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| ALL YOU NEED TO KNOW WHEN BUYING PROPERTY IN SPAIN |
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| Once you have found your ideal property in the sun here are the main pointers to consider: |
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| RE-SALE PROPERTY |
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| 1. |
Normally a deposit of around 3000€ to remove it from the market. |
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In approximately 7-14 days the "Compra/Venta" contract will be signed and you must pay 10% of the purchase price (minus the 3000€ already paid) |
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The two parties must then decide on a completion date (once your lawyer has conducted all the necessary searches) and you pay the balance then normally through a mortgage. |
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We deal with all the major banks in Spain and will assist you all the way in obtaining finance for your chosen property. |
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| OFF PLAN PROPERTY |
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| 1. |
Once you have identified the property you wish to purchase then normally 6000€ will reserve it for you. |
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In 4 -6 weeks a "Compra/Venta" contract will be signed and at this point you pay 30% of the sales price, plus 7% tax. |
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On completion you either pay the balance of 70% plus tax, or take up the mortgage offer. |
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Many off plan developers have an excellent payment plan which allows you to spread the cost of the property, through out construction. |
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| NIE Number |
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| All foreigners in Spain must have an NIE number (Numero de Identificacion Extranjero) to make any purchase. We can assist you with this. It is a simple process, but without it you will not be able to complete your purchase. |
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| COSTS INVOLVED |
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| Initial Costs |
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| As well as the cost of the property; the buyer will be liable for transfer tax (IVA), which at present is 6% on a second-hand property and 7% on a new one, plus 1/2% stamp duty. The property registration office will charge you a fee to change the new deeds into your name. This is usually around 300€. There will also be notary charges for copies of the 'Escritura Publica'. The charge is on a scale depending on the contract price. In total you should allow 10% of the purchase price for costs. It is often the case that the buyer also pays the sellers fees. Check this at the point of enquiry and it is often possible to negotiate. Banks may also charge an opening commission for mortgage loans. |
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| Spain is still the top destination in Europe for overseas buyers, offering everything one could want. Sunshine, beautiful beaches, wealth of history and cultures and of course fabulous food! |
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| If you are toying with the idea of buying a second home or holiday get away in the sun please contact us and we will guide you every step of the way. |
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