The majority of property purchasers in Spain do so through a Real Estate Agent. A buyer ought to be extremely cautious when appointing one, regardless of whether they have a large or small portfolio of properties. It is important that they are serious when handling large sums of money.
At Pocomed we try to make the buying process as simple and painless as possible. We are here to assist you in your purchase by sourcing suitable developments and introducing you to reputable legal and financial advisers.
Before you start looking for a property in Spain, you should carefully decide on the area you will want or need, location should be the essential factor in your decision. Points you need to consider will depend on your personal requirements and you should consult with your Pocomed representative who will guide and assist you in making your choice.
Once you feel you are ready, you should also consider booking an "infomal viewing visit", during your visit your Pocomed consultant will accompany you to all the relevant developments. Prior to your visit to Spain you should make sure that you have at your disposal sufficient funds to cover the reservation fee. Usually around 3,000 euros (approx 2,000 gbp) for off plan developments. For further information on "informal inspection visits".
Reserving your property, prior to signing the contract you will need to enlist the services of a lawyer. We recommend that you use a Spanish lawyer rather than a lawyer from your home country. Naturally they are more familiar with the process of property purchase in Spain and will be able to guide you through the legalities involved in your purchase with minimum expense and complications. If you decide to use legal representation from your home country they will still have to communicate with a lawyer in Spain, this could slow down the process and also prove to be more expensive as it possibly will result in having two lawyers working for you.
Once both parties have agreed to the main points, a reservation contract will be drawn up and signed. It is common practise to pay the reservation fee to either your legal representative, the developer or Pocomed in order to ensure that the vendors are assured of your genuine intention to buy. The reservation fee withdraws the property from the market and guarantees a fixed price.
The Purchase Contract - will need to be signed by both parties in the time agreed scale at the reservation contract. A portion of the purchase price will need to be paid to the vendor at the time of signing the puchase contract, your lawyer will look after all these matters in your own names and first stage payments will vary from 10% for a resale to approximately 40-50% for a new property. This is normally a non refundable deposit. In accordance with Spanish law, it is common practice for the contracts to be in Spanish, nevertheless your lawyer will be able to obtain a translation and will not ask you to sign any documents without having understood them beforehand.
In Spain a sale is formally completed when the public title deeds (escritura) are signed before a public notary, the final payment made, and possession given to the buyer.
It is standard practice to expect to pay charges and fees of approximately 10% of the cost of purchase. This includes 7% IVA (VAT), 1% Legal Fees, other costs will be stamp duty at 0.55%, Land Registry Fees and Notary Charges. The payment of these fees and charges will be organised by your lawyer.
Need Help Buying?
Help Buying Property in Almeria and Murcia
Buying a home in South East Spain can be an excellent investment. The property market in this area is one of the most active in the country, and generally property values have risen significantly during the last few years.
For the first time buyer in this region, the buying process can seem complicated and quite overwhelming.
In general, the steps in the property buying process are:
- Knowing how much you can afford
- Defining your needs and interests, ie. type of property, number of rooms etc.
- Selecting an area you want to live in, remember it's all about location, location, location.
- Contacting a reputable estate agent, only deal with an agent that you feel comfortable with, and who meets all your needs.
- Familiarize yourself with the sales contract that will be used. Understand your obligations and rights as stated in the contract.
- Throughout the buying process, never sign a contract or any other documents you do not understand or do not feel comfortable with.
Therefore, your first step is to contact Pocomed Properties, then we will be able to provide you with valuable advice on all aspects of the property buying process. Assistance would include matters such as finding an appropriate property, financing options, questions to ask when visiting properties, negotiating a sales contract and home inspection requirements.
tel: +34 968 482 453
e-mail: info@pocomed.com
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