Buying a Property in Spain

When you have found the property you where looking for, the normal procedure is that you make an offer and pay 1%, once the seller has accepted your offer a purchase contract is made up and signed and another 9% deposit is paid to complete the 10%, this is usually done within 15 days prior to the offer being accepted.
The balance of the purchase price is paid when signing the title deed at the notary. Normally you pay with a bankers draft, but other payment methods are also applicable, depending on each individual case.
If you need a loan to purchase the property, the bank will also be present at the notary and you sign the loan agreement at the same time.

Expenses in connection with purchase of property

The total expenses in connection with a purchase are therefore often about 9-10 % of the purchase price.

Example when buying a property under construction
If you have purchased a property of new construction the procedure is different, depending on how soon in the construction phase you purchase the property.
You typically pay 2.500 - 6.000 € as a deposit/reservation, hereafter you pay rates during the construction of the property, this will vary from firm to firm, but the notary procedure is as the above mentioned.

On top of this you have to pay 7% vat + 1% tax of the total purchase price. But then you don’t pay the 7 % trade tax.

After the purchase

At S.R.España we follow you all the way through, once you have signed the purchase contract we continue with our service, as we know that the after sale service is just as important and that you will appreciate that we:

1. Assist you at the notary when the deed is signed and the balance for the purchase is paid. We prepare a final statement and this is also settled at the notary.

2. We assist you with arranging bank account, NIE number, residence application, purchase of vehicle, accountant, lawyer and other relevant services depending on your needs.

When you buy a property in Spain!

The area around the Costa del Sol is still suffering from the rapid growth the market has been through and the changing laws has not always been enough to control the development the country has suffered the past decade. You see this especially in the property market, where a large amount of old properties are not properly registered and some are not even registered. It is important that you are aware of this and that you make sure that the property is registered and that you have access to all information on the property prior to the purchase.

When you buy through S.R.España we have collected all relevant information on the property, we have checked the land registry if there is any debt on the property and if all fees connected to the property are paid up to date.

Purchase assistance

As purchase assistant we find the property for you, this is used more generally now. Take advantage of our knowledge and use our assistance from the very beginning. Have a chat with us about the possibilities. Our experience tells us that you will save a lot of errors, valuable time and in the end a lot of money. We charge a small amount for this service, but it is worth it all. To contact us, please click here

Finance

It has become more general that when people buy a property on Costa del Sol they need a mortgage. There are many offers on the market some obviously better than others. One thing is important to know, is that you don’t need to arrange your mortgage before you come to Spain, most Spanish banks arrange mortgages for foreigners too.

Rental

More and more people bye property on the Costa del Sol as an investment. Often people only use the property for short periods of time, therefore it becomes beneficial to rent the property, this means that with the low interest rates on a mortgage, it makes it possible to make the investment for a small amount of money. Let us make some figures for you on the property of your dreams.