Properties Elviria

  • Centro Comercial Contur, local 5, 29604 Marbella, Málaga
  • +34 952 83 32 00

Buying Process

February 28, 2024

Properties Elviria

Here is a step-by-step overview of the property purchase process in Spain, specifically in the Malaga province

1. Research and Selection:

Begin by researching properties that fit your criteria. You can use online platforms, local real estate agents, or property magazines to find suitable options.

2. Viewing and Selection:

Once you’ve identified potential properties, arrange viewings to inspect them in person. Consider factors such as location, amenities, condition, and price.

3. Reserve the Property:

If you find a property you like, you can make a deposit to reserve it and take it off the market. This deposit is typically non-refundable and serves to show your commitment to purchasing the property. It is common to make a down payment of 6.000€ to the vendor, their Lawyer, or estate agent.

4. Legal Checks:

After reserving the property, you or your lawyer will have around two weeks to conduct legal checks on the property. This includes verifying its legality, checking for any outstanding debts or issues, and ensuring all necessary permits are in place.

5. Private Purchase Contract:

Once the legal checks are complete and satisfactory, you’ll sign a private purchase contract or similar agreement with the seller. At this stage, you’ll typically pay around 10% of the purchase price.

6. Completion at the Notary:

After signing the private purchase contract, the completion process begins. This usually takes place at a notary’s office about 4-6 weeks after signing the private contract. You’ll pay the remaining balance of the purchase price, and the seller will transfer ownership to you.

7. Transfer Tax and Fees:

As part of the completion process, you’ll need to pay various fees, including property transfer tax (typically around 7% of the purchase price), notary fees, and potentially lawyer’s fees if you’ve used one (usually around 1% of the purchase price). Additionally, there will be costs associated with inscribing the property in the land registry.

8. Handover and Possession:

Once all payments have been made and legal formalities completed, the keys to the property will be handed over to you. You’ll officially take possession on the day of signing the “escritura publica de compraventa” at the notary. Overall, you can expect to pay approximately 10% on top of the purchase price in taxes and fees during the property purchase process in Spain’s Malaga province. It’s important to work with a reputable lawyer and real estate agent to guide you through the process and ensure everything is conducted legally and smoothly.
Overall, you can expect to pay approximately 10% on top of the purchase price in taxes and fees during the property purchase process in Spain’s Malaga province. It’s important to work with a reputable lawyer and real estate agent to guide you through the process and ensure everything is conducted legally and smoothly.
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Buying
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