What does the buying process in Spain look like with our help?
The buying process in Spain, like in many other countries, involves several key steps. Here is an overview of the typical process we guide our clients through:
Our buying process in Spain includes the following steps that we carry out for our clients:
Property selection:
We search for suitable properties for our clients according to their needs and investment objectives.
After selection, we arrange property viewings, either online or physically on site. The physical inspection is subject to a €1000 fee, which is refundable once the buyer pays the reservation fee.
Reservation contract (Contrato de Arras):
Once we find a suitable property, we assist clients in signing a reservation contract, which serves as a binding agreement between the buyer and seller.
We ensure that the client pays a deposit (normally 5-10% of the purchase price), which is non-refundable if the client cancels the contract.
Due Diligence:
We carry out a thorough check of the legal status of the property to ensure that there are no legal defects, debts or encumbrances on the property.
We check building permits and other necessary documents.
Mortgage (if required):
When a client needs a mortgage, we negotiate with the banks and do all the paperwork. The mortgage approval process can take several weeks.
The bank will carry out a valuation of the property and set the terms of the loan.
Sale Agreement (Escritura de Compraventa):
Once everything is ready, we arrange the signing of the final purchase contract before a notary. The notary will verify the identity of the parties and ensure that all conditions are met.
After the contract is signed, the remaining part of the purchase price is paid and the keys are handed over.
Registration of the property:
We arrange for the registration of the new owner in the Land Registry.
We assist clients with the payment of registration fees and taxes associated with the transfer of the property.
Mandatory fees and taxes:
We assist clients with the payment of taxes associated with the purchase of a property, which include, for example, Inland Transfer Tax (ITP) or Value Added Tax (IVA) if it is a new build.
We also provide a complete overview of payment for notary services, property registration and any legal and administrative fees.
The entire process can take several months, depending on the complexity of the transaction and the availability of the necessary documents and funds.
After the purchase of the property, we assist with the operation of the property on site. This service is not free, but we offer it at a much more affordable price than the client could obtain on their own.