Buying a property in the Costa de Almeria
When buying a property here you should always allow between 11% and 13% of the purchase price of the property for costs.
These figures include the following;
The highest cost is the transfer tax.
If you are purchasing a property of 400,000€ or below then the transfer tax is 8%.
If the property is 400,001€ to 700,000€ then the transfer tax is 9%.
Any property between 700,001€ and above then the transfer tax is 10%.
There are other costs involved, for example Notary fees and land/property registration fees which are usually a percentage of the purchase price of the property.
If you are purchasing the property with a mortgage then mortgage fees will also be incurred.
You will need to appoint a solicitor. Solicitors fees are usually on average 1,500€ plus IVA of 21%.
Please remember, always budget for 10%/13% of the purchase price of the property to allow for the above costs.
Once you have found your perfect place in the sun you will need to apply for an N.I.E number.
This number is an individual identification number for foreigners in Spain and you cannot complete on a property without it.
Your appointed solicitor can do this for you or we are happy to help you with this process.
Power of Attorney
If it is difficult for you to return to Spain to complete the relevant paperwork then please remember that you can give your solicitor Power of Attorney which enables them to sign legal documents on your behalf.
Reservation Deposit and Contract
If you wish you can pay a 3000€ Reservation Deposit which will take the property off the market.
A contract must be drawn up either by a registered estate agent or a solicitor.
The contract has to be in Spanish but a translated contract can also be provided. Please note that in Spain all pages of the contract must be signed.
This deposit will be refunded should any problems be found with the documentation of the property when checked by your solicitor.
Sales Contract
Once your solicitor has checked the legal documentation for the property and ensured that the property is free of debt then a sales contract will be prepared.
At this point a 10% deposit is required.
Once you have paid the 10% deposit you will lose it should you pull out.
If the vendor pulls out then they will have to pay 20%.
Once more, please remember that all pages of the contract have to be signed, in this case by both the buyer and the vendor.
Completion
Completion is when the deeds of the property are officially signed over to you at the Notary.
Your solicitor will be with you to ensure that the transaction goes smoothly. We will also be there to support you and congratulate you on your new, exciting purchase.