The process of buying a property in Costa del Sol, Spain
Bemont Marbella · December 11th 2015Buying a property in Spain does not need to be a daunting prospect as long as you familiarize yourself with the process and know what to expect. When you’re confident that you have found the ideal property for you and your family, you should appoint a Spanish lawyer in order to protect and advise you. Therefore, Bemont Marbella always offers you to work together with professional lawyers firms, who can even assist you in your own language.
Legal and financial assistance are essential when buying a property in Spain
In summary, the costs to purchase a property for sale in Marbella & Sotogrande, Costa del Sol (Spain) are as follows (Málaga and Cadiz Province):
- Property purchase tax: 8% on the first 399.999 euro
- 9% on the part between 400.000 – 799.999 euro
- 10% on the part over 800.000 euro
- 10% for all properties in new construction
- Legal fees: Approximately 1% + IVA (VAT) at 21%
Notary and registration fees: Approximately 1.500 euro depending upon property value.
Those buying property with funds derived from a Spanish mortgage will also need to pay additional purchase tax on the mortgage deed as well as extra costs for the notary and property registration. You may be required to pay a reservation fee to secure the property. Sometimes it’s possible to pay this via credit card and you will need to sign a reservation document. Subsequent documentary requirements should be fairly standard. First of all, you will need to have a NIE certificate (foreigners’ tax identification number).
Villa for sale in Benahavis
It is possible to organise this yourself via your nearest Policia Nacional police station, although for many buyers this is the first service required of their lawyer.
Subsequently, your lawyer will carry out various searches on the property to ensure that it is freely available to be sold without any contractual or financial encumbrances, and to ascertain what local rates, utility bills and community fees are outstanding, if any. They will then liaise with the vendor’s lawyer to draft the private purchase contract, which needs to be signed by the purchaser and the vendor (or their legal representatives) at the same time as the purchaser pays a 10% deposit.
Within the clauses of this contract, a deadline will be set by which time completion must take place or else the parties responsible for the delay will be forced to pay penalties. Both vendor and purchaser (or their legal representatives) are required to attend completion or signing of the deeds in person at the elected notary’s office. A representative from the bank will also be present if the buyer requires a mortgage, or the seller has a loan to be discharged upon the successful completion. The notary will thoroughly check the deeds and ask each party if they fully understand the contents written therein.
Once he is sure that everyone is happy with the contents, he will supervise the transfer of a bankers draft for the balance pending on the property and the keys will be handed over to you, the happy new owner!
If you would like to know residential areas in Costa del Sol, please follow these links:
Featured selection of properties for sale in Los Flamingos – Marbella West
Properties for sale in residential area of Benahavis – Marbella West
Exclusive villas for sale in Marbella – Golden Mile
If you are more interested in viewing our portfolio of Properties for sale in & around Marbella and Sotogrande, please also click on the following links:
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