Purchasing process

RESERVATION

The first step is to find a property that suits your needs and budget, when the price is accepted by the seller, it is usually in Spain, to book a property and remove it from the market, you can pay a reservation deposit.

It is usually between 3000 and 6000 euros. At that moment, you remove the property from the market when your attorney has checked and investigated all relevant factors.

You should always consult a lawyer before paying the reserve price, or pay it to the lawyer representing you in Spain.

If any of the statutory conditions are not met or the conditions of the terms are not met, the booking will be refunded, but if you regret you, you will lose your deposit unless otherwise agreed between the buyer and seller.

In the booking document, it is important to specify payment dates for the next two steps, PRIVATE CONTRACT and TITLE DEED

PRIVATE CONTRACT

It usually takes 10 to 14 days after the RESERVATION and you have to pay 10% of the property value on sale or 20% to 40% for new construction.

The 10 to 14 days are the time your lawyer uses to ensure that all statutory terms are met.

Things like building licenses and bank guarantees must be documented and it must be investigated that there is no tenant who is on the property.

TITLE DEED

The purchase will be signed by both parties in the presence of a notary, and the remainder of the purchase price will be paid to the seller.

It usually takes 30 days after the RESERVATION

There are some costs associated with the purchase of housing in Spain.

Purchase cost is:

Borrowing costs: 1%

IVA (VAT) - Transfer tax: 8%

Stamp tax (on action): 1%

Notary, property register etc .: between 300 and 1500 euro.

Attorney fee: 0.5 - 1%

Costs associated with home purchase in Spain are approximately 10-12% of the real estate value.

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