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Buying a Spanish Resale Property

You are advised to seek professional Legal support from properly qualified entities familiar with the total Property Buying process. There are often unexpected pitfalls for the unwary and proper guidance is essential.For a free initial consultation CLICK HERE

 

1.- POINTS TO CHECK

The process of purchasing a property in Spain is very similar to that prevalent in other countries. You should pay attention to the following POINTS TO CHECK:

1. Check the vendor does legally own the property: You need to be provided with a copy of the vendor’s deeds, or 'escritura'. Also, you have to consult the land registry to check the formal conditions of the ownership, limitations, charges, etc., and if there are any loans/mortgages affecting the property.

2. Check that the property is duly registered and that the Council Tax or 'Impuesto sobre Bienes Inmuebles (IBI)' has been paid up to date.  Unpaid Council Tax from the previous years may be passed to the new owner.

3. Obtain a certificacion catastral to ensure that the property is duly registered and check that the size and conditions are the same ones seen and described to you.

4. Visit and meet the construction department of the Town Hall to be informed about points such as has planning permission has been granted, and that there are no other developments planned nearby that could affect your new property.

5. Check that there are not any fines or limitations affecting the property due to its construction, or even orders of demolition.

2.- STEPS OF THE PURCHASE PROCESS

The buying process in Spain is a bit different from other countries.  It is compulsory that you are informed, and that you understand all the steps of the purchase process, and that you receive the proper legal assistance before you sign, or pay, anything. Once the contract is signed it is legal and be aware that any deposit paid will be lost if you subsequently change your mind. We strongly recommend you contract a reputable Spanish Solicitor to help you and to assist you in all the steps of this process.

Once you have taken the decision to buy in Spain, it is absolutely necessary to take the following steps:

A) Open a bank account. All the payments to the vendor must be done from your bank account. Partial payments on account of the final price can be done from your bank account in your country of residence. But is recommended that the final paymentsof the price (the biggest) are done from a bank account in Spain, previously opened in your name. So, once you are in Spain, do not forget to open a bank account.

Also, a bank account will be necessary after completion to pay the utility bills, community charges, etc., related to your property.

B) NIE (Numero de Identificación de Extranjeros): Please Note! it is essential to obtain what we call NIE for the acquisition of a property in Spain.

All Spanish foreigners and  Non-residents are required to obtain an individual NIE number. This is necessary for the payment of the taxes and the proper legal identification of buyers and parties involved in the sale.

DEPOSIT and RESERVATION CONTRACT

Once you have taken the decision to buy a specific property, the first action you will be asked for is to pay a initial deposit to keep the property out of the market. The aim of the deposit is to take it off the market and reserved exclusively for you while you are studying the legal situation of the property and other matters, like mortgages, financial status, etc.

During the validity of the deposit contract, if the Vendor does not fulfill his obligation and he breaches the contract with 'bad faith' (refusing to sale or changing his mind, or selling to another buyer), then he will refund you double of the amounts received as a penalty for breaching of contract. If the Buyer fails to complete the sale, he loses the amount of his deposit .

THE PURCHASE CONTRACT ('Contrato de Compraventa').

Once the deposit is paid, and you have made the searches on the property, in the majority of cases it is established to arrange a definitive contract in which an additional partial payment is required.

This contract is now a definitive one. The main difference with this one and the reservation or deposit contract is regarding the obligations of the parts. Mainly, the obligations of the vendors are higher because, with this contract, the vendor cannot pull out the sale or sell to a third party. The intention from the vendor to sell to the buyer is now confirmed, and he, simply, cannot leave the sale.

In the purchase/sale contract is included all the terms and conditions for the purchase, and the sale of the property, fixing the price, and considering the circumstances obtained after the searches over the property. For example, it can be agreed that the vendor has to fulfill determinate obligations, like to update the size of the property in the land registry or to pay specified bills which were unpaid so far; etc.

Also, in this contract, the expenses to be paid by each party are detailed and listed, for example who pays the notary and land registry fees, etc. Is highly recommended that this contract is made by Solicitors with experience in Conveyancing.

 COMPLETION OF THE SALE - TITLE DEEDS  ( Escritura de Compra venta).

The 'Contrato de Compraventa' is a private contract confirming a valid sale of the property to the buyer. This contract is perfectly valid between both parties with the rights and obligations contained. But, to complete the change of the names in the ownership of the property, is not enough. This is done passing the agreement from a 'private' contract into a 'public' one. The 'public contract' is called 'Escritura de publica de compraventa' or 'Public Title deeds'.

The 'public title deeds' in Spain are not done by private Solicitors, like other countries such as the UK. They are done by Public Notaries. So, in Spain, to turn a contract from 'private' into 'public',  it must be notarised (ellaborated by a notary), and inscribed in the Property Register, when it becomes an 'escritura publica'. And this is the most important moment of the sale, because this coincides with the last payment of the price to the vendor, and is the moment in which the vendor gives the possession and the ownership to the buyer.

The way to sign the escritura is at the notary's office. Both parties (vendors and buyers), in person, or by legal representatives (power of attorney), must be present at the notary office at the day of completion agreed in the previous private contract. If the buyer requires a mortgage to buy the property, the mortgage bank representative must also attend the meeting in order to complete the mortgage loan to the buyer. As mentioned, if buyer or vendor cannot attend this meeting, they can arrange a 'Poder' (power of attorney) to allow someone else to represent him (usually, Solicitors). 

As explained, in the notary's meeting, the buyer pays the rest of the price agreed to the vendor (usually by banker's draft), and the vendor gives the occupation of the property to the vendor, together with the ownership. In this act, then, the vendor, literally, gives the 'keys' of the property to the buyer. In that moment, both parties sign the title deeds, and the sale is complete.

After that, vendors and buyers are provided with a copy of the original deeds called 'Copia Simple' This document is a simple copy of the escritura. With this document the buyer can prove the ownership of the property, and is needed to make the necessary changes in the electric and water contracts. 

Originals of the title deeds will go to be presented at the land registry office to complete the change of the names in this registry. Your Solicitor, your bank, or the notary will send the original set to the Land Registry, together with the receipts of the taxes already paid.  This process usually takes a couple of months.

HOW TO MAKE THE PAYMENTS

As explained above, the best way to make the final payments of the sale to the vendor is directly from a bank account in your name in Spain. For this, previously you had to open a bank account in one of the Spanish banks. Before completion, you need to transfer from your country of residence, the necessary amounts to your Spanish bank account in order to cover:

- The rest of the final price to the vendor

- The expenses and taxes of the transaction (notary and land registry fees, taxes, legal fees, etc).

So, in Spain is different as other countries like UK, where all the payments are done through the Lawyer's bank account. In Spain must be done directly to the vendor's bank account.

The most common practice to make the final payment of the price to the vendor is by a Bankers Draft issued in the name of the vendor. So, make sure that you, or your Solicitor, have enough provision of funds in the Spanish bank account to attend this payment at least one week before the date agreed in the Notary.

The other expenses, such as the Transfer Tax, Notary and Land Registry fees, etc., can be agreed separately, and paid to your Lawyer, or to your mortgage bank, if that is the case.

Please bear in mind that if the Vendor is non-resident, you have to retain a determinate amount of the price to pay to the vendor (the 3%), and deposit it to the Spanish Tax office (called  'Hacienda') on account of the vendor’s  capital gains tax liability. This is done using the form model  211. Your Solicitor will instruct you how to proceed with this point. .

PURCHASE COSTS AND EXPENSES

You need to reckon that in total your costs of buying the property will be around 11-12% of the purchase price and are not related to the value of the property so could vary widely.

The tax to pay for purchase of a RESALE is not VAT (IVA), which is currently is the 10 % and is applied to NEW property. It is a different tax called Transfer Tax, or Impuesto sobre Transmisiones Patrimoniales (ITP), which is now 8% (in the majority of the Spanish regions)  of the purchase price.

If you purchase a new property from a Developer you pay VAT (IVA) at 10% (instead of the 8 % ITP) because the sale is a business transaction, between a company (the builder), and a consumer (the buyer). But, in resales, there is not a company involved, is only a private transaction between two individuals or particulars.

Your lawyer's fees,  which are likely to be around 1% of the purchase price, plus VAT. In addition to this, your Solicitor will charge you for the expenses of the searches like land registry reports, certificates, costs for changing utility contracts, and other administrative charges.

Other expenses to pay on resales are notary, registration and handling (gestoría) fees, which may be around 0.5-1% of the purchase price.

If you needed a mortgage, there would be also notary and registry fees to pay for registering the mortgage deed, together with commissions from your bank and other charges like life, or house, insurance, etc.  There would also be a valuation fee, which the cost of the surveyor contracted by your bank to evaluate the property.

EXPENSES TO BE PAID BY THE BUYER

·                               Notary Fees: For the formalization of the title deeds

·                               Land Registry Fees: For the inscription of the property deeds in your name in the  official Registro de la Propiedad.

·                               Transfer Tax: (ITP) Currently, this is the 8% over the total price of the property.

·                               Others: Solicitor Fees, Mortgage expenses, contracts of water, electric, and gas, etc.

 

Very important. On completion DO NO FORGET to bring with you to the notary:

- ORIGINAL NIE NUMBERS.

- ORIGINAL PASSPORTS.

Quick Info

ID3919 Detached Villa 5 bedrooms in Valverde, Elche, Costa Blanca
Ref: ID3919 DETACHED VILLA ON A PLOT OF 5.500M2 WITH 5 BEDROOMS RECENTLY COMPLETED. Located in the very sort after area of Valverde (Santa Pola), Elche on the Costa Blanca. Magnificent brand new Villa with a privileged garden of 5,500 m2 of plot and 600 m2 of housing. It has 5 bedrooms, 4 bathrooms (one with Jacuzzi). 2 Living Rooms, 2 Dining Rooms (one Venetian, another Rustic) 2 Independent Kitchens, 1 Office-Dining Room, Laundry Area, Ironing, Attic, 2 Outdoor Barbecues (one with Living Room and one with Bedroom and Bathrooms) Roman Pool, Waterfall and Jacuzzi 16x6m2 . Garage for 5 vehicles and a well of 165,000 liters. Distance to the sea 5 km, to the airport 6 km and to the Golf el Plantío 7km. Price: 550,000 EUR Bedrooms: 5 Bathrooms: 4 Built: 600m2 Plot: 5.500m2: 3 Parking spaces: 1 Energy Rating: In process Orientation: South east Pool Distance to beach: 5 Km. Distance to airport: 6 Km. Distance to Golf: 7 Km. Separated Kitchen Terrace Fireplace Jacuzzi / Spa Laundry room Storage room Solarium Swimming pool Fenced Alarm Security cameras Kids playground Garden Barbecue Air Conditioning Parking in plot Private swimming pool
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ID3918 Town House 3 bedrooms in Playa Flamenca, Orihuela Costa
Ref: ID3918 Beautiful Renovated corner Townhouse in Res. Serena IV - Playa Flamenca, Orihuela Costa. 96m2 construction with 12m2 terrace on a 160m2 plot and consisting of lounge dining room, American style kitchen with galeria, 3 bedrooms and 2 bathrooms. Solarium with views to the sea.Parking in plot Excellent condition built in 2004. Sold fully furnished. 2 x Communal swimming pools. Walking distance to amenities and beach. 10 minutes to golf, 40 minutes to airport. Price: 145,000 EUR
Year Built: 2004||||
ID3917 Fabulous Finca/Villa 11 bedrooms Elda, Costa Blanca
REF: ID 3917 FABULOUS FINCA WITH 19.000 M2 PLOT + 620 M2 HOUSING, INCLUDES 11 BEDROOMS + 11 BATHROOMS IN ELDA, ALICANTE, COSTA BLANCA Spectacular finca with 19.0002 dedicated to the cultivation of 100 Olives, 60 Naranjos, 10 almond trees, 40 Vineyards, 8 Pear trees, 5 lemons, 6 Nísperos, 6 Manzanos, 2 Walnuts, 6 Plums 50 Palm trees, etc ... It has 620 m2 of housing distributed in 2 main houses with 11 bedrooms in total, 11 bathrooms, 4 kitchens, 2 living rooms, 2 dining rooms, 2 swimming pools, 2 changing areas, 2 different barbecue areas, 2 living rooms for winters one with living room Of Games for family entertainment. Ideal for B & B business so requested lately!Not to forget its location near the village of Elda and Petrel with all the services of Colleges, Tennis Club, Medical Center, Restaurants, Hairdressers, Supermarkets, etc ... Distance to the sea 30 km to the airport 29 km and to golf 5 km. Price: 1,200,000 EUR Bedrooms: 11 Bathrooms: 11 Built: 620m2 Plot: 19.000m2 Energy Rating: In process Balcony: 100 m2 Distance to beach: 30 Km. Distance to airport: 29 Km. Distance to Golf: 5 Km. Nature Park Mountain views Fenced Alarm Security cameras Garden Barbecue Parquing in plot Air Conditioning Furnished Separated Kitchen Good area for rentability Terrace Fireplace Laundry room Center of the city
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ID3916 Luxury Villa FRONT LINE 4 bedrooms El Campello, Costa Blanca
Ref: ID3916 LUXURY VILLA IN FRONT OF THE MEDITERRANEAN SEA, EL CAMPELLO - Front line Villa on 2 floors facing East in the area of Venta Lanuz, El Campello, Alicante. Luxury Villa of 350 m2 built on a plot of 1.200m2 has 4 bedrooms with 3 bathrooms, 2 living rooms with panoramic views over the Mediterranean sea, 2 kitchens with a many superior qualities. Built in 2008 offers a pool with sea views, garage for 2 cars, storage room, solar panels, air conditioning, central vacuum. Very well maintained by its sole owner. For its location is the ideal place for rest and discretion been only 7 minutes from the village of Campello with all services, schools, medical center, restaurants, pharmacies, trams, etc ... Distances to the beach 50 meters, to the airport 37 km and to the golf 11 km. Price: 1,165,000 EUR Bedrooms: 4 Bathrooms: 3 Built: 350m2 Plot: 1.200m2 Parking spaces: 1 Energy Rating: In process Year of construction: 2008 Pool Balcony: 20 m2 Distance to beach: 0.050 Km. Distance to airport: 37 Km. Distance to amenities: 2 Km. Distance to Golf: 11 Km. Garage Sea views First Line Terrace Fireplace Storage room Solarium Fenced Alarm Garden Parking in plot Air Conditioning Private swimming pool Separated Kitchen
Year Built: 2008||||
ID3915 Luxury Villa SEA VIEWS 5 bedrooms El Campello, Costa Blanca
Ref: ID3915 FIRST LINE TO THE SEA IN COVETA FUMA CAMPELLO Located in one of the most beautiful residential areas, Coveta Fumá, El Campello, Costa Blanca. Mediterranean style villa with 900 m2 plot and 530 housing. This incredible villa in front of the sea with direct access to the beach.It consists of 530 meters, distributed from a beautiful entrance hall to a large double living room, dining room, all oriented to the sea from which to enjoy some unbeatable views to the Mediterranean, Complete kitchen with central island. It has 5 bedrooms, three of them en suite, 5 bathrooms and toilet. The plot of 900 square meters has a heated pool, private parking for two cars and storage. Distances to the beach 50 meters, to the airport 37 km and to golf 11 km Price: 1,150,000 EUR Bedrooms: 5 Bathrooms: 5 Built: 530m2 Plot: 900m2 Toilets: 1 Parking spaces: 1 Energy Rating: In process Orientation: South east Pool Distance to beach: 0.50 Km. Distance to airport: 37 Km. Distance to Golf: 11 Km. Private swimming pool Separated Kitchen Good area for rentability First Line Terrace Fireplace Jacuzzi / Spa Laundry room Storage room Solarium Fenced Security cameras Garden Barbecue Parking in plot Air Conditioning
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ID3914 Apartment 2 bedrooms in La Mata, Torrevieja, Costa Blanca
Ref: ID3914 1st floor Apartment , NORTH-EAST facing, located in the residential Gran Sol, in the area of Torreblanca, La Mata, Torrevieja, Costa Blanca. Side sea views. The property consists of 2 bedrooms, 1 bathroom, large living / dining room with fireplace, fully equipped American kitchen and large terrace of 12 m2 with barbecue. Unobstructed views over landscaped residential areas. The property is furnished and equipped according to inventory. The Residential has green areas, tennis court and community swimming pool. Area very quiet but very close and well communicated with the urban nucleus of La Mata and Torrevieja. 35Km from Alicante airport, 15Km from the best golf courses in the area and 600m (0.6Km) from the sandy beaches of La Mata. SUMA 150 euros / year. COMMUNITY fees 480 euros / year. Price: 129,000 EUR
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ID3913 Detached Villa 3 bedrooms Aguas Nuevas, Torrevieja
Ref: ID3913 Detached villa with 169m2 plot 3 bedrooms and private pool, located in Aguas Nuevas near school in a residential area of Torrevieja on the Costa Blanca. The house of 80 m2 is in excellent condition and consists of 3 bedrooms, one of them on the ground floor, 2 bathroom, full kitchen, large living room with access to the garden, porch and solarium of 32m2. It is delivered furnished (pending inventory) and equipped. The Residential is located very close to the area of schools, in addition to a step away from the shopping centers of Aguas Nuevas. 35Km from Alicante airport, 15Km from the best golf courses in the area and 400m (0.4Km) from the sandy beaches of La Mata. SUM 370 euros / year. uros / year. Price: 188,000 EUR Bedrooms: 3 Bathrooms: 1 Built: 80m2 Plot:
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ID3912 Apartment 2 bedrooms Torrevieja, Costa Blanca
Ref: ID3912 Apartment 1st line to the sea located in the Urbanization Lo Ferris de Torrevieja. The apartment consists of 2 large bedrooms, 1 bathroom, living room, communial solarium with views to the sea. On sale furnished and equipped. 53m2 built. Terrace of 13m2 Building. Parking space nº 14 35Km from Alicante airport, 15Km from the best golf courses in the area and just 100m (0.1Km) from the beach. Price: 108,000 EUR
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ID3911 Town House 2 bedrooms Mar Azul Torreveija
Ref: ID3911 Spacious Townhouse with a south east orientation. This property is located in Residencial area of Mar Azul, Torrevieja just 50 meters from the sea. The house has a 61m2 internal built area, consists of 2 double bedrooms, 1 full bathroom, 1 downstairs toilet, living room with fireplace, open plan kitchen, utility room and storage room. You can also enjoy a good size roof solarium and a 22m2 front garden with barbecue. Community swimming pool. It property is delivered fully equipped and furnished. Good condition. Urbanization with green areas and 2 community pools. Location very close to supermarkets, hospitals, services and the National Road N-332. Price: 149,000 EUR
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ID3910 NEW Luxury Villa 5 bedrooms Cabo Roig, Orihuela Costa
Ref: ID3910 Beautiful luxury villa in Cabo Roig, Orihuela Costa. This property consists of 5 bedrooms, 4 bathrooms + 1 cloakroom, ducted Air-Con, private pool and driveway with space for 3+ cars. As we enter this brand new villa you will find the large living room has high ceilings, granite tile floor, hand-carved fireplace, cloakroom and sliding French doors leading to the outside patio. Off of the living room we have the independent modern fitted kitchen furnished with white goods and utility room, 2 good sized bedrooms and 1 bathroom. As we go upstairs we have 3 double bedrooms all with en-suite bathrooms and all have access to their own private balconies. On the top floor we have the large roof solarium, providing beautiful views of the sea and surrounding areas. In the well-kept garden we have the lovely private pool, storage shed, gated driveway and specialist grass imported from America. This property has prime location less than 100 metres from the beach, a few minutes from local amenities and 10-20 minutes drive from 3 championship golf courses. Price: 1,049,995 EUR
Year Built: 2018||||
Title Price Type Year
Click to learn more... ID3919 Detached Villa 5 bedrooms in Valverde, Elche, Costa Blanca (Villa) 550,000. Home Type: Villa
Click to learn more... ID3918 Town House 3 bedrooms in Playa Flamenca, Orihuela Costa (TownHouse) 145,000. Home Type: TownHouse 2004
Click to learn more... ID3917 Fabulous Finca/Villa 11 bedrooms Elda, Costa Blanca (Finca) 1,200,000. Home Type: Finca
Click to learn more... ID3916 Luxury Villa FRONT LINE 4 bedrooms El Campello, Costa Blanca (Villa) 1,165,000. Home Type: Villa 2008
Click to learn more... ID3915 Luxury Villa SEA VIEWS 5 bedrooms El Campello, Costa Blanca (Villa) 1,150,000. Home Type: Villa
Click to learn more... ID3914 Apartment 2 bedrooms in La Mata, Torrevieja, Costa Blanca (Apartment) 129,000. Home Type: Apartment
Click to learn more... ID3913 Detached Villa 3 bedrooms Aguas Nuevas, Torrevieja (Villa) 188,000. Home Type: Villa
Click to learn more... ID3912 Apartment 2 bedrooms Torrevieja, Costa Blanca (Apartment) 108,000. Home Type: Apartment
Click to learn more... ID3911 Town House 2 bedrooms Mar Azul Torreveija (TownHouse) 149,000. Home Type: TownHouse
Click to learn more... ID3910 NEW Luxury Villa 5 bedrooms Cabo Roig, Orihuela Costa (Villa) 1,049,995. Home Type: Villa 2018