Purchasing Procedure

The purchase of a Spanish property is relatively straight forward as long as the proper guidelines are followed.
Once a property has been chosen, a deposit is placed, this is normally £2000.00 and ensures that the property is removed from the market and placed in your name. At the same time a contract is drawn up and this will show the stage payment details.
Once the contract has been signed and the deposit paid, the purchase price for the property is fixed.
You will normally be expected to pay the balance of 50% of the purchase price within the next few months and the final balance on completion, this is when you take the property over.

Additional Costs: As advertised, property prices do not include the following, we suggest as a guideline you budget for additional costs of approximately 10% of the purchase price of the property.
These costs include Spanish tax (IVA) at 7%, stamp duty, solicitors fees, public notary fee and registering the title deeds and water / electricity contracts which totals 3%.

Fiscal Representative. It is advisable for all property owners who are not permanent residents in Spain to adopt a local Fiscal Representative to look after their fiscal responsibilities during their absence. Suitable companies will be recommended on completion. You are strongly recommended to make a will in Spain.