An Overview
Buying a property in any country can be stressful and confusing even more so when you don´t speak the language. That´s why we at Soler Associates take all the hassle and stress out of the process and help you with sound unbiased advice about every aspect from your initial search, coming over to view, paying deposits, signing contracts, currency transfers, paying taxes, ID numbers, renting out your property or anything you need help with.
We always insist that you seek independent legal advice and we can give you the names of at least 3 excellent bi-lingual lawyers that come highly recommended by our past clients. Typically they charge around 1% of the purchase price (+VAT) a small price to pay for peace of mind. Please contact us if you have any questions about buying a home in Spain.
Contact us if you have any doubts or questions.
More Specifically...
The buying process is different to what you will have experienced in the UK.
If you see a property you like you will need to place a deposit to take it off the market and guarantee its price. This involves talking to an independent legal advisor who will check all the paperwork and write a purchase contract- once all is correct the deposit is made. We will at this point help you open a Spanish bank account that will be used for paying the completion balance and utility bills etc.
For ´key ready´properties you will be required to normally complete within about 60 days or you can agree with the developer through either us or your legal advisor to complete sooner or later depending upon circumstances. For properties that are not yet ready there is a different structure. You will normally be asked for a deposit of 3,000 to 6,000 euros to enter into the contract- again after legal advice. Then after about 30-60 days you will be asked for a full deposit of anything between 20-50%. The balance is then due upon completion.
Completion takes place in front of a Public Notary who is there to supervise and witness the transaction. At this time you will be required to pay the final amount to the builder. This money MUST come via a Banker´s Draft drawn down from a Spanish bank account. At this time you must settle the other costs associated with your purchase.
Costs of Buying.
7% VAT. Notary and Land Registry about 1,000 euros. Legal fees typically 1% + VAT. It is quite normal to suggest about 10% of the purchase price is a good guide- but only a guide.
At this point we will give you your cash back or whatever promotional gift what we have agreed as a way of saying thank you for your custom.
Remember these are legal contracts and if you decide to pull out you will lose all your money so think carefully about it before you commit to anything.
If you need more help just let us know.