Procedure of a property purchase at #Costa Blanca

• After an agreement of the sale price, a deposit of € 5,000 as a reservation fee has to be paid to withdraw the property off the market
• A legally binding agreement is created between seller and buyer, upon signing this contract 10% of the purchase price (less the deposit) are payable (in new buildings, the payments might be different)
• Obtain the necessary documents (tax number (NIE), bank account opening, etc.)
• At the time of the certification by the notary the remaining 90% have to be paid by Spanish bankers drafts. The keys are handed over at the same moment. The property can be used immediately.
• Changes of the titles with the suppliers (water, electricity, taxes, etc.)
• Payment of purchasing costs
• Registry of the property in the relevant land registry

Important information #for you as a buyer

• Should the buyer changed his mind and doesn’t want to buy the property any longer, he loses his reservation deposit
• If legal problems with the property occur which couldn’t be resolved, the buyer gets the reservation deposit back
• The buyer has not to be present in Spain, neither for the payment nor for the signature of the private purchase contract. However the buyer(s) have to be present at completion day at the notary (or being represented by somebody with a power of attorney in Spanish done at a notary).
• The purchase costs are charged to the buyer. The amount depends on the kind of property and is between 11% and 13% percent of the purchase price. These mainly include notary fees, land registry, purchase tax (10%) (ITP = Property Transfer Tax), if no ITP is applied, the buyer pays sales tax (IVA) of 10% plus 1.5% tax on documents.
• The notary will prepare the deed from the information supplied to him and will check compliance with Spanish law, but will not make any enquiries on the property like a solicitor in UK would do
• Our service is free for the buyer, as in Spain, the seller pays the commission.