Buying a Property in Spain
Buyers guide COSTA DEL SOL
Buying a property Costa del Sol is easy and not complicated at all if done correctly and with common sense.
There is a great Spanish saying that says: “Zapatero – a tus zapatos” which translates into “Shoemaker – make your shoes” – in short meaning: stick to your trade.
In the same manner, as real estate agent in Spain our first and foremost role is to find the right property for our clients and to negotiate the price on our their behalf.
We will assist in every possible way and be available all along the purchasing process BUT once we have found the right property we INSIST and advice ALL clients to choose a lawyer to represent them and to handle ABSOLUTELY EVERYTHING from this point onwards, especially everything that has to do with the drafting and signing of agreements and transferring of funds.
One of our many recommended law firms it the well-known MANZANARES LAWYERS in Marbella.
Our best advice on a complete buyer’s guide it to read more extensively and in depth on
Your questions or doubts that may arise in relation to your purchase may be of very personal and / or of economic or tax technical nature, something that you not necessarily will want to discuss with your estate agent.
For that reason we recommend everyone to contact a lawyer as early as possible in your purchasing stage – this will answer all you doubts and will give you peace of mind and a safe frame within which to buy.
At Manzanares Lawyers THE FIRST CONSULTANCY IS FREE OF CHARGE and nonbinding in any way.
NEW DEVELOPMENTS COSTA DEL SOL
The buying process here is very straight forward – however if buying off-plan property Marbella the following steps would be how a purchase would be carried out on most new developments in Spain.
Keep in mind that each developer will have their own payment terms that are not negotiable.
Signing of the reservations contract and payment of a RESERVATIONS DEPOSIT. The amount is normally in between 6,000-10,000€.
- Normally, 30 days later: signing of purchase contract and down payment of 30%
- Final payment of 70% when completion, signing of deeds at the NOTARY and handing over of keys.
Buying a property in Spain can be both exciting and is whatever the purchasing price might be, always a big decision to make.
In this buyer's guide we will give you an introduction of the process invelved in purchasing both new developments or new build villas and resale properties.
We will cover all steps involved in the purchase of a property as well as taxes involved, contracts and documents, estimated completion time, appointing a lawyer, and all fees and costs involved in the whole process.
Our aim is to give you an overview of the entire purchasing process from the moment you start until you have finalized a safe purchase - following the correct procedures purchasing a property in Spain is easy and without complications.
STEP 1 - RESERVATIONS CONTRACT - RESERVATIONS DEPOSIT
Once we have managed to find a suitable property that matches both your wishes and budget the following process will begin.
We will need to put in place and sign a reservations agreement which essentially ensures that the property will be taken off the market and will no longer be available for others to buy.
At this point the purchase price has already been negotiated between both parties meaning that it can no longer be negotiated.
The reservations deposit that the buyer pays at this point normally ranges in between 6,000 to 12,000 all depending on the price and specific conditions.
For that reason it is important that you as the buyer of a property have funds available in order to secure such a reservations deposit.
The best and safest way for the buyer to pay such a reservation deposit is to do it via the appointed lawyers client account. It is our strongest advice NEVER to pay this amount directly to any real estate agent or directly to the seller.
As soon as the property has been reserved and the deposit paid, your appointed lawyer will start the necessary search and investigation on the property´ s legal aspect - this may vary depending on the type of property you are purchasing.