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Information about buying a Marbella property 2019-08-09T16:50:54+02:00

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.

NEW DEVELOPMENT

  • 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

  • New properties come with a 10-year building guarantee

  • Instalments are underwritten by bank guarantee / insurance

  • Built to higher energy saving and environmental standards, so more economical to run

  • Prices are non-negotiable

RESALE PROPERTIES

  • 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

  • Negotiations are usually done by the agent on the buyer’s behalf

  • 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!

PURCHASE COSTS

Calculated approximately, you should budget in general an extra 10 to 13.5% of the purchase price for costs.

New Development

VAT 10% + Stamp duty 1,5%

Notary fee 1% – 1,5%

Lawyer fees 1% (+VAT)

Resale

Transfer tax 8% – 10%

Notary fee 1% – 1,5%

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.

Download Spanish Golden Visa Program

Information about buying a Marbella property
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