BUYING GUIDE We are here to help you to completion and beyond…

Slide PRICES / FEES All the prices on our website are listed before taxes and legal fees.

The following is a guide to expenses for any purchase of Spanish property. You should add:

Either 8% ITP(*) when buying a resale property or 10% IVA on new off-plan property / any property which has never been previously owned.
Land registry, notary costs 1% to 2%.
Solicitor/Legal fees. Typically €1,000 to €1,500 + VAT.
1% – 2% Stamp duty on new off-plan property / any property which has never been previously owned.

Clients may have other expenses on completion. e.g. first years’ insurance, first quarter’s community fees.

If buying with a Spanish mortgage then you should also factor in set-up fees and life insurance.

Example for a resale property

€100,000 – Agreed property price
€8,000 – ITP
€1,700 – Land registry & Notary costs
€1,700 – Solicitor fees
€600 – Other associated fees
€112,000 – Approximate Total

(*) ITP is charged by the regional government and applies to 99% of properties on our website. However If the property is brand new and direct from a developer this is taxed by the national government and not the regional government. IVA (VAT) and not ITP then applies and this is 10% (not 8%).

Slide DEPOSITS All our properties can be reserved with a €5.000 deposit which can be paid with a credit/debit card, this removes the property from the market. You are then required to pay a second deposit 21-28 days after the first deposit to cover 10% of the total cost of the property.

See example below:
Property price agreed €200.000

First deposit of €5.000 – on agreement of price
Second deposit €15.000 – 21-28 days later

However on occasions the completion can be within four weeks, in these circumstances your solicitor and the sellers solicitor can negotiate the second deposit being paid at the time of completion.

Slide LEGAL INFO When buying property in Spain you will require an NIE number (National Insurance Number). These are obtained from the local police station. We recommend that you give your solicitor Power of Attorney. Once registered your solicitor can obtain and collect your NIE certificate on your behalf.

Whenever buying a property we would always recommend independent legal representation. There are a number of local solicitors that speak many languages including English. If you do not want to keep flying back to Spain during the buying process we would recommend you grant your solicitor Power of Attorney. With POA your solicitor can obtain your NIE number, open a bank account and also set up your utilities. The solicitor will only action anything once they have written approval by you. The costs of a solicitor varies between 1% – 1.5% of the purchase price with a minimum fee of €1000 – €1,500.

Slide BANKS You will need to open a Spanish bank account when buying a property. We have negotiated free banking and other special offers which are exclusive to customers of the resorts with one ot the biggest banks in Murcia Spain. However you are always free to use whichever bank suits you best.

If you decide you would like to apply for a Spanish mortgage, we can help you. There are currently some fantastic offers with various banks. In general a non resident can receive a 60% mortgage.

Slide COMPLETION It normally takes five to eight weeks from the time of your deposit being paid to completion. However since March 2020 it is taking longer we would advise eight to ten weeks. If you are taking out a Spanish mortgage then you should add three more weeks. If you have gave your solicitor power of attorney you do not need to be present for the completion.

Once you have your keys we can give you guidance on local key holders. Your keys holders will look after your property offer cleans, laundry services and general maintenance.

We remain at your disposal after completion. Maybe you would like a new swimming pool, extension, etc we can give you recommendations on the best local builders.

If you decide to rent out your property for holiday rentals we can help. We have vast experience to maximize your properties potential.

Slide RUNNING COSTS The costs of running a property will vary from one property to another. To give you a better idea on costs, below is an approximate guide for an apartment. Please Note that the community fees stated on our website are for guide purposes only, they could be more or less. You can find out the exact fees via your solicitor.

Apartment Monthly Running Costs
€120 – Community fees
€60 – Standard charges for Gas, Electric and Water

Apartment Annual Costs
€250 – Key holder fees
€250 – Council Tax
€200 – Insurance

Total for the year €2.860

Slide ANYTHING ELSE? We are here to help you make an informed decision before buying your dream property.

Even though we have covered the majority of question we are frequently asked there may be something we missed. If you have any questions regarding the buying process please do not hesitate to contact us

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