It’s very important be informed if you search Property for sale in costa del sol
Once you’ve chosen the property in Marbella that you want to buy, the purchase process begins. Bear in mind that this will probably be very different to what you’re used to in your home country so it’s best to take professional advice from an independent lawyer. Contact us for a recommendation.
Signing the pre-purchase contract
This includes all the terms and conditions regarding the purchase of the property (schedule, payment terms, mortgage, etc.) and when you sign the contract you usually pay 10 per cent of the property price.
- Checks: Before you sign, your lawyer will have carried out checks on the property to make sure everything is in order legally. These include checking title of the property, its description and building licences. Your lawyer will also confirm the official value of the property and check that tax payments are up to date.
- Terms of deposit: Once you sign the pre-purchase contract and pay the deposit both parties are obliged to complete the purchase. If you decide not to continue, you will lose your deposit. If the seller chooses not to sell, they are obliged to return your deposit plus the same amount so you receive double the amount of the deposit you originally paid.
- House contents: If you’re buying a resale property the price may include furniture and fittings. An inventory listing these should be attached to the pre-purchase contract.
- Schedule: The time between signing the pre-purchase contract and signing the final title deeds is usually one month, although this varies and may be longer or shorter depending on what is agreed in the pre-purchase contract.
On the agreed date of purchase of your Spanish property, both parties go to a Notary Public to sign the title deeds. Your lawyer will check the deeds to make sure all details are correct and supervise payment of the final amount. When the signing is finished, you receive the keys to your new property.
Your lawyer will arrange for the title deeds to be registered in your name, pay taxes on your behalf and organise the utilities (water, electricity, etc.) to be contracted in your name.
Taxes & Fees
When you buy a property in Marbella you’re liable for the following taxes and fees:
- Transfer tax (ITP) – between 7 and 10 per cent on resale properties depending on the purchase price.
- VAT – 10 per cent on new properties only.
- Stamp tax (AJD) – 1.5 per cent on new properties only.
- Notary and land registry fees – depend on the complexity of the title deeds. Ask your lawyer for an estimate.
- Legal fees – most lawyers in Marbella charge between 1 and 1.5 per cent of the purchase price.
Need more information? Contact us for advice on buying a property in Marbella.