The buying process in Spain is different to most other countries particularly Northern European countries. We recognise that for most buyers the whole experience is new and unfamiliar, having said that it works, albeit differently.
We always appreciate a meeting with you in the office before we start viewing, just to ensure we have completely understood your requirements as well as outlining the costs involved as well as the legal process ahead.
We will view as many properties as required. If we do not have the right property for you, we will search other agent´s registers on your behalf.
We negotiate the offer on your behalf, assuming the offer is accepted and you have chosen a legal representative. We can provide a list of local bi-lingual solicitors / legal representatives who you can meet and decide who best to represent you quite independently.
Reservation Holding Deposit:
Once the offer is accepted we ask for, and hold on behalf of the buyer, a €3,000 reservation holding deposit (can be more for properties of €600,000 and above). This reserves the property for a period of approx. 4 weeks and prevents any other agent from marketing it. During the 4 weeks the buyer liaises with their bank / legal representative and prepares all paperwork in preparation for the exchange of contracts.
At the end of the 4 week period contracts are exchanged whereby the buyer will pay 10% of the agreed purchase price ( less the reservation holding deposit ) directly to the vendor and confirmation that the balance of 90% will be paid within an agreed timescale, typically 6 to 8 weeks after exchange. Both buyer and seller sign a private contract as well as an inventory of belongings included ( or not ) in the sale price. Exchange can take place without the buyer or seller having to be in Spain.
Signing of the deeds:
Unless either or both parties assign to someone a Power of Attorney to represent them, then both buyers and sellers are required to sign the deeds at the Public Notary in Spain where the balance of funds is paid to the vendor.
Energy Performance Certificate:
As from 01 June 2013 we also ensure the property has a certified EPC ( Energy Performance Certificate ) which is a mandatory requirement to sell.
The buyer´s solicitor is responsible for changing the utilities (water, electricity.....) into the name of the new buyer. It is strongly advisable that all buyers employ a legal representative.
Costs to buy are threefold comprising:-
Transfer tax – this ranges from 8% to 10% depending on the value of the property
Legal fees – Normally around 1% of the purchase price
Land Registration and Notary fees- Normally around 0.25% or less.