Buying process in Spain
Buying a property in Spain - the process.
Once you have found the property in Almeria, Murcia, Alicante, Malaga, you have been searching for....Dont Panic! our experts will help you through the buying process. The buyer will need to have on hand a holding deposit usually 3000 to 6000€. Payable on credit card or transfer. This payent will hold the property for you and remove it form the market.
The current owner will have provided a full sales pack of documentation and this will once again go to the Solicitor. The Solicitor of choice of the buyer for checking. Basic items such as; the local Registry to make sure there are no debts being held against the property. This will also show any mortgages or loans taken out against the property. etc
A contract is signed showing the way the payments will be made. After the initital holding deposit, if a notary appointment is not possible within 1 month, then a remainder of 10% of the agreed price deposit is normally paid, the rest of the price is then paid over on the day of the signing of the deeds at the Notary, which is a day convenient for both buyer and seller. We make sure that the Notary has all the relevant documents at all times.
Any person buying a property in Spain needs to have a tax id number NIE. Which we can also assist the buyer in obtaining prior to purchase.
On the day of signing of the deeds at the Notary the buyer, seller, (or their respresentatives) and solicitors are present. The Notary does a final check of the Registry to make sure no new loans have been arranged and then the buyer and seller signs the deed. The buyer is responsible for paying 8% transfer tax on the property, Registry and Notary fees (if the buyer puts aside 10 to 11% of the price this should cover all costs) and the seller is responsible for paying the "plusvalia". These payments must be made within one month of the signing of the escritura. Your Solicitor will confirm all final fees and costs of course prior to signing at the Notary.
The Process: During the Purchase