Before you view any properties, ask yourself these questions:
Are you in a position to purchase?
In order to save you and us time make sure you are fully up to speed with the process and costs involved when buying.
What is your budget?
One of the key factors when purchasing a property is your budget!
However, you need to take into account a number of associated costs
What costs are associated with buying a property in Spain?
Property Purchase tax in Alicante is 10%
Legal, Notary and Land Registry Fees equate to around 3-4%, so typically you will be looking at a combined total of around 13-14% on top of your purchase price budget or deducted from your overall budget.
Are you a cash buyer or do you have or require finance?
It’s important to know in advance how you are going to purchase your property. If you are a cash “buyer” depending on your home currency “situation”, you may require foreign currency exchange. Alternatively, if you require finance, have you obtained confirmation that the finance is in place prior to viewing?
Let us know if you require any advice, we can help!
Do you have access to a €3,000 deposit?
When you have located your perfect property a deposit of €3,000 will be required to secure the purchase.
Which documents do you require when buying a property in Spain?
- Passport or Residencia Card
- NIE (Spanish Tax Identification Number), we can help you obtain this document through our independent lawyer/accountant
- Bank Account – In order to open a bank account, you will require your passport and your home address
- Power of Attorney (P.O.A.), this is not a legal requirement, however if you need to limit your travelling time and costs to Spain to progress your purchase you can appoint a representative on your behalf to carry out any necessary requirements. Fees are around €150 for this service which needs to be completed at the local Notary
What professional services will you require?
Lawyer – We strongly advise using an independent lawyer to carry out the conveyancing, this will ensure there are no hidden issues like outstanding debts against the property.
Accountant – If you are looking to relocate and become a resident or rent your property out, an accountant is essential to guide you through the taxation system in Spain.
Foreign Currency Exchange – You can save thousands by using a specialist foreign currency company, by obtaining a competitive rate that will beat your bank with no transfer fees.
Financial Advisor – Do you require finance, life & general insurances, pension planning, investments, then a professional qualified adviser will steer you through your options.
Casabien Inlandvillas Offer – As outlined above we are here to help you with every step of your purchase, however it doesn’t stop there, we offer an after sales service for as long as you need it, which includes assistance in finding independent service providers and craftsmen.
Summary of the Process & Timescales
View Properties – Make an offer – Negotiation – Offer Accepted – Furniture Inventory
As soon as your offer has been accepted a sales contract will be drawn up and typically a deposit of €3,000 is payable. Should you pull out of the purchase for any reason the property owner will retain the deposit, should the property owner pull out of the sale for any reason then the vendor is legally bound to repay you double your deposit back.
On many occasions furniture will be involved in the transaction, so make sure a furniture inventory is completed so you know which items will be left.
Meet and instruct a lawyer to proceed with conveyancing, this could be concluded in as little as 2 weeks or up to 3 months depending on the circumstances of the Vendor and yourself. The lawyer will outline all the costs associated with buying the property.
The lawyer will help you obtain your N.I.E number(s) and Casabien Inlandvillas will help you set up a bank account. You can instruct your lawyer/accountant to be a Power of Attorney (P.O.A), which will enable them to carry out all these requirements without you having to be here. They will also make sure there is a smooth transition when changing the utility bills over to your name.
At this stage, you may require a foreign currency exchange service. By using a specialist currency provider, you can save thousands by obtaining one of the best exchange rates in the market place, as well as reducing costs, as there are no transfer fees. You can even pre book a rate in the future which will enable you to protect a good exchange rate.
Transfer funds to the lawyer or your Spanish bank account
Sign at the notary (the lawyer will act as your translator to explain all the documentation)
If you are looking to rent out your property or become a resident an accountant is essential!
Collect your keys and move in!
If you have any questions or require help for any reason, please do not hesitate to contact us, we offer an After Sales Service for as long as you need it!!