Buy your property

The process of buying a property in Spain is very similar as in many other European countries, but there are some differences and specifics that you should know before begins, and for that it is highly recommended to get professional assistance from this first moment. For example, there are two important things you have to do when you have decided to buy a property in Spain: to get the NIE number (the ID for foreigners in Spain) and a Spanish bank account.

Professional assistance: The next step will be the search of your property and you would want to get guidance for this. Anyone can access to a lot of information by internet, such as maps or prices, but with us you will get valuable tips of information from our local team that will help you to know better the different areas along the Costa del Sol and to find the right kind of property. Our knowledge of the market and the whole area, together with our negotiation skills, make us very reliable on the services we provide, and make sure that we will do our best to get you always the best possible deal.

Once the price is settled there will be 3 important moments on the sale process:

Reservation contract: this is a temporary document that is signed by the two parties, buyer and vendor, when an offer has been made and accepted. The reservation contract expresses the basic terms and conditions of the purchase and takes the property out of the market while the due diligence is conducted.

This document is normally accompanied by a deposit of 6.000 euros (can vary from 3.000€ to 10.000€ depending on the property) that can be held on a client’s account of RADAR ESTATES or with a lawyer of your choice. The deposit, by law, is fully refundable in the event that your lawyer should find any legal impediment in relation to the property in question.

The reservation document is in the end an agreement between the buyer and the vendor to proceed with the sale of the property and it gives the buyer normally a period of 14 days to conduct the due diligence and/or to arrange the mortgage, and, together with the deposit, it secures the property which will be reserved to you and off the market during this time.

Of course, the mentioned deposit will be deducted from the total purchase price in the case you go on with the operation. It is highly recommended to have a lawyer or solicitor that can and will verify all the documents and licenses of the property you want to purchase. We can recommend you some lawyers that will do this for you and many more, such as: the inscription of the title deed in the land registry, arrange the payment of all relevant taxes related to the purchase and the town hall taxes (IBI and rubbish collection), setting up the contracts for water, electricity, internet, etc.

Private Purchase Contract: this is the contract between the buyer and the vendor, drawn and signed normally within a month after the reservation, that sets out the terms and conditions agreed and contains a minimum of requirements: identification of the property (with exact address, dimensions, features and mention of the Cadastral Reference and registration of the property), perfect identification of the buyer and vendor with legal declaration from both being legally positioned to buy and sell the property respectively, the total price of the purchase and the completion date.

This contract is prepared by your lawyer, after the due diligence has been conducted and comes with a positive result. At the moment of signing it, you will have to pay the 10% of the purchase price, minus the amount already paid as a deposit. This deposit, made with the reservation contract, is fully refundable in the case that the private contract of purchase is not signed at the conditions stated and the imputable part is the vendor.

Completion: the sale is completed by signing and obtaining the Public Title Deed on the Notary, normally within 2 or 3 months. The Notary will ensure that all legal requirements have been met and the amounts pending of payment are settled. The buyer pays to the vendor the final balance and the vendor gives the keys to the buyer, transferring the property to him, who can take possession of the property immediately. In this act, the transfer of the property has taken place and the property registry is informed, so the inscription of the sale guarantees this transfer of the property.

Congratulations, now all the legal steps have been made and you have the Public Title Deed and the keys to your new house, now is time to enjoy it!!!

There will be still some arrangements to make, as we mentioned before, like the contracts with the service suppliers for the property that are normally handled by your lawyer, but we, RADAR ESTATES, will be going with you through the entire process of purchasing your property on the Costa del Sol and will offer you guidance and our experience.

For more information or further assistance you can contact us directly.

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