The buying process in Spain is different to most other countries particularly Northern European countries. We recognise that for most buyers the whole experience is new and unfamiliar, having said that it works, albeit differently.
Meeting:
We always appreciate a meeting with you in the office before we
start
viewing, just
to ensure we have completely understood your requirements as well as outlining the costs involved as
well as the legal
process ahead.
Viewing:
We will view as many properties as required. If we do not have the
right property for
you, we will search other agent´s registers on your behalf.
The offer:
We negotiate the offer on your behalf, assuming the offer is
accepted and you have
chosen a legal representative. We can provide a list of local bi-lingual solicitors / legal
representatives who you
can meet and decide who best to represent you quite independently.
Reservation Holding Deposit:
Once the offer is accepted we ask for, and hold
on behalf of the
buyer, a €3,000 reservation holding deposit (can be more for properties of €600,000 and above). This
reserves the
property for a period of approx. 4 weeks and prevents any other agent from marketing it. During the
4
weeks the buyer
liaises with their bank / legal representative and prepares all paperwork in preparation for the
exchange of
contracts.
Exchange:
At the end of the 4 week period contracts are exchanged whereby
the
buyer will pay
10% of the agreed purchase price ( less the reservation holding deposit ) directly to the vendor and
confirmation that
the balance of 90% will be paid within an agreed timescale, typically 6 to 8 weeks after exchange.
Both buyer and
seller sign a private contract as well as an inventory of belongings included ( or not ) in the sale
price. Exchange
can take place without the buyer or seller having to be in Spain.
Signing of the deeds:
Unless either or both parties assign to someone a
Power
of Attorney to
represent them, then both buyers and sellers are required to sign the deeds at the Public Notary in
Spain where the
balance of funds is paid to the vendor.
Energy Performance Certificate:
As from 01 June 2013 we also ensure the
property has a
certified EPC ( Energy Performance Certificate ) which is a mandatory requirement to sell.
Note:
The buyer´s solicitor is responsible for changing the utilities
(water,
electricity.....) into the name of the new buyer. It is strongly advisable that all buyers employ a
legal
representative.
Costs:
Costs to buy are threefold comprising:-
Transfer tax – this
ranges from 8% to 10%
depending on the value of the property
Legal fees – Normally around 1% of the purchase
price
Land
Registration and Notary fees- Normally around 0.25% or less.
Whether you are planning on buying a holiday home in Spain or making the move there permanently, you will no doubt have a lot of questions. To help answer these, and make the whole process that little bit easier Foreign Currency Direct have created a free Moving to Spain Guide.
The guide details everything you need to know about purchasing a Spanish property. The guide also includes other helpful information on taxes and finance, the Spanish healthcare service, education and even some pointers on navigating Spanish culture. There is also a handy emigration checklist to help you get prepared.
Simply click the image link below and complete the short form to download the free Essential Moving to Spain Guide and information on how to save thousands when transferring your funds to buy a property abroad:
Please note the dimension quoted in the sales descriptions are for guidance only. Whilst we use our best endeavours to ensure dimensions stated in our descriptions are correct, we cannot guarantee that property sizes and plot/land dimensions are 100% accurate.
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