Buyers guide - your dream house on the costa del sol - 2020
- All you need to know
Buying a property and living on the Costa del Sol is straightforward if you are a national from another EEC (European Economic Community) country.
You will require to get
- A NIE number which also will be your financial number to pay your taxes
- A certificate of Non-Residence, in case you are not a resident in Spain.
- Open a bank account in Spain.
If however, your nationality falls outside the Euro zone you may be able to buy a property but there might be time restrictions as to how long you can stay in the country. In this case we advise you to check with the Spanish Embassy.
We can assist you if you getting a GOLDEN VISA
Below we explain the different steps in order to make your search and the buying process run smoothly.
before traveling to Spain- where to start ?
Before you start to look for a property on The Costa del sol we strongly advise to know your budget and financial options.
If you believe you prefer external financing, go to your own bank first and look at your possibilities.
In Spain, you can obtain a mortgage loan for the property provided that a number of conditions, relating to income and solvency, are met.
Granting a loan is a lot easier if you start from a basis of trust. We work with exceptional mortgage specialists who will guide you on your home buying journey and offer great rates that will save you money.
Buying a property on the Costa del sol is always a big decision, whether it is A luxury Villa, a semi-detached town house or a luxury penthouse.
It is important to us that you feel comfortable in your new home and that it meets your needs.
Where would you prefer to buy? You can opt for a property directly on the coast or a little more inland. Some areas are more expensive than others. A lot will depend on how much money you want to spend.
Don’t forget to look at other elements, such as the services nearby (hospitals, leisure, supermarkets), the quality of the beaches, the time you wish to spend on the Costa del Sol, the distance to the airport, etc …
Although we are specialized in Luxury properties in the Marbella area, Q Exclusive properties proudly serves the municipalities of Torremolinos, Benalmádena, Fuengirola, Mijas, Marbella, Ojén, Benahavís and Estepona.
It is not mandatory, but highly recommended, to engage a real estate agent to help you choose your ideal home.
Being a locally based agency q-exclusive properties provides additional assurance so that the buying process will run smoothly.
Most people loose precious time contacting several agencies when actually all of them work the same database.
Being a boutique real estate agency we tailor our services to your personal needs.
Our services are FREE of CHARGE for the buyer.
The initial contact is by email or over the phone. We will take the time to get to know you better and gather information about your needs and wishes.
A Key Question to ask yourself is WHY are you buying?
As each client is different, it is important that you give us a clear overview of your purchasing preferences so that we can make an initial selection of properties that meet your quality and financial requirements..
Once you have received this selection of properties by email you give us feedback so we can continue our work. We continue until we find what you’re looking for or at least put together a convincing shortlist with convincing of properties which you can visit.
Are you ready to visit the region and the properties you have selected?
A few days before your arrival, we will check if the properties you have selected are still available, look if any new opportunities have arisen and make the appointments. This way we make sure that you are not traveling to the Costa del Sol for nothing.
We include the possibility of a second viewing and revisit to any of the properties and locations that were of interest.
Did you find the house of your dreams? Then we will start negotiations on the price and sales conditions.
We do not work with any particular law firm but are able to recommend the services of accredited legal professionals to safeguard their interests in the purchase, in accordance with your preferred language. En general a lawyer charges 1% of the purchase price of the property for their intermediation.
Step 1: The reservation contract
When you have reached an agreement on the price, the first step is signing a reservation contract and paying a deposit to take the property off the market at the agreed price.
En general the deposit is starting at 6.000 € (depending on the price of the property) and can either be paid via credit card or bank transfer. The deposit can be held either in the client account of the real estate agency or with a lawyer of your choice. It is recommended never to pay a reservation deposit directly to the owner.
Once the deposit is paid it is the responsibility of your lawyer for making sure that the property’s documentation is correct, that it is free from foreclosures or debts, check who owns it etc…
If your solicitor finds a legal issue related to the mentioned property, the deposit will be returned in full.
Once the lawyer is satisfied and everything is in perfect order your are cleared to continue.
During this time, you may also wish to arrange a mortgage (if necessary)
Step 2: The private purchase contract
When you are ready to proceed with the acquisition, the buyer and the seller will sign a private purchase contract. The buyer will pay a 10% deposit (minus the deposit paid with the reservation contract).
This contract is usually by your lawyer and is a legal declaration from the vendor, stating they are legally positioned to sell the property. It wil mention the address of the property, the exact dimensions, features, as set out in the “referencia Catastral”,
the completion day and hand-over date.
At this point, if the buyer decides to withdraw from the purchase will lose his deposit and if it is the seller who withdraws his property from the sale he will be obliged to pay the buyer double the deposit delivered by him, unless he agrees something else.
The final step is when you pay the rest of the amount and sign the Deed before a Public Notary. Afterwards, the notary will register the property with the property register on behalf of the buyer.
The persons who are going to appear in the deed must be identified, by means of a DNI if they are Spanish or a NIE ( identification number for foreigners).
At this moment the keys are also handed over.
- On new properties 10% VAT
- On resale properties 8-10% VAT, depending on its specific price category
- Notary fee 1% (notarisation of the property cost)
- Legal fees (a fee charged by your selected lawyer to conduct due diligence) 1%
- Stamp duty tax (charged to make documents legally effective on the new property) 1.5%
Now, normally, the real estate agent disappears from the stage. Moving house or going on holiday in a foreign country, may involve a learning curve about “how things work in Spain”.
We at Q-exclusive are here to assist you with any requests you may have regarding Interior design, Builders, Kitchen suppliers, Handymen, Property Management, Contracting water & electricity, Home security, Schools, Property and Health insurance etc…