At COLDWELL BANKER POLO ESTATES in Marbella, we are here to give you the best professional advice throughout the buying process, but before you start the search for your property on the Costa del Sol, it’s important that you understand and are aware of the financial and legal procedures involved.
Once you have found a property that you wish to purchase you will need to make a reservation deposit to freeze the price and take it off the market.
Obtaining a mortgage
If you require a mortgage in Spain we can help you negotiate with reputable banks and independent Spanish mortgage brokers based in Marbella. Terms and conditions may vary. In the current economic climate a non-resident can get up to 65% of the purchase price for a period a 10 - 20 year period depending on your age. It is important to be aware of the buying costs on the Costa del Sol. Purchase taxes and costs amount to 10-12% of the property purchase price. Alternatively, you might prefer to raise finance in your home country through your own bank or by releasing equity.
Appointing a lawyer
We strongly advise you to hire the services of a reputable Spanish lawyer based in the Costa del Sol. At COLDWELL BANKER POLO ESTATES, we can happily assist you in appointing an independent Spanish lawyer.
Once appointed, your lawyer will carry out thorough checks to ensure that your chosen property is legally in order, the correct licences are in place, there are no outstanding debts on the property and that all community bills and taxes are paid up to date.
Should you wish, you can give your lawyer Power of Attorney which means that he can sign for your property at the Notary on your behalf.
Exchange of private purchase contracts
Once your lawyer has completed all the necessary property checks, you will then be required to sign the Private Purchase Contract with the vendor of the property. The contract states the legal description of the property, the price, the payment terms and both parties’ legal obligations.
The private purchase contract is generally signed within 3 - 4 weeks after the initial reservation deposit has been paid, you will now have to pay 10% to 40% of the agreed property price. Therefore, in case of need, before signing the private purchase contract is recommended to get a mortgage agreement in place.
If after signing the Private Purchase agreement you are then unable to proceed with the purchase, the amounts paid at this stage are non-refundable.
Signing at the notary
This is the final stage of your property purchase which is formally completed before a Public Notary. The vendor will sign the property over to you and you will exchange the final payment and receive keys to your new home.
For more information please contact us today on (+34) 952 906 617
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