1. Inspection Trips
Our inspection trips give potential purchasers a chance to see for themselves the quality of our properties and resorts. There is no obligation to invest, it is a no-pressure opportunity for people to get first hand experience. Prices start at just £49 per person for a one night stay and each trip is tailor made to suit your requirements. There may even be a possibility of slipping in a round of golf or a session of relaxation in a spa – you decide. For more information and current offers please contact us.

2. Reservation and Deposit
An initial deposit ranging between 2,000 – 10,000 Euros is required to secure the property. A Reservation Contract is prepared stating the price and that the seller agrees to take the property off the market for an agreed period of time. The Reservation Contract is similar to an English option contract. If you want to go-ahead and buy the property you can but you are not obliged to do so. If you do not go ahead you lose your deposit. 

Before making a trip to Spain it is advisable to ensure that you have sufficient funds available to cover the reservation deposit.

3. Instruct a Solicitor
At this stage it is advisable to appoint a bi-lingual solicitor. There are a number of very professional practices that provide a service tailored to British buyers.  For both new and resale property there will be many checks that need to be carried prior to signing the Private Property Contract. It is particularly important with off plan purchases to ensure that the developer is delivering a clearly specified property, with all the necessary licences and guarantees. A solicitor will also guide you through the process of obtaining a Tax Identification Number or NIE (Numero de Identification de Extranjeros) as well as opening a Spanish bank account.

Martinez–Abarca & Munoz Solicitors provide a specialist service for British clients, they cover the regions of Almeria, Murcia and Alicante. Las Palas International can also provide a list of other solicitors that we have successfully dealt with in the past.

4. The Private Property Contract
The signing of a Private Property Contract (Contrato Privado de Compraventa) usually takes place 30 days after the Reservation Contract. This agreement commits both parties. The seller must sell a stated property at a stated price to a stated person on the terms set out in the contract. The buyer must buy. For off plan property a further payment is required and depending on the developer this will fluctuate between 15% and 40% and may be staggered across the construction period.

5. Completion by a Notary
The sale is formally completed in Spain when the Title Deeds (Escritura de Propiedad) are signed by the Notary and the final payment made. The procedure will be explained to you by your bi-lingual solicitor at the Notaries office. Only after the Notary is happy that you understand the procedure will he sign the deeds. Your bi-lingual solicitor will appear on the Title Deed as the official translator.

Extra Costs

Before reserving a property it is essential to consider the extra expenses over and above the purchase price. These costs will be approximately 10% of the overall purchase price and are broken down into:-

1. VAT (IVA -Impuesto Sobre el Valor Anadido) is payable on new property at 7% of the purchase price or 16% when buying a plot of land.
2. Transfer Tax (ITP – Impuesto sobre Transmisiones Patrimoniales) is payable on re-sale properties at 7%
3. Stamp Duty (Impuesto sobre Actos Juridicos Documentados) is payable at 1% on new property. There is no Stamp Duty on resales.
4. Land Registry fees. As a guideline expect to pay 60% of  what the Notary charges.
5. Notary Fees. The scale is fixed by law and may range from 300 Euros for lower priced property to 840 Euros for higher priced properties.
6. Legal Fees. These will vary but allow between 0.7% – 1.2% of the purchase price plus VAT
7. Power of Attorney. If you are unable to appear in person for the signing of the Escritura you will need to authorise someone, such as your solicitor, to appear on your behalf by means of a Power of Attorney. The charge for this service is generally in the region of 200 Euros.