Intasun Homes is here to guide you through every step of the buying process. We will ensure that everything is clear, straightforward and stress free.
Let us outline what to expect when buying your new home in Spain.
First and foremost, be certain that you have your finances in place to ensure that you are in a position to proceed when we find your ideal home. There are various Taxes and Charges involved in the purchase of property here in Spain, as everywhere. Take these into account from the outset as they will amount to approximately 13% of the purchase price. There are slight variations depending on your purchase, however put simply you can calculate on:
- 10% Purchase Tax or I.V.A on the declared value
- The remaining amount is taken up with:
- Notary Fees
- Land Registry Fees
- Stamp Duty (new build only)
Having decided on the house to buy and agreed the price, we will draw up a contract of sale and purchase. At this point you are required to pay a deposit of € 3.000. With this payment the negotiated price is fixed and the house is removed from the market.
Completion date is normally fixed at 4 to 5 weeks from the date of contract. However, should you require further time to complete the purchase, a further payment – taking the deposit to 10% of the purchase price – is required within two weeks as security. Once deposits are paid and contracts signed, the notary and both parties' legal representatives will start to prepare all the necessary documentation to complete the purchase/sale.
On completion day both parties will attend the notary with their legal representatives, as will we. The new deeds will be read to you in your own language after which the signing will take place in front of the notary. At this time the outstanding balance is paid and you become the proud owner of your new home.
You will need legal representation to lead you through the whole purchase process to ensure all formalities are observed. Legal conveyancing fees vary considerably between firms. You are of course free to choose whichever company you would like to undertake this work for you. However you will find that our partner, Lancaster Legal Services, a long established and well respected company in this area, will provide you with an unrivalled professional and personal service whilst offering very competitive rates. You can contact them through their website www.lancasterlegals.com. They will be more than happy, at any stage, to give you a no obligation quotation.