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Choosing
the property
Serious thought may be required to identify in
your own mind the type of property that you
need and the area that you would like to be
in. Once you have decided on this we can
provide a wide selection of properties. We
also have the experience to answer your
questions. Guide you through the negotiations,
and sometimes complex procedures.
Make
an Offer
When you have decided on the property the
first step is to make an offer. This offer is
backed by a deposit which demonstrates your
commitment (this is fully refunded in the
event that an agreement can not be reached)
Negotiations will then proceed until a price
is agreed when you should appoint a lawyer to
formalize the agreement.
Appoint
a Lawyer
The lawyer, who should be fluent in your
language, will carry out the necessary checks
on the property and complete the legal
requirements of the sale. The first check is
normally to obtain from the Property Registry
a “Nota Simple” which will identify the
registered owner and provide details of
mortgages or embargos on the property.
Exchange
Private Contracts
The exchange of private contracts would
normally take place about two weeks after the
formal acceptance of an offer, The contract
would set out all the agreed terms and state a
date of completion. It is usual for the buyer
to pay a 10% deposit at this stage which is
non-refundable.
Complete
at the Notary
On the assigned day buyer and seller (or their
authorised representatives) will attend the
office of the notary to sign the “Escritura
de Compraventa”(the title deed) which should
state that the property is sold free of
charges, mortgages, and tenants.
Your lawyer will arrange payment of taxes and
fees, and register your title deed at the
Property Registry.
The
Costs
Three fees and two taxes have to be paid when
purchasing a property in Spain. As a rule of
thumb you will need to allow 10% of of the
purchase price
The
Fees
1. Legal fees app 1% of the purchase price
(1400€ minimum fee) +IVA,
2. Notary fees. The scale is fixed by law and
may range from 300€ to 840€ depending on
the value of the property
3. Property Registry fees as a rule this is
60% of what the notary charges
The
Taxes
1. Transfer tax (ITP) at 6% when buying a
resale or IVA at 7 to 16 % when buying from a
developer or promoter (16 % is applicable when
buying plots of land)
2. Plus Valia this tax is generally paid by
the Vendor
Mortgages
There are many options for raising funds to
purchase a property in Spain and it is
possible to raise as much as 100% of the
purchase price. If you are considering a
mortgage contact us for more information
Just
fill in the Property
Finder Form and we will email you a selection of
properties that fit your budget |
