Property search
Our property search will help you find any of the properties we have for sale or to rent in our database. If you can't find what you are looking for today please call back to our web site as we are adding new quality properties daily, or you can contact us with your requirements and we will do the searching for you.
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We will introduce you to independent legal advice
Once you have chosen the property and agent (who can be very helpful to a buyer) and made an offer, you then need to appoint a lawyer. We can refer you to lawyers that our client's have used previously. The lawyer will carry out checks on the property and complete legal requirements of the sale. These involve obtaining a Nota Simple, receipts of payment of IBI (the annual real estate tax). If buying a new property, ask to see the Declaracion de Obra Nueva and the Declaracion de Alteracion de Bienes Naturaleze Urbana.
Where there is a community involved, ask for the Receipts of Community Charges from the President. After all the above is checked, we will prepare a formal Offer & Agreement for the Holding Deposit. Which will take the property off the market and reserve it until you can make completion. After the formal acceptance, the Exchange of Private Contracts or the signing of an option to buy would take place. It is usual for the buyer to pay a 10% deposit at this stage, which is non-refundable. The next stage is Completion at the Notary. This involves attending the office to sign the Escritura de Compraventa (the title deed), which should state that the property is sold free of charges, mortgages and tenants. At this point the balance of payment is made and possession passes to the buyer. Your lawyer will arrange payment of taxes and fees and register your title deed at the Property Register. Don’t forget to have the property insured.
THE COSTS
LAWYERS FEES
Usually about 1% of the purchase price plus 16% IVA
NOTARY FEES
Fixed by law and normally in the range of €300 - €900
REGISTRY FEES
Approximately 40% of the Notary fees
TRANSFER TAX
7% of the purchase price: but when buying from a developer this is replaced by 7% IVA plus 1% stamp duty
PLUS VALIA
This is a local municipal tax and is based on the officially assessed increase in the value of the property since the last time the property changed hands. It can vary considerably from €20 to €20.000. You can find out the exact amount from the town hall.
It is normal for the buyer to pay the above fees and taxes with the possible exception of the Plus Valia, but everything is negotiable and should be stipulated in the contracts. The vendor will pay his own Capital Gains Tax and the Estate Agents Fees.
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