I HAVE NO IDEA WHY THE BUYING PROCESS IS SO UNCLEAR IN SPAIN!
With the power of the World Wide Web and information by the bucket load, old articles always remain online giving a false interpretation of how to buy in Spain. The law and the safeguards protecting you as a buyer change regularly and here at Marbella Dream Living, we stay up to date to offer you the latest news on this coast.
The process of buying a property differs from country to country, in some countries sales are confirmed 2 to 3 months after an offer was accepted and other countries the sale will be confirmed from day one. The work of a notary will also differ from country to country as well as your acting lawyer here in Spain.
In Spain, the process of buying a property is very simple and can be speedy and you will be able to have your keys all within just 6 weeks.
The initial steps are as follows:
- First discuss with your agent how best to secure the property with the vendor;
- Your agent will act on your behalf and use their experience to make sure you are able to secure the property for yourself to avoid any disappointing pit falls such as; another buyer buying it.
- When an offer has been agreed, the Buyer will complete a reservation contract with details of the property with the acting agent
- A Pre-Reservation Deposit needs to be paid as soon as possible, normally 6,000€.
- This payment is to ensure the property is removed from the market whilst your lawyer starts the searches on your behalf.
- The transfer is sent into an escrow account to your acting lawyer or paid directly to the lawyer’s escrow account via a debit/credit card in their offices.
- Between 7 and 10 working days, the searches of the property will be presented to you and you will sign the Private Purchase Contract where in general, 10% payment will be due.
- The remaining 90% will be completed in front of a Notary where both the buyer and vendor have agreed to complete on the property.
As you are able to see it is a very easy process to buy in Spain, however, this process does have costs you need to account for when buying in Spain.
In general, if you are buying a property without a mortgage, you must account for 12% above the buying price or 14% if you were to take a mortgage out. This % will cover all the buying costs including, the transfer tax, Lawyer fees, Notary fees and Stamp duty fees.
For more information about buying in Spain, whether you wish to buy a ReSale or Off-Plan, knowing what a lawyer´s duties are here in Spain? What a Notary´s role in Spain has to do with buying a property? You should even ask: What will your agent do to help secure the property on your behalf…… Or any other questions you may have, Marbella Dream Living are happy to discuss this with you so that you are aware what you need to know before coming to Spain and understand how everything works within an up to date process.
But don’t just take our word for it! Fill in the form below and ask for your no obligation free consultation with a qualified Spanish lawyer here that speaks your language!