GENERAL QUESTIONS

When purchasing a house in Spain, there are three steps:

A booking agreement is signed to start the process. Typically, this process entails making a deposit of about 1% of the purchase price.

The down payment contract – or agreement – must then be signed, and 10% of the purchase price must be paid.
Later, the purchase deed must be signed in front of a notary public.

Finally, the remaining purchase price will be paid, making you the official owner.

When purchasing a house in Spain, there are three steps:

A booking agreement is signed to start the process. Typically, this process entails making a deposit of about 1% of the purchase price.

The down payment contract – or agreement – must then be signed, and 10% of the purchase price must be paid.
Later, the purchase deed must be signed in front of a notary public.

Finally, the remaining purchase price will be paid, making you the official owner.

  • The Escritura (deeds) of the property, also referred to as the IBI (property tax)

  • Receipts from public utilities

  • A list of the furnishing

  • First-occupation license

  • Invoices for community fees from the community if purchasing on an urbanization

  • The last three years’ worth of the community’s general meetings’ minutes

  • If the property has undergone any additions, which ones are they?

  • Is every piece of property listed in the land registry?

Between the signature of the deposit contract and the booking agreement, due diligence is completed. By doing this, you must make sure that everything is in order before depositing a sizable chunk of money.

The agency must give you access to all essential paperwork so that you can review it.

You must ask the land register for an updated extract. That way, you will learn about the area’s legal registration, the owners, and any loans the property may have in the form of a mortgage, deferred obligation, and preferential acquisition rights from such a document.

In addition, you should look for:

  • A duplicate of the seller’s acquisition deed.
  • Certificate of compliance attesting to the property’s appropriateness for the application
  • Certificate for energy efficiency
  • Building technical inspection report certification (ITE by its initial in Spanish)
  • Cadastral citation (the official and binding identifier of the property, an alphanumeric code of 20 characters)
  • Most recently paid property tax (IBI by its initials in Spanish)
  • Most recently utility bills
  • A statement confirming there are no major obligations provided by the community of owners
  • Confirmation that the property complies with all applicable local zoning restrictions – we also advise acquiring copies of the most recent community of owner’s minutes and a certificate from the local council.

This list is not complete; extra goods may frequently be required, depending on the situation.

When it comes to an apartment in the city, the most common issue is that the surface is different from the one listed in the land registration, certificate of aptitude, or cadastre. Also, we must check if any structural changes or additions have been made without the proper authorization, particularly in the attics. In that sense, finding out that the building needs work and that each owner must invest a sizeable sum or that the building failed the technical inspection is one of the most frequent problems. Therefore, you need to be cautious about potential fines for unlawful tourist rentals in big cities, such as Barcelona.

On the other hand, the most frequent issue in rural locations is that a home is constructed on a property that was intended for agriculture rather than habitation or that unauthorized additions were made to the building.

Depending on the region where the property is located, a wide range of potential legal concerns could surface.

This situation depends on where you are in the buying process. You can request a refund if – after making the booking or down payment – you find flaws during the due diligence procedure. However, this provision must have been included in the agreement for the reservation or deposit. In some cases, it is preferable to proceed with the purchase if the final price is reduced to account for the flaw.

You will need to sue the seller only if the flaws are found after the sale. Although the notarial deed should cover your rights in this regard, Spanish law protects the buyer in cases of undisclosed problems.

All costs associated with the acquisition of the property must be covered by the buyer. They consist of the following:

  • Property Transfer Tax (ITP): Depending on the location, but often approximately 10%
  • Fees for registering properties
  • The surplus value, or capital gains tax – only owed by the seller.

It is true that a non-resident can obtain a mortgage in Spain. You must speak with a few banks and review their terms. 70% of the original purchase price is the maximum you can anticipate receiving. The bank will then request documentation of your financial standing in your native country and base its offer on that information.

Alternatively, we can collaborate with highly effective mortgage brokers who can assist you in your mother tongue.

We advise that you sign Spanish wills upon completion (or soon after). Given that you now have a Spanish asset, having a Spanish will is strongly advised. In that matter, any competent attorney will recommend that you take this step.
Once everything is set, your attorney will collect the deed, pay the taxes and notary costs, and register the property in your name.

That would be all. Enjoy your new home and let us know if you need any other assistance.

BREXIT questions

You’ll be relieved to learn that there aren’t any new limits or criteria to be a native of an EU country in order to buy a house in Spain, if you haven’t dug too deeply into the changes that Brexit would entail. In general, there won’t be any weird or new laws to deal with during the procedure or the transfer if you wish to invest in Marbella real estate.

You’ll be relieved to learn that there aren’t any new limits or criteria to be a native of an EU country in order to buy a house in Spain, if you haven’t dug too deeply into the changes that Brexit would entail. In general, there won’t be any weird or new laws to deal with during the procedure or the transfer if you wish to invest in Marbella real estate.

If you’re considering selling instead, you could also be concerned about your ability to do so and any potential drawbacks. You’ll discover that there aren’t any additional expenses or regulations to get in your way other than taxes which might be hard to forecast.

You might be interested in contacting our team if you wish to advertise your property in Spain.

Regarding tourist rentals, the laws governing rental properties can differ from one place to another. In that token, there are no constraints in place that should apply to landlords who are not EU citizens, except from this commonality (nor do there seem to be any plans that may cause difficulties).

Most of buyers will consider pricing essential. Regardless of Brexit, there are several taxes you must consider, such as Spanish VAT and stamp duty, which do not expressly target expats. There won’t likely be any additional fees for you to deal with, aside from potential fluctuations in currency exchange rates.

All real estate transactions in Spain are concluded with the signature of the deed in front of a Spanish public official, establishing the parties’ identities and validating the transaction. Even though there won’t be any differences after Brexit, it may be a good idea to get counsel from someone who is knowledgeable about both Spanish and UK real estate transactions.

Finding the ideal home for sale in Spain isn’t always the easiest chore to perform alone, as our team of experts who have been in the business for years can attest. Fortunately, our staff at Luxury Property Finder Marbella is here to help you every step of the way, whether you’re looking for opulent villas or fincas for sale at the Costa del Sol.

We’ll be pleased to assist you in finding the ideal property to suit your needs due to our knowledge on the market. Why not let our property experts attend to you immediately if you’re interested in buying a buy-to-let, a vacation house, or even a permanent abode if you intend to live at the Costa del Sol?

The Finest Collection At

White Villas MARBELLA

2023

ADDRESS:

No 10, Seaview Buildings,
Golden mile,
Marbella
29679

Phone:

(+34) 601901333
(+34) 952123123

E-mail:

info@white-villas-marbella.com

Maria Perez

SALES DIRECTOR

    Phone:

    (+34) 600123123

    (+34) 952123123

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