The Spanish buying process differs significantly from that in other countries.
There are no formal viewings like we are used to in Norway and other countries. Properties are advertised online by all or many Spanish estate agents.
The buying process requires experience and effort here in Spain. You will definitely need professional support and service. Perfect Marbella will help you through the total process.
See “ why us” on top of the page.
We will help you throughout all the steps from where you start dreaming until you get your dream home in Spain.
- Research
There are thousands of properties on the Costa del Sol area for sale. We have more or less all for sale in our database.
Finding the right property requires an important effort. The most important question is “what do you really want?”….and then.. all the questions to have occurred accordingly will be making the basis of your “wishlist”.
You will need to work with a professional real estate agency that ask you the right questions & to be a good listener to understand your needs and expectations to find the right property for you.
- Viewing Tour
Now location, size, number of rooms, budget are now clear. Now it is time to buy your ticket and come to the Costa Del Sol / Malaga. We will visit your favorite properties together and we will make sure if your expectations are met. You will get answers to many more questions that may arise during this trip.
- Legal Consultancy
When you find a property that you want to buy, you should have a lawyer for the property buying process. You can work with your own or the one that will be advised by us.
- Situation Analysis
The main rule for avoiding risks in property buying is to make the right situation analysis. Ther lawyer will check and make sure that there are not any problems about;
- The legal situation of ownership and property
• Exemption of property from debts and fees
• Public services to be up to date
• They will do a total “due dill”
- Contract
a. Reservation Contract.
Once you have selected a property, you need to pay a deposit and sign a reservation document. The deposit, or down-payment, is usually between 3,000 and 10,000 Euros (for properties of more than 3 mill euro it is normally 1 % of the contract price) that is held by the seller’s lawyer or estate agency and which is used to guarantee the purchase and take the property off the market, as well as freezing the price.
It is important to stress that, should the purchasers decide not to proceed with the purchase, they will not get the deposit back, except where there is express agreement otherwise, such as where the purchaser does not obtain the necessary financing or where problems arise of a legal or urban development nature that advise against the purchase.
b. Purchase contract. (Contrato de Compraventa).
The next step is to draw up and sign a purchase contract (Contrato de Compraventa).
Although the specific conditions of the agreement will be defined in the purchase contract, some fundamental aspects will already be set out in the reservation document, such as deadlines, price, expenses, etc. and they must be respected thereafter.
c. Title deeds. (Escritura Publica).
The transaction only becomes final once the title deeds (Escritura Publica) are registered with the notary.
All contracts are in Spanish and are normally regulated by Spanish law. Get a solicitor to help you with this process – ideally one who speaks both your language and Spanish.
This prosess normally takes 5-6 weeks.
- Getting an NIE Number and Opening A Bank Account
NIE (Número de Identificación de Extranjeros) shows that you are registered in Spanish authorities and is mandatory for buying a property in Spain. This is a relatively simple process that only requires a visit to the Foreigners Office with required documents. Your lawyer will be assisting you also in this Process.
After getting your NIE number, the lawyer will open a bank account in Spain for you.
- Title Deed
Title Deed will be signed in front of a Notary. You will pay the remaining amount for the property and you will have your property.
At this stage, known as “Copia Simple”, you will get a copy of the document. If you got a mortgage for the property, the bank would keep the original document until all the debts are paid.
- Land Registry
Once the Title Deed is signed in Notary, your data is registered in Land Registry.
- Taxes and Legal Fees
Taxes and legal fees may differ according to many factors. While paying the legal fees you should ask for detailed receipts for you to know exactly what you have paid for. For notary fees and taxes paid, you should be receiving original invoices. You should also keep all these documents, invoices, and receipts.
When the purchase process is completed, there would be ownership taxes that should be paid regularly as IBI (Municipality Tax). Either a resident in Spain or not, all the property owners are responsible for IBI.
Maybe this sounds complicated…but Perfect Marbella will do all this for you, and make sure that this is a process will end with 100% happiness for you!
We will make assure that it will be…
Mortgage in Spain.
For the non-residents, a loan can be up to 70% of property value, while for residents can be 80%. The duration can be a maximum of 30 years, but this period cannot pass the retirement age of the buyer.
Documents needed for applying for a mortgage in Spain:
- Detailed information about the property
- Your NIE number and passport copy
- Documents to declare your financial situation
- Bank account statement
- Residence address
The number of asked documents can increase according to the bank. The important thing here is for them to be able to confirm your financial status for that you can pay the loan back.
We collaborate with difference Spanish banks.
Also with DNB Luxembourg, Nykredit and Handelsbanken
When banks accepted the initial document, they take out expertise and calculate the real estate’s value accordingly. which will be the base for the mortgage. The cost of the report varies from area to area and property to property, but in general it around 500-600 Euros. Mortgage conditions and interest rates can be different from one bank to another. The whole process from application to approval can take 4 to 6 weeks.
Payment Options of buying properies under construction
When you buy a property under construction or off-plan projects, construction companies may offer different payment options.
Perfect Marbella only work with trusted construction companies. All the contracts of construction companies are reviewed by our / your lawyer when it comes to the purchase contract.