New Property

Once you have found the property you have been looking for it is necessary to sign a contract with your offer price and put down a deposit of 3000€ then followed by usually a payment of 20–35% within four weeks, with the balance due on completion. This is a general scenario with developers, although there may be some variations in the first payment, we will advise you of all related payments.

Re-sale Property

Having found the house you want to buy you will enter into a sales agreement with the seller and pay a deposit, usually around 3000€. You must be sure that you want to go ahead with the purchase before paying the deposit, as legally the owner is not obliged to return it if you should back out of the sale for any reason.

When the price has been agreed

You need to instruct an abogado (Lawyer) you are free to choose one yourself or we can recommend a reputable English speaking firm. They will carry out the land registry checks to ensure that the property is free from all encumbrances and liaise with the seller's lawyer to arrange a mutually agreed date for completion.

Fees/Additional Costs

IVA (Spanish VAT): New constructions 10% on top of purchase price.
Land Registry: Fee to change deeds.
Notary: Fees in proportion to price of property or land.
Impuesto de Transmissiones: Resale transfer tax 10% on the sale price (from June 2013)
Normally you should allow around 13% of the land / property purchase price to cover all fees connected with your purchase on a Resale.

Spanish Mortgages

If You require a Spanish Mortgage to finance your new home.
We liaise with all the main Spanish banks to ensure you get the best deal available.
Up to 70% can be arranged for non-residents
Mortgage is arranged on the final stage payment when the property is completed.
Proof of Income required in the form of last three payslips and most recent P60.
We can arrange the mortgage for you and all paper work done via fax and e-mail.
Approximate monthly cost of CAPITAL AND INTEREST repayment mortgage based on 4%.

Example -
A 100,000 mortgage over 25 years would cost € 490,81 per month.
A 50,000 mortgage over 12 years would cost € 420.21 per month.