- You have found the ideal property and a price was agreed with the seller.
- Since properties can be advertised with various estate agents, the first step is to reserve the property so it can be taken off the market.
- You will transfer 5.000euros to our client’s account to reserve the property and give the lawyer 3 to 4 weeks’ time to look into the legal status of the property.
- A notary in Spain has a different role than in other countries, they only put their signature to the contracts and deeds and they don’t investigate the legal status of the property.
- It’s necessary to work with a lawyer as they are the ones to investigate the property and make sure everything is in order and no debts are linked to the property. We advise you to employ a lawyer, he is a key figure in your purchase.
- The lawyer will also provide you with the NIE number (tax identification) and will open a Spanish bank account to be able to purchase a property in Spain.
- You can give your lawyer power of attorney so they can take care of every step in the process without you being here in Spain. This way you avoid having to come to Spain for administration purposes or the signing of contracts. Things go smoother this way. You can arrange the power of attorney in Spain or in your own country (the last option is more expensive and complex).
- If the search of the lawyer is positive, the private purchase contract will be prepared for signing. If the legal search has a negative outcome, you will be refunded the full 5.000euros paid as reservation fee.
The buying process
Step 1 : Determine your wishes and budget
Step 2: Searching and selecting of properties
Step 3 : Planning viewings
Step 4: You have decided to buy, next step is the reservation contract
Step 5: Private purchase contract
Step 6: Completion at the notary (Escritura)
Step 7 : After Sales Services
Step 1 : Determine your wishes and budget
- Are you looking for a property close to the coast, inland or a village?
- Do you want an investment property, holiday home or permanent home?
- Which type of property is right for you? An apartment, detached villa, townhouse, an urbanization villa or a B&B?
- Do you prefer resale or newly built properties?/li>
- You have to take into account the following costs and expenses: With a resale property it’s about 11% of the sales price (transfer tax, notary and lawyer costs and registration fees) For newly built properties the costs are about 2 to 3% higher
Step 2: Searching and selecting of properties
- On our website you can find a limited selection of available properties of our own listings.
- However, we have access to properties of partners to offer you as many possibilities as possible.
- Do you have specific wishes? We will look for properties that meet your criteria.
- The more information you provide to us, the easier it will be for us to find the right properties.
- At Immotions Real Esate you have one person who will advice and accompany you with your search, purchase and the follow up of your property at the Costa del Sol.
Step 3 : Planning viewings
- When we found a good selection of properties together based on your wishes, we can plan your viewing.
- We will take care of everything beforehand so you can maximize your time searching for your dream property.
- This is the ideal way to view selected properties and getting to know the area.
Step 4: You have decided to buy, next step is the reservation contract
Step 5: Private purchase contract
- About three weeks after the reservation contract, if the legal searches have been concluded and the lawyer is convinced everything is order, a private purchase contract will be drawn up.
- At this moment, 10% of the price will be paid, less the 5.000euros already paid for the reservation of the property.
- If you want to abandon the purchase for personal reasons at this point you will lose your money.
- If the seller wants to abandon the sale at this stage, they will have to pay back the 10% already paid by you and are required to pay you another 10% of the sales price as extra compensation.
Step 6: Completion at the notary (Escritura)
- The signing of the deeds will occur at the notary approximately three months after the signing of the reservation contract.
- At the notary you will pay the remaining sum of money.
- Afterwards the sale deeds will be signed by you (or your lawyer with power of attorney), the seller(s) and the notary and you will receive the keys of the property.
- If you cannot be present for completion, the lawyer will sign the deeds in your name and you can pick up the escritura and keys later on when you are in Spain.
Step 7 : After Sales Services
- We are still available for you after the completion of your purchase.
- We offer you the complete package, we will be your go-to person for the right contacts with regards to reformations, maintenance of your property, garden and pool, a gestor (who can represent you for administration purposes) etc.
- For all your enquiries and doubts we are here for you, you can count on us.