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the buying process

After carefully checking out the market with your Investts real estate agent, choosing the property you like, making an offer and closing the deal the following steps need to be taken to complete the sale:

1- Choose a lawyer It is advisable to hire a lawyer in Spain who can advise and guide you from the start of the purchase process during the purchase.

2- Reserve your property After finding a suitable property, Investts will complete a reservation form with you. The property is reserved for you and the price is fixed. A deposit of € 3.000 to € 15.000 must be paid.

3- Signing the private purchase contract Approximately 14 days after the signing of the reservation contract, the next step is signing the private purchase contract between the buyer and the seller (or their legal representatives). When you sign the private purchase contract, you pay 10% of the purchase price of the property.

4- The notarial purchase contract In Spain, a purchase is officially completed after signing the notarial deed of ownership at a notary, paying the agreed price and transferring ownership to the buying party.

5- Registration After the deed of ownership has been signed, the notary will send a copy to the regional land registry. Your lawyer will also pay the transfer taxes in your name and register the title deed.

6- New construction If you buy a new home, the developer is obliged to issue a bank guarantee for every payment.
Please note that new developments will be delivered without water and electricity connections. Your lawyer can arrange these contracts.

7- Purchasing Cost There are three types of fees and two taxes involved in buying property in Spain. As a rule of thumb, you can assume that the costs are about 11% to 14% of the purchase price. If you take out a mortgage in Spain, there will be about 3% extra costs.
Professional fees
Fee for the lawyer: amounts to 1% of the purchase price, with a minimum wage of +/- 1500 € plus VAT (21%)
Notarial costs: depending on the purchase price. Registration costs: normally 60% to 80% of the notarial costs. Together with the notarial cost this is approx. 1% of the sale price.

8- Taxes When purchasing an existing building, you only pay the transfer tax. This tax amounts to 8% up to a purchase price of 400,000 euros. From 400,000 euros to 700,000 euros 9% and over the increased amount you pay 10% tax.
For new buildings, you currently pay 10% VAT plus 1.5% stamp tax.
Plus Valia: this tax concerns the appreciation of the land and must be paid according to the law by the seller. The charge is depending on the municipality and the area of the plot.

9- Mortgage Spanish banks are happy to provide a mortgage to non-residents who buy real estate in Spain.
The term of the mortgage depends on the age of the mortgagee, but can often be 20 years.
The amount of the mortgage can be up to 70% of the appraisal value of the property, depending on your income and assets. Most banks apply the rule that your monthly income should be about three times the monthly payment amount.
If you have a mortgage on your property, you also have to pay the costs of the resolution of the mortgage to the bank as well as the resulting registration and notary fees.


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