Exclusive Marbella can assist you in selecting a suitable home in Spain. We will show you properties that meet your requirements and will not pressure you into purchasing anything that may not be appropriate for you.
Once you have selected a property, we will help you negotiate the price. After a verbal agreement is reached, we will introduce you to an English-speaking Spanish lawyer with extensive knowledge of the Spanish housing market who will assist you from the start of negotiations through to completion.
Instructing a lawyer
If you do not have your own lawyer, Exclusive Marbella can introduce you to an independent lawyer we have worked with for many years. Alternatively, the British Consulate can provide details of a reputable lawyer within the area where you are purchasing your property.
Paying the deposit
Once you have decided on your new home, the next step is to pay the Offer and Reservation Deposit through your lawyer. This amount ranges from 3,000 to 6,000 euros (2-4,000 pounds), at which point the property is taken off the market. Deposits can be made “Subject to…” for a short period, allowing you to arrange finances and ensure you are ready to proceed with the purchase.
Spanish law now includes a "7 day cooling off" period, giving you time to confirm your decision to purchase the chosen property.
The Private Purchase Contract
After paying the reservation deposit, the next step is signing the Private Purchase Contract (PPC).
This occurs after your lawyer verifies that the property complies with building regulations and has relevant licenses, ensuring it is legal and debt-free.
The PPC is usually signed within 2-4 weeks of paying the reservation deposit, although this period can be extended if agreed by both parties.
Upon signing the PPC, a 10% deposit of the purchase price is payable, minus the reservation deposit for 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, typically ranging from 10% to 40%)
A completion date will be set within 4 weeks of signing the PPC. If the purchaser withdraws, they forfeit the 10% deposit. If the vendor cancels the contract, they must repay the 10% to the purchaser plus another 10% as compensation.
NIE
Before completion, you must apply for your N.I.E. Fiscal number, a foreigners identification number necessary to purchase property in Spain. Your lawyer will assist with this process.
Signing of the Public Contract
Completion occurs on the date established at the PPC signing. Your lawyer will schedule an appointment with the Notary, who will verify documents. Upon satisfactory review, the balance of the purchase price will be paid, and the Notary will prepare and sign the new title deed in front of you and your lawyer. The deeds are then submitted to the Land Registry for registration in your name.
Keys to the property will be handed over at the Notary office.
You are now the owner of your property in Spain.
After your purchase
Following the acquisition, your lawyer will arrange for utility bills to be transferred to your name. Opening a Spanish bank account is necessary for direct-debit payments.
Exclusive Marbella is available to assist with any issues that may arise. We can also help with furnishing or decorating your new home. Our Property Management and rentals team is available to manage or rent out your property while you are abroad.
Our after-sales team is available to provide any advice needed following the purchase of your property.