1. Decide how much you want to pay for a property
Prior to starting your search for a property in Spain, you will need to decide on your target budget. If you are purchasing a property using non-Euro funds you will need to talk to a currency exchange company to see how much your budget will be in Euros. (https://www.coolcasas.net/currency/)
You also need to factor in the purchasing costs in the Alicante Province, approx 14% of the purchase price. (These figures are for guidance only and can change depending on circumstances)
A typical purchase of a resale property can take between 8-12 weeks, from the point of making a successful offer to the day you get the keys to your new home.
2. Decide what your priorities are
How do you intend to the use the property? Is this to be a lock up and leave property that is easy to maintain , an investment property with rental potential or will you be spending long periods of time? Is it important for you to be close to the beach or a golf course or local schools? Please let us know so that we can help guide you in your search. Our only aim is to find the property that's ideal for you.
3. Finding your Home in the sun
We offer a personalised serviced based on our customer's needs and are here to guide you through the entire purchase process so that you dont need to worry about anything except finding the property that has your name on it. We will work with you to a prepare a selection of properties prior to our first meeting. Should you wish us to also work as your property finder we will make arrangements to also see other Agents' properties as well.
Once you find the perfect property and have an offer accepted you will be required to sign a reservation agreement and pay a deposit in order to secure the property and have it removed from the market. This amount is usually €3.000,00 on a resale property and €6.000,00 on a new build. We are able to recommend a reputable independent solicitor to represent you with your purchase.
4. Signing the Sales Contract
When you have secured the property with the Reservation Agreement, then your legal representative will start to prepare a "Private Purchase Contract" (Contrato de Compraventa), which should be signed within 30 days of reserving the property, together with the payment of 10% of the total purchase price. Your Lawyer will, during the preparation of the Contract, perform all the necessary checks on the property to ensure there are no legal reasons why the purchase cannot go forward.
5. Day of Completion
The final stage of the purchase is undertaken in the office of a chosen Notary, who oversees the signing of the Title Deeds (Escritura de Compraventa), by both the buyer and the seller. (or the legal representative, under a Power of Attorney)
Upon signing the Title Deeds the buyer will be required to pay the remaining funds, less 10%, and the reservation fees, including the ITP transfer tax for resales (10% of the purchase price in Valencia region) the fees of the Notary, (.5 to 1%), Land Registry fees (€500-€1,000) and the lawyer’s fees (depends on your agreement). If a purchaser uses a mortgage this will attract additional charges from the bank.
Once your new deed is signed by all parties and ‘notarised’, you are now the legal owner of your property, your lawyer will register your deed at the local Land Registry office, the same day as completion or as soon after as possible. They will also register you as the new property-owner with the local council tax office, your utilities companies, and, if necessary, with your community of owners, according to the agreement you have with your Lawyer