Long Term Lets in Javea, Moraira and Benitachell

The Purchase Process

It is important when you purchase a property in Spain to make sure that you have all of the correct information BEFORE you make the plunge.
 
Here is our guide to the process involved in buying a property here in Spain:
 
Viewings - viewings are mostly conducted in this area on a one-to-one basis with your agent. It is not unusual for one agent to show another agent's properties - this does not cost the purchaser any more money, as the two agents share the fees in the event of a sale.
 
Offers - in the same way as the UK, once you have decided you would like to purchase a particular property you make an offer, via the agent, to the vendor. Also, in the same way as the UK, there may entail a little toing and froing by the agent between vendor and yourselves to reach agreement.
 
Deposit - it is usual here, once a purchase price has been agreed, to leave a reservation deposit with the agent (usually 3,000 to 5,000 euros). This ensures that the property is taken from the market and is unavailable to other potential buyers whilst the contract is being drawn up. This deposit is non-refundable if you pull out, and the paperwork is all in order.
 
Contract - the contract should be drawn up a few days after the reservation deposit has been paid, and once all of the relevant paperwork has been collated. The lawyers will require copies of photo identity, title deeds for the property, rates and utility bills and will need to check that there are no outstanding debts on the property. Contracts will be in Spanish and will defer to Spanish law. (Some contracts will also be in English, but if not ensure that your lawyer provides you with a full translation).
The purchase contract will usually require you to pay 10% of the purchase price - either at the point of signing the contract, or at an agreed date thereafter (often approximately 14 days)
 
Legal Representation - although purchasing a property is not complicated in Spain, and your agent should be able to take you through the process smoothly, we would always recommend that an independent lawyer is retained. There are several lawyers in this part of Spain - we feel that it is always sensible to use lawyers that come recommended - and many of them speak excellent English.
Once the sale is completed, your lawyer should them change all relevant documentation and bills into your name.
 
The Notary - all purchases in Spain are completed in the presence of an official Notary, where the title deeds are signed over from vendor to purchaser. The appointment will be made either by the agent or one of the lawyers either before (by mutual agreement) or on the date of completion as stated in the purchase contract.
 
Costs of Purchase - the costs involved with purchasing a property in Spain can be almost as much as 11% on top of the purchase price. There is a 11% purchase tax (11% of the purchase price) that needs paying to the Spanish government, there are notary fees, and of course legal fees if a lawyer is retained.

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