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Calle Golondrinas, s/n
29604 Carib Playa - Marbella
Malaga - SPAIN

SLG property combines experience, professionalism and a personal approach in order to make your Spanish property purchase a successful and rewarding one. Are you looking for an apartment, house or villa on the Costa del Sol? Then you have come to the right address!

Buying a house in Spain

Placing an offer on a Spanish house

As soon as you have found your dream house you can place an offer. Your Spanish real estate agent will make sure to communicate this to the sellers. As soon as the seller accepts your offer you can reserve the house via an initial deposit.

Prior to viewing
Prior to arriving in Spain, you should make sure that you have sufficient funds to cover the reservation sum at your disposal. The absolute required minimum is normally € 3.000 to € 6.000 but may be greater for higher priced properties. The reservation sum can be paid by credit card or cash. If a cheque is drawn on a foreign bank it may take up to ten days to clear by a Spanish bank.

If you do not have the means to lodge a reservation sum immediately, you may risk losing the property to another party who has the reservation sum ready to lay down. There are virtually no exchange controls in Spain which means that, whether resident or not, you are free to obtain a loan or mortgage for your property in any currency and from any bank in the world. 

Spanish banks are quite willing to lend to non-resident purchasers of Real Estate. You will need:


Once a suitable property has been chosen, the purchase terms and price will need to be negotiated with the seller. You may wish to make your offer subject to mortgage or Lawyer approval, or vary final completion dates, or the method of payment.

The salesman who was good at finding the property may not be as good at negotiating the terms of sale with the owner. Ask to speak with the senior sales person or sales manager in the company and discuss the formation of a team to negotiate and carry through the terms of your purchase. At this stage, the sales person may feel it of benefit to bring a recommended lawyer into the team to assist in the negotiation, making sure that any offer meets his legal criteria.


Choosing a Lawyer

There are many excellent local Lawyers in Spain who are fluent in your language. A Lawyer will provide the legal guarantees for the purchase of the property ensuring that Spanish legal requirements are met and that the property is bought free of encumbrances, charges, liens or debt and up to date in all its payments of local contributions and community charges. The lawyer may also assist the sales team in difficult and complex negotiations with the owner. Using a Lawyer from your home country will substantially increase your legal costs and almost certainly delay the sales process.

Formalizing the offer

Once there is a verbal accord between parties the next step will be to formalize the offer terms of purchase in writing. Funds should be lodged in a local bank account or with your Lawyer in order to show the seller that there is a real intention to purchase. It is normal practice in Spain to include a sum of money with the offer to reserve the property until the exchange of private contracts.

Exchange of private contracts
Upon acceptance of the offer by the owner the next step in the sales process is to exchange private contracts of sale or to sign an option to purchase. This may take place within two weeks following formal acceptance of the offer. Your Lawyer will have completed his searches and investigations of the property and will have arranged the procedure for the cancellation of any outstanding debts with the owner. The private contract of sale or option will reflect all the agreed terms of the offer and sale and set out the date for final completion at the Notary. At this stage, it is customary practice to pay ten percent of the purchase price, which is normally non-refundable should the purchaser not complete.

Final completion at the notary
A sale is formally completed in Spain when the public title deeds of purchase are signed before a notary, the final payment made, and possession given to the buyer.

Once signed, the notary will fax a note of the title deed to the local land registry. On your behalf, your Lawyer will also pay all the relevant transfer taxes associated with the purchase and will handle the formalities of registration of your title deeds. Final registration of the deed may take up to two months. Similarly, your Lawyer will arrange for the transfer of accounts with the local suppliers of utility services such as water and electricity and organize payments through a local bank.

Costs involved in purchasing a property
In principle there are three fees and two taxes to pay when purchasing property in Spain. As a rule of thumb, you should budget the combined total of these amounts to be around 10% of the purchase price.

The fees are as follows:
Legal fees: Minimum of €600 or 1% of the purchase value whichever is the greater plus value-added tax (I.V.A) currently charged at 16%.
Notary fees: the scale is fixed by law and may range from €300 for lower price properties to €841,40 for higher priced properties.
Property Registry: as a rule of thumb is 60% of what the notary charges.

The taxes
Transfer tax (ITP) at 6% or, when buying from a promoter, developer or habitual trades, IVA at 7% or 16% plus Stamp Duty at 1%. The IVA rate of 16% is applicable when purchasing parcels of land, commercial premises, or garage spaces.

Plusvalia normally payable by the vendor but it may be stipulated that the buyers pays. This may range from a few thousands pesetas to as much as several million pesetas on larger properties with a lot of land. Who pays this will be discussed in the negotiations and in consultation with your Lawyer.


Do you have any questions? Do not hesitate to contact us.
Tel: ( 00-34 ) 952587572
Mobile: ( 00-34) 677670480

Web :www.slgproperty.com