We would like to advise you on some things you should consider when buying a property on Costa del Sol. The description below is how it usually works.
First of all, we would like to recommend that you take the help of only one broker, because "everyone can sell everything". This also applies to homes that are for sale with other brokerage firms. This makes it easier for you as a customer to choose a broker that you feel safe with and that you avoid the hassle of booking meetings with different brokers and explaining to them what you are looking for.
Another important thing to keep in mind is that in Spain there is no so-called open bidding where everyone can follow the bid. On the contrary, here a closed bidding takes place between the customer and the seller. Therefore, you never know when a home is about to be sold. If you find a home that you like, you should make an offer as soon as possible if you are interested. It is simply "first come, first served" - whoever pays the deposit (which is usually an amount of €6,000) first, is the one who gets to reserve the home and the opportunity to buy the home. When the deposit is paid in connection with a reservation contract, the home is removed from the market. The deposit is paid into the lawyer's client funds account, where the money is safe. When this has happened, the lawyer goes through all the documentation and that there are no debts, mortgages, tenants, etc., so that it will be a safe and secure deal for you as a buyer. Should the lawyer find something that does not seem correct, the customer has the right to get the deposit back and cancel the purchase. (But it's important to remember, in Spain you buy as-is. So you can't get your money back if there's something wrong with the home itself.) When the lawyer approves that everything looks good, you move on to the purchase agreement and that's it the deposit of 10% must be paid.
What should also be considered are the extra costs that are added in addition to the purchase price. When buying second-hand homes, the following applies: 7% in transfer tax, approx. 1% to the notary and 1% to the lawyer. In total, you can count on approx. 9% extra in addition to the purchase price.
When it comes to new production, the following fees apply: 10% tax, approx. 1% notary, 1% lawyer and 1.2% stamp duty. Total approx. 13.2%.
It usually takes a total of about 1.5 months until the deed is written and the remaining part of the purchase price is paid, the home is transferred from the previous owner to the new owner and the keys are handed over. But you as the buyer don't have to be here then, the lawyer and we will take care of the keys until you can come down and receive them.
When this has happened, the deed is submitted to the land registry and the home is officially registered in the name of the new owner. This is handled by the lawyer, who also transfers all ongoing contracts such as electricity, water, owner's association and taxes in the correct name. Then the other legal title costs and transfer tax are also regulated.
Welcome to realize your dream with us at HomenetSpain - we are with you throughout the entire process - before, during and after the deal!
