The Purchasing Process
It takes a warm welcome to introduce you into New Homes Marbella, whereby through the sunny waters of Costa del Sol makes it easy for anyone willing or not just but decide that its home experience living in spectacular holiday retreat. Costa del Sol, located within the wonder of Andalucia in Spain enjoys a staggering 300 days of flawless weather conditions each year. Although there are many bright landscapes here, this place is also famous for elite Championship golf courses follows and various other restaurants following every budget.
Looking for your new dream home can be daunting and that’s where we come in as we know every development that is happening on the Costa Del Sol. We understand our clients’ needs with different types of properties Villas Townhouses Apartment etc. Size of Property: No. of Bedrooms, Amenities: Private/shared pool, onsite gym, private garden/communal gardens; On-Site restaurants. Ideal Locations such as In the vicinity of Beach, Golf Course Location-presence or absence near shops.
Financial Planning and Budget: Understanding the fact that foreign buyers in Spain will have to bear additional costs of buying a property on Costa del Sol is pertinent. We guide you through the purchasing process and associated costs. Purchasing Costs: Property price, notary fees the title deed tax and land registration fee (about 1-2.5% of purchase property should be noted). Transfer Tax (ITP): Suitable at 7% for a resale property. Legal Fees: Roughly 1% of the purchase price (with VAT included). Mortgage Costs: Around 1–2% of the cost price. At New Homes Marbella, we advise that one should consider an additional cost of 10- 15% from the purchase price for extra costs and taxes. You should get advice from an independent lawyer to have a better understanding with regard to legal costs and risks.
Tax Identification Number: The critical step required for foreign buyers in Spain to apply a tax identification number ( NIE ). One can get it directly in Spain, via a consulate of this country; online or through lawyer. The Purchasing Process once you have chosen a property a Reservation Document is made a deposit which is set by the developer is paid to assure the property is reserved. Next is Private Purchase Contract: Also, after legal verifications taking place a private purchase contract (‘Contrato Privado de Compraventa’) is executed with the total property price. The customer pays a 10% non refundable deposit. Signing of Title Deeds Completion is done at the local Notary. The buyer pays the balance of purchase price and property transfer tax. Land registry is registered, and you get keys to your property. New Homes Marbella is delighted to take you through this exiting process all the way from planning stage, professional advice and personalized service till on arriving moment when door opens to your future home.
When navigating the intricate process of buying or selling a property in Spain, securing legal representation is not just advisable; it's essential. The legal intricacies of real estate transactions demand the expertise of a knowledgeable lawyer, and New Homes Marbella stands ready to connect you with trusted independent legal professionals.
If you're selling your property, a lawyer becomes a crucial ally, aiding in comprehending and organizing the myriad of necessary documents. This includes navigating licenses, charges, legal statuses, cadastral values, and other financial processes integral to a successful sale. From addressing outstanding mortgages to settling taxes and community debts, a lawyer ensures that all legal hurdles are cleared before your property hits the market.
On the flip side, if you're embarking on a property purchase in Spain, your lawyer becomes your guide through the intricate process. They handle the drafting of contracts, conduct essential legal checks, and manage various financial aspects such as notary fees, Title Deed tax, Land Registration Fee, Transfer Tax, and more. Come completion day, your lawyer ensures that all relevant taxes are settled, facilitating a seamless transfer of property from seller to purchaser. This comprehensive service typically incurs a fee of 1% of the purchase price.
A vital requirement when purchasing property in Spain is the need for a Spanish bank account. This account not only facilitates the payment of utility bills and fees to the Community of Property Owners (if applicable) but is also indispensable if you are obtaining a mortgage for your property purchase. Your lawyer will guide you through the process, ensuring that all financial aspects are in order.
At New Homes Marbella, we understand the importance of a reliable legal partner in real estate transactions. By connecting you with experienced lawyers, we aim to make your property journey in Spain not just successful but also legally secure.