Purchase steps for buying a Spanish property

Before buying a property in Marbella or on the Costa del Sol, you should know about the following steps, during the process of buying your dream home...

Reservation Deposit:

Once you have found your ideal Spanish property, it is advisable to seek the assistance of a lawyer as early as possible. More information under Lawyer legal advice steps to buying a Spanish property. The first thing you do in order to reserve the property for yourself is putting down a reservation deposit; usually this is done with your real estate agent and it is a figure between 3.000-6.000 Euros depending on the price of the property. You can either pay this in cash, with credit card, bank transfer or internet. This reservation deposit gives you the guarantee that the property will be reserved under your name and for the price fixed at that moment.

Exchange of Private Purchase Contract:

Once the initial reservation deposit has been paid, a private purchase contract (Contrato Privado de Compraventa Privado) will be set up and controlled by your lawyer. This basically means that within the next 8 - 10 days after the initial reservation deposit you will pay the remaining amount of the required deposit, which is normally 10 % of the purchase price. The initial reservation deposit will be deducted from the total amount of this second deposit. The private contract includes the control of the nota simple, the conditions regarding the price of the property, the date for possession, the distribution of costs between buyer and vendor, the specifications of the property and any furniture and equipment included.

Completion at the Notary:

On the assigned day of completion, the vendor and buyer (or their authorized representatives) will be present at the office of the notary to sign the Escritura de Compraventa (the title deed). The buyer will pay the outstanding amount to fulfill the purchase price to the vendor and therefore will receive the keys in order to take possession of the property. Important notice: the notary is not obliged to check any terms or to advice, any of the parties involved (this is the duty of your lawyer before completion, as well as he must check and assure that everything regarding the property is paid). The notary certifies that both parties agree to the stated terms.

Costs Incurred:
There are fees that are required to be paid by the purchaser: - the notary fee, - the property registry fees, - the Spanish transfer tax -ITP (impuesto de transmisiones patrimoniales). On average, you will have to add approximately 10% on top of the sales price in order to cover all your costs as a purchaser.The vendor pays the local tax to the town hall called Plus Valia. In the event that the vendor is non-resident in Spain 3% of the selling price will be retained on account of CGT as part payment of the 18% capital gains tax.

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