The Buying Process

When you have found the property you want to purchase and you have agreed on the price you sign a reservation contract.A reservation sum of approx €5000 is normal and serves for reserving the property for approx. 1 week.

Before signing the reservation contract we obtain a ‘nota simple’ (an official document from the Registry Office) to ensure the property has no debt and the seller is the official owner of the property.

In the sales contract you agree on the date of the purchase and the payment terms (10% is required as a deposit of the sale price). An NIE number and Spanish bank account is required. Both of these we can organise for you and are obtained within 2 days with the correct paperwork.

The actual purchase takes place in the Notary’s office where you the buyer and the seller are present with the Notary and your/our Legal advisers.

We will guide you through the process. Having signed the new deeds (escritura) to the property and verified that payments have been made you will be given the keys to your new home.

After the agreed price of the property, you must as a rule of thumb calculate an extra 8-10%. This will cover the following fees:.
Break down of costs involved for example €300.000

Transfer tax (ITP – Impuestos de Tramitaciones Patrimoniales) 10% 30.000€
Notary fee maximum 1,5% 1.500€
Property register fee 0.1-1% 425€
Utility contract change of electricity, water, gas, etc. 400-500€

 

 

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