Buying in Spain with Relocate Almeria
Relocate Almeria are accredited FBEAS agents

The Buying Process

The team at Relocate Almeria will assist you through each step of the buying process to ensure a stress free experience. This information produced by the Federation of British Estate Agents in Spain (FBEAS) will provide some useful information and guidance.

Confirm your finances

Know what your budget is and stick to it. If you need a mortgage to buy the property of your choice make sure you have agreed it in principle before you start looking. Be aware of the extra costs involved in the purchase plus the hidden costs such as moving, insurance etc.

Make a wish list

Buying a property is almost always a compromise of one sort or another, so be sensible. Split your list into "must have" and "nice to have". Of course there are many things to take into consideration when choosing a property, but if you can make your wish list available to your FBEAS agent it will help him to find suitable properties for you to view.

Do your homework

Research the area you are interested in.

Find your FBEAS Agent

It may seem tempting to buy privately, but in every circumstance we would recommend the use of an FBEAS Member Agent, who can be extremely helpful to the buyer. They will have the local knowledge to find the property of your choice. Additionally by using one of our Agents you will have the peace of mind and reassurance that they are fully registered, experienced and abide by a strict Code of Practise.

Viewing

Discuss with your FBEAS Agent the properties that he considers may interest you. Make a short list and arrange to view.

Making an offer

Once you have decided to purchase a property ,the first step is to make a verbal offer. This should be made through your FBEAS Agent. If you do make an offer please make sure you are in a position to proceed if your offer is accepted.

Appointing a Solicitor

To formalize your offer you will need to appoint a solicitor.

Holding Deposit

Should you agree to proceed with the purchase you will be required to pay a small holding deposit (usually 3000 euros) to take the property off the market, normally for 14 days while your solicitor makes the necessary searches.

Reservation Contract (Option to buy)

This document will be prepared by your solicitor. The document states out all the agreed terms and conditions of the purchase, and states a date for completion. At this stage you will be required to pay a 10% deposit which is non refundable if you do not complete by the agreed date. Please be aware that this is a legally binding contract in Spanish Law.

Completion

On the agreed date, both parties (the buyer and seller or their appointed agents) will attend the office of the notary public. Your solicitor and your FBEAS Agent will be present to explain in detail the procedure. You will sign the “Escritura de Compraventa” (the title deed), which will state the property is sold free of debt and with vacant possession. Note that the Notary Public does not check the details of the purchase but only confirms that each party has agreed them. Payment in full is made at this stage normally via a bankers draft or guaranteed bank cheque and at this stage possession of the property passes to the purchaser.

Costs

There are 3 fees to pay:

Solicitors fees — Normally around 1% of the purchase price.

Notary fees — Fixed by law, normally in the range €300-€900

Property registration fees — Normally around 40% of the Notary fees.

Additionally there are 2 taxes to pay:

Transfer tax (ITP) — Government Transfer Tax — 7% of the purchase price or 7% IVA + 1% Stamp Duty when purchasing a new property from a developer.

Plus Valia — This is the local Town Hall capital gains tax, and is based on the increase in the value of the land since the property last changed hands.

Who pays what?

Apart from the Plus Valia the purchaser is responsible for the above fees and taxes. In some cases the vendor may wish the purchaser to pay the Plus Valia as well. So make sure you understand what you are paying for. As a rule of thumb, if you allow 10% of the purchase price for fees and taxes you won’t be far wrong.


Copyright © Relocate Almeria 2008 – 2010 Site by Dezert Dezine