Information about buying a Marbella property
Buying New or Buying a Resale?
There are advantages and disadvantages in terms of buying from a new development or an existing property. We have identified some of the main points below to make your decision easier and we would be very happy to discuss these with you.
More flexibility regarding and choice of unit configuration e.g. kitchen/bathrooms
Ability to spread the cost of the purchase over a longer period
Potential increase in property value during the construction period and after
Warranty: 1 year for minor defects, 3 years for installations and 10 years for construction
Instalments are underwritten by bank guarantee / insurance
Built to higher energy saving and environmental standards, so more economical to run
Prices are non-negotiable
Can be a faster completion time – normally 4 to 6 weeks
Often a good selection available in prime locations
Great deals can be found – especially when able to move quickly and with flexibility
No guarantee, unless there are hidden defects, identified within 6 months
Older, more distressed, properties, can sometimes be great investments
Properties often need to be refurbished to taste, and this can add to the move in time
No progressive payment scheme
Marbella Property Buyer Services
THE BUYING PROCESS IN 4 STEPS
STEP 1. FINDING THE BEST PROPERTY
• Using our unique selection tool, your personal adviser will create a Property Profile based on your requirements and preferences, according to the budget you have in mind. Then a maximum of 7 properties will be presented in detail back to you within 10 days. We can always adjust the Property Profile based on your initial feedback.
• We will then make appointments for you to visit your preferred properties so that you can make a well-informed decision.
STEP 2. HOLDING DEPOSIT
• The purchase process begins by reserving the property and signing a Reservation Contract. A deposit, usually 1%-2%, is payable at this time and is deemed part of the purchase price and will be refunded to you in the event of any irregularities or failure to meet any special conditions. If applicable an application for a mortgage should be started at this time.
• Our team of specialist advisers can provide a competitive quote to undertake any of the formal procedures required during the process.
STEP 3. THE PRIVATE PURCHASE CONTRACT
• After the lawyers have checked everything (legal due diligence) and agree on the accuracy and completeness, the private Purchase Agreement is drawn up. It includes a full description and the cadastral dimensions of the property, as stated in the property register and land register.
• This is a legally binding agreement and requires a larger deposit, usually 10% for resale and 20% for new developments, to be paid.
STEP 4. COMPLETION
• The Purchase Contract also defines the additional terms and conditions of the purchase and the date by which the remaining amount of the purchase prices must be paid at the time of final transfer or the payment schedule for new developments.
• To complete the purchase process all the main parties, together with the Notary, must be present at the time of signing.
Congratulations! You’ve just bought your dream home!
Calculated approximately, you should budget in general an extra 10 to 13.5% of the purchase price for costs.
VAT 10% + Stamp duty 1,5%
Notary fee €600 – € 3.000
Lawyer fees 1% (+VAT)
Transfer tax 8% – 10%
Notary fee € 600 – € 3.000
Lawyer fees 1% (+VAT)
SPANISH GOLDEN VISA PROGRAM
This magnificent opportunity was introduced in 2013 for foreigners from outside the European Union to obtain a residency permit when a property worth € 500,000 or more has been bought. Please ask us for comprehensive details.
FOREIGN CURRENCY SOLUTIONS
Currencies 4 You provide tailor made solutions for thousands of corporate and private clients every year. We are working in partnership with them to protect our clients from volatile fluctuations in the currency markets. Timing is everything. Click below to obtain a quote.