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A Buyer's Guide
Here is our guide to purchasing a property in Spain.
- Find a good Estate Agent you feel you can trust.
- Find the property of your choice and make your offer.
- With the price between vendor and buyer agreed, a reservation can be accepted for £3000 approx €4,500. Searches on the property then take place with the Nota Simple which identifies the owners title and/or any embargos or mortgages on the property.
- A balance of the rest of the deposit will be paid around 10 days later,(10% of the purchase price in the case of resales and 20% to 30% of the purchase price in the case of new developments). This then forms the basis of an option deposit which binds the seller to sell and the buyers to buy.The buyers will lose their deposit if they do not complete in time (normally between 4 to 6 weeks later).
- We meanwhile will be tying up all documentation, checking once more before signing that the property is free of any outstanding charges ie:mortgage, electricity, water, rubbish etc..
- The final step would be meeting at the local Notary where the signing of the Title Deed takes place. By this stage, with everything already checked & rechecked by us, the notary will ensure compliance with Spanish law, by signing with both parties confirming everything is agreed. The balance of payments will take place, the keys and ownership of the property are then passed on to the buyer.
Understand the Costs
There are always fees involved in buying a property, Spain is no different from anywhere else in the world. To be on the safe side we always recommend you factor in a maximum of 10% of the purchase price for your costs.
Breakdown is as follows:
Stamp duty – 7% - 8% in the case of new developments(an extra 1% for AJD – which translated is a documented legal tax).
Notary fees – around £800 to €1200
Conveyancing fees vary wildly however we have an inhouse legal team who charge a flat rate of €1,500 plus 18% IVA, which is approximately £1,160. Total cost regardless of value of property.
Sango Properties
Calle Pizarro 36
San Pedro de Alcantara (Malaga) 29670
Tel: (0034) 952 781838 / 784237 | Fax: (0034) 952 783494
Email:
sango@mercuryin.es
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