI-assisted tools were used in preparing these FAQs; the content was subsequently reviewed and approved by the Doxario editorial team. They reflect the general state of the law as at the review date shown and do not constitute individual legal or tax advice. To assess your own case — particularly where complex structures are involved (offshore companies, trusts, foundations, communities of heirs) or where the new EU rules leave room for doubt — we recommend consulting a lawyer specialising in Spanish anti-money-laundering law and, on tax questions, a tax adviser. Doxario is a deal management and compliance platform for estate agents in Spain, operated by Blue Pepper S.L.; we therefore have an economic interest in the solutions described in these FAQs. Doxario accepts no liability for decisions taken solely on the basis of these FAQs.
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