The purchase procedure to buy a house in Marbella 2018-06-19T08:21:44+02:00

The purchase procedure to buy a house in Marbella

The purchase procedure to buy a house in MarbellaThe purchase procedure to buy a house in Marbella

The purchase procedure to buy a house in Marbella starts at the moment you have found your home. The following steps need to be taken. Your lawyer will request a so-called NIE number from the Spanish government for you. This NIE number is required for the purchase of a home, for tax matters and for connection of water, electricity and telephone.

You must also open a bank account and it is advisable to give your lawyer a notarised Power of Attorney to be able to act for you in your absence.

The Reservation Contract (Contrato de Reserva)

The first step in the purchase process is signing a reservation contract. This is a common procedure in Spain and ensures that the property in question is reserved for you for a specific period. The deposit to accompany this is approximately 1% and is part of the purchase price and will be refunded to you in the event of any irregularities or failure to meet any special conditions. You can now also start the application for a mortgage, if applicable.

The following must be mentioned in this contract:

  • Full details of the buyer and seller
  • The purchase price
  • The amount and method of payment of the deposit for the reservation of the house
  • The location of the house and a short description
  • The date when the purchase contract will be signed and when the transfer will take place

and possibly other special conditions, such as:

  • Acquisition of movable property
  • If the purchase is conditional on obtaining a mortgage
  • Reservation for building technical research by architect and valuation by bureau TINSA

The Purchase Agreement (Contrato de Venta)

After the lawyers have checked everything and agree on the accuracy and completeness, the private purchase agreement is drawn up.

This agreement includes the following:

  • The seller’s statutory declaration that he/she is the owner or legally authorised to sell the property
  • Full description and cadastral dimensions of the property, as stated in the property register and land register
  • The date of transfer at the notary
  • Consequences of non-fulfillment by the buyer or seller of the agreement
  • The purchase contract is then signed (possibly under Power of Attorney) and 10% of the final purchase price must be paid to the seller.

The Notary

The purchase agreement is drawn up on the instructions of the lawyers. The remaining amount of the purchase price must be paid at the time of final transfer which is made by means of a notarial deed. This deed is called the Escritura de Compra Venta.
The day before, the buyer and seller will have checked together whether all available equipment in the house is functioning properly and also made a check on the presence of any goods taken over. In the meantime, the lawyers will have also made an overview of prepaid expenses and any outstanding costs, such as the contribution to the Communidad, the IBI, the electricity and water consumption, etc.

In addition to the Notary, the buyer and the seller, together with both their lawyers and also perhaps the broker of the seller and the consultant from MPM Property Consultants will be present at the time of signing. This completes the purchase procedure for the home.

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MPM Property Consultants Marbella

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