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Dream Spain Buyer's Guide - THE Guide to Buying YOUR Spanish Property
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Legal Representation |
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Spanish property law is complicated so make sure you have
a good local lawyer to look after you interests. Lawyers
will usually charge you 1% of the sale price of the property
but we always recommend that our clients engage a lawyer as
it’s a sensible investment for peace of mind. Your
Lawyer can also arrange for a Spanish Will and advise you on
capital gains and inheritance tax matters. We can introduce
you to an excellent English speaking Lawyer or you may wish
to arrange your own legal representation. |
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Guide |
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Purchase Steps |
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Depending on whether you are buying a new build property
or a resale property, the process is slightly different.
The following is a brief explanation of the standard purchase
process for new build and resale properties in Spain.
New Build Properties
- You pay a reservation fee of €3000 to the builder.
This secures your chosen property and plot at the current
listed price
- Within 4 weeks you pay a deposit - 30%-50% of the purchase
price plus 7% IVA (Government Tax)
- On completion you pay the balance (plus 7% IVA) less
the original €3000 deposit
Resale Properties
- The agent negotiates with yourself and the seller to agree
the purchase price and deposit terms and conditions.
- Your solicitor will liaise with the seller’s solicitor
to agree a contract of sale. Your solicitor conducts property
searches and makes sure that there are no outstanding debts
attached to the property, for which you may be liable. This
is confirmed in a document called a Nota Simple. Once both
parties are happy to progress, the agreed deposit will be
paid. This contract protects both the buyer and the seller
to the extent that if the buyer withdraws then the seller
is entitled to keep the deposit. If the seller withdraws
they will be obliged to pay the buyer twice the deposit amount.
- On the completion date, buyer and seller attend, either
in person or legally represented by their solicitor, in front
of a public notary to conclude the transaction. You
pay the balance of the purchase price and the signed deed
is lodged with the land registry. Your lawyer takes care
of the remaining formalities such as payment of the relevant
transfer taxes.
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