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Welcome to the frequently asked
questions about legal matters
Can I negotiate on the purchase price
and conditions ?
Once you have chosen a suitable property, the purchase
price, terms and conditions are discussed with the vendor.
Your offer may be subject to a mortgage, or you may require
a delayed completion. This must be stated at the time
of the offer. We can recommend a lawyer who can help you
with this process.
Do I pay a deposit to the vendor ?
A deposit is not normally paid direct to the vendor,
but to the selling agent or lawyer representing you in
your purchase. The minimum normally required is in the
region of 3000 euros, but may be greater for the higher-priced
property. This reservation deposit is paid by cash or
credit card, and will reserve the property until contracts
can be exchanged and 10% paid over.
How do I choose a lawyer to represent
me ?
We can recommend a number of different lawyers who can
represent you in your purchase. They will speak in your
native language, can be reached by phone, fax, and email,
and are happy to ensure that your purchase is as trouble-free
as possible. A lawyer will provide legal guarantees that
the purchase of your property is free from any debts or
charges, and that all fees including electricity, water
and community fees are paid up to the day of completion.
When are the contracts exchanged ?
Upon acceptance of the offer by the vendor and payment
of the reservation deposit, the next step is to exchange
private contracts. This normally takes place within about
14 days. Your legal representative would have made steps
to make sure the property is free of debt or problems
as above, and the private contract will set out the agreed
selling price and the date of completion at the notary.
It is normal practice at this stage to pay 10% of the
purchase price.
What is a notary ?
A notary formalizes the sale of a property; they check
that the title deeds and purchase are in order before
the final payment is made, and the purchase document signed.
The notary will then fax a copy of the purchase document
to the local land registry office, and the final registration
of the documentation normally takes around 2 months.
What if I change my mind ?
You are committed by the signing of the private purchase
contract, and if you choose not to complete the transaction
you will lose your 10%. If you have not reached this stage
of the purchase all you will lose is your deposit.
What are community fees ?
Community fees generally apply to properties that share
benefits e.g. community swimming pool(s), general maintenance,
gardening and security. These fees are set by a president
and committee who are voted in at an AGM (Annual General
Meeting) every year.
Is it easy to open a bank account in
Spain ?
This can be arranged by you or your lawyer, and is very
straight forward. Normally all that is required is a passport
and a small deposit to the account.
Are properties freehold ?
Yes they are.
Who pays your commission ?
The vendor pays our commission; you the buyer pay no
fees or commission.
Are there any additional fees to pay
like stamp duty in the UK ?
Yes there are; as a rule you should allow an additional
10% on top of the purchase price, to cover fees including
lawyers, the notary, property registration and transfer
tax.
Any more questions ?
If you require any further information, or have any questions
please do not hesitate to contact us! legals@exclusive-marbella.com
For an efficient, professional and reliable
service - Exclusive Estates Marbella S.L.
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