We are your local estate agents in Javea with over 20 years of working and selling property on the Costa Blanca.
If you are after a particular type of property that you cannot find on our site then please drop us a line and we will see if we have anything in our database that fits your requirements.
Believe it or not, we do have clients that do not want their properties advertised on the internet for some reason so we may have something for you hidden in our secret vaults!
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The process of buying a property in Spain is very different to the UK. There are a lot more pitfalls to begin with! People with be throwing around names like “Notario” and “Registro de propiedad” and it’s important to understand what it all means – Not just a simple translation, but what it actually means to buy in Spain - Here’s what to expect!
If you need a mortgage the faster you start the ball rolling the better. It can take time in Spain! It is possible (and usually better) to get a pre-approved mortgage. This gives you a good idea of budget.
So, you found your property? To ensure the property is free of debt and what you see is what you are getting (missing land and other such surprises) you need a Nota Simple. This describes the property “officially” and states who the legal owner is. Your Estate Agent should supply you with this. Before you make any deposits or sign anything, it is important to ensure this is all in order.
This is the pre-agreement contract between the seller and buyer. A deposit is made (usually 10%) and both parties agree to the selling price any other conditions that have been agreed. This stops the seller changing the goal posts and or trying to back out of the deal. If they do the seller must pay back double the 10% deposit – The buyer loses the 10% deposit if they back out. This is the “usual” agreement. In reality, the amount of deposit etc is subject to the agreement of the buyer and seller.
Once you have a “Contracto de Arras” (pre-agreement) it is time to go to the bank. This part is akin to the UK. They will send out a surveyor (Tasador) who will value the house. The cost for this can be anywhere between a few hundred and five hundred Euros. The bank will base its mortgage offer on that figure. Most Spanish banks only loan between 70% & 80% of the property value.
NOTE: While surveying the property is not legally required, if you are a cash buyer it is still a very good idea to get a full appraisal of the property from a Tasador (who is a licensed architect).
Transfers of property deeds are deal with by the Notario in Spain. They are independent parties working for the government. They read the deed of purchase first and ensure both parties understand what has been agreed in the deed. The seller and buyer then provide proof of identity (or power of attorney if representing either). The seller must then present his title of property and the buyer must present payment. Once all these are on the table the seller and buyer sign the contract to change over the deeds of the property. The Notario also signs and stamps it – This is the “Firma Protocolizada”.
If the seller is an individual, the buyer must pay “Impuesto de transmisiones patrimoniales” – Otherwise known as transfer tax. Stamp duty is always payable, known as “impuesto de actos jurídicos documentados”. Transfer tax rates depend on the region and whether the property is private or commercial – It can be anywhere between six and ten percent on private property. The Stamp Tax also varies region to region. As a general guide expect between 0.75% & 1.5%.
This is a local tax usually paid by the seller. However, they can sometimes drop this on the buyer! The seller must hand in a copy of the deed to the Town Hall (Ayuntamiento) local taxes department and inform them how many years they owned the property. The council then calculates how much is owed based on the number of years and the value of the property and posts the bill to the seller.
You must take you deeds to the nearest Land and Property Registry office (Registro de Propiedad). Most medium small towns have one. The best place to ask is the Notario. The fees for land registration are derived from the value of your property. It can be anywhere from 4% to .02%.
Now the utilities for your new home must be changed into your name. If there are any debts owing you will be liable to pay them off or they will connect the property. In Spain the utility companies just want paid and are happy to cut off utilities in a flash! So much for that new Jacuzzi!