The property purchase process
Finding your new property is very exciting. After searching and viewing many homes across the Costa Blanca it can be such a relief to decide that you have found the perfect place to purchase. Your thoughts move to what you will do with the different rooms and areas of the property but very often we are asked by clients, what happens next?
The process for buying a house in Spain can differ somewhat from what you are used to in other countries. Once we have found the perfect property for you, negotiated an agreed purchase price and a timeframe, here are the next steps:
- Firstly, we prepare a pre-contract / reservation agreement with an initial deposit of € 5,000 paid into our client account; this removes the property from the market. This deposit is held while the necessary legal checks are carried out.
- If an NIE number (Identification Number for Foreigners) is required this will need to be applied for by the purchasing parties. If you are unsure about this process at all then we work with partners who can make the whole process very simple.
- Once the necessary background checks are completed, circa 3-4 weeks after the initial pre-contract, the remainder of the 10% deposit will be paid direct to the vendor. This is done upon signing of the “Compra-Venta” contract. If a legal issue arises that cannot be resolved the initial deposit is refunded in full to the purchaser.
- Within the “Compra-Venta” contract a completion date is agreed. This is the date where the remainder of the balance must be paid at the public notary. The new title deeds will be signed at this same meeting.
Once you have completed these steps you will be the proud owners of your new property here in Spain. In addition to the steps detailed above you must also keep in mind the extra fees that are associated with buying your new property Javea. These purchase costs are:
- Stamp Duty
- Notary Fees
- Land Registry
The total amount of these fees usually comes to approximately 11% of the total price of purchase. These fees are required to be paid within 20 working days of signing.
Our job does not end with the completion of the purchase process!
We can assist with the change of titles for the utilities; assist with any works, updates, or renovations you may require. Supply property management services, such as gardeners, pool cleaning, key holding and alarm contact. In fact we can advise on any aspect of your new life here.
We are happy to help you with your purchase on the Costa Blanca!
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