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Choosing the right property
We at Exclusive Marbella will help you to choose your dream home in Spain. We will show you the right properties to suit your requirements and will not hassle you into buying anything that is not right for you.
Once you have chosen your desired property, we will help you to negotiate the best price for the property. When the price has been verbally agreed, we will then introduce you to an English speaking Spanish lawyer who will have extensive knowledge of the Spanish housing market and will be with you from start of negotiations through to completion.
Instructing a lawyer
As previously stated, we can introduce you to an independent lawyer with whom we have entrusted with many clients over many years, this is of course if you do not have your own lawyer, which if you have bought property in Spain before, you may well have. Or if you prefer we can put you in touch with the British Consulate who will be only too pleased to give you the details of a reputable lawyer within the area that you have decided to purchase your property.
Paying the deposit
When you have decided on your new home, the next stage is to go to your lawyers to pay the Offer and Reservation Deposit. This will be between 3,000 to 6,000 euros (2-4,000 pounds). The property is then taken off the market. Deposits can be made “Subject to……..” for a very short period of time. This will help you to arrange your finances and to make sure that you are in a position to proceed with the purchase.
There is also a new "7 day cooling off" period that has just been introduced by Spanish law, giving you the option to know that you are making the correct decision in purchasing the property you have chosen.
The Private Purchase Contract
After you have paid your reservation deposit, the next stage will be to go to Private Purchase Contract or PPC.
This will take place after your lawyer has checked that the property complies with all building regulations and has the relevant licences in place and also that the property is perfectly legal and has no debts on the property.
The PPC is usually signed within 2-4 weeks of the reservation deposit being paid, a little longer if agreed by both vendor and purchaser.
On the signing of the PPC a 10% deposit of the purchase price is payable minus the reservation deposit on all re-sale properties.
e.g. Purchase Price 300,000 euros
Minus Res. Fee 6,000 euros
Payable at signing 24,000 euros
(Off-plan properties depend on the developer's payment schedule when signing the PPC but anything between 10% and 40% is normal)
When the PPC has been signed, a date will then be set for completion, normally within 4 weeks of the signing of the PPC. If you, the purchaser, were then to pull out of the purchase, you would forfeit your 10% deposit. Alternatively, if the vendor were to cancel the contract, he would have to re-pay the 10% to you plus another 10% as compensation.
Before you go to completion you will need to apply for your N.I.E. Fiscal number. This is a foreigners identification number which all foreigners need to purchase a property in Spain. Your lawyer will help you with this.
Signing of the Public Contract
This will be the date given for completion at the time of signing the PPC. Your lawyer will make an appointment for you both to go to the Notary where all documents are checked by the Notario and when all is satisfactory, the balance of the purchase price will be paid and a new title deed will be prepared and signed by the Notario in front of you and your lawyer. The deeds are then submitted to the Land registry for the new registration into your name.
You will then be handed the keys, at the Notary, for your new property.
You are now the proud owner of your property in Spain.
After your purchase
Now that you have taken charge of your new property, your lawyer will organise for all of the utility bills to be amended into your name. You will need to open a Spanish bank account as utilities are normally by Direct-debit.
In all cases, we at Exclusive Marbella are on hand at all times to help you with any problems that may arise. We are only a phone call away to answer any queries or questions that you may need answering.
Exclusive Marbella can also help you in furnishing or decorating your new home. We also have a 1st class Property Management and rentals team on hand to help you rent out or manage your property whilst you are out of the country.
Our after sales team will also give you any advice that you may need after purchasing your dream home in the sun.
Please do not hesitate to contact us for any further information by filling in the contact form below.