|  |  |
1) Having decided on the property and having agreed a price, the first step is to sign a private purchase/sales contract and pay a 10% holding deposit. The deposit is necessary to reserve the property in your name and remove it from the market for the period of the private contract until completion takes place.
2) The selling agent will require personal details, including copies of the passports, of the purchasers who intend to be on the new title deed (Escritura). You must also have agreed the currency in which the purchase price is to be paid and a final completion date. You will also require a Spanish bank account and N.I.E. (Numero de Extranjero).
3) We strongly recommend you employ the services of an independent English speaking lawyer to carry out the relevant and necessary searches to ensure that the property is TOTALLY FREE from all liabilities, financial claims and tenants, as well as ensuring that all payments of municipal taxes, utility services and community fees if any, are paid up.
4) Once the searches have been made then you will need to make arrangements for the balance of the purchase price to be paid to the Vendor on the day of completion. Should you be unable to attend the actual signing of the title deed, the lawyer can sign on your behalf.
5) Upon signing of the title deeds you will be required to pay the additional costs of purchase which are shown below. Again these funds should already have been lodged with your lawyer prior to completion.
6) After signing the new title deed (escritura) you will be provided with a notarized copy (escopia simple) stamped by the Notary and the original will be sent to the Land Registry to be inscribed in your name.
7) Having signed the title deed and taken possession of the property it will be necessary to change various items of paperwork into your name, e.g. contribucion (rates), water, electricity and telephone contracts, etc., and to advise Town Hall of change of ownership of the property. |
|
|
There are a number of fees and taxes that have to be paid in order to get your new title deed (Escritura) registered.
a) Notary fees. These vary slightly from property to property depending on the complexity of the title deed and the value of the property concerned, but will normally be about 1-1.5%
b) Registration fees. Again these vary slightly according to the declared price on the Escritura but one should calculate approximately € 300 - € 500
c) Transfer tax. Re-sale property bears a charge of 7% of the price declared on the new Escritura but is exempt from VAT. This tax shall not be applicable for properties being bought from a developer or building company, but VAT at a current rate of 7%, plus 1% stamp duty is payable.
N.B. The total cost of all the transfer taxes and fees will not exceed 11% of the purchase price of the property. In order to avoid incurring further costs, the assistance of an independent qualified lawyer is strongly recommended. (There are a small number of real dedicated expertize in rural properties that we can introduce for your own individual appraisal).
Don't forget backed up by total Title Insurance if required... |
|
|
Images of AndaluciaHigh Street Office: Calle Blas Infante 36, Villanueva del Rosario, 29312, Malaga, Spain
Ph: +34 95 274 25 01 Fx: +34 95 270 92 96 Email: Click Here
Reg. Office: Cortijo del Roble, Carboneras, Villanueva del Rosario, 29312 Malaga Spain
Ph: +34 95 211 11 78 Fx: +34 95 270 92 96 Email: Click Here
Cellphones: +34 655 910 194 / +34 655 910 195
Skype Username: imagesofandalucia
Legal Disclaimer Registration Details |  |  | |
