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Andalucian Rural Estates Inland property andalucia Spain rural property sales Andalucian country Property for Sale Andalucia country houses. Fincas, villas, farm houses and plots of land for sale inland Andalucia. Country property Spain
Andalucian Rural Estates country property inland Andalucia country properties Spain. Fincas, villas, apartments and plots of land for sale inland Andalucia. Country property Spain

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Buying Property in Spain, a Step by Step Guide

SEARCHING FOR PROPERTY

Once you have made the decision to search for a property in Spain , you will need to think seriously about the type of property that you will require and which area you would like to search in. Once you know this, Andalucian Rural Estates can help you to select the most suitable properties then arrange viewings for the ones you select.

MAKING AN OFFER

Once you have found the ideal property, the next step is to make a verbal offer through Andalucian Rural Estates. We will then continue with the negotiations until a price is agreed. It is at this point that you should appoint a lawyer to make the agreement formal.

APPOINTING A LAWYER

Andalucian Rural Estates is happy for clients to select any legal representation they wish when purchasing a property in Spain . We recommend that you opt for a lawyer or solicitor who is fluent in your own language so that they can carry out the necessary checks and complete the legal requirements of the sale. The checks usually begin with obtaining the “Nota Simple” from the Property Registry Office to identify the registered owner of the property and show details of embargos or mortgages (if applicable). Next, the vendor should provide payment receipts of IBI (Impuestos sobre Bienes Inmuebles), the yearly tax for real estate and the Certificado Catastral which will show the Valor Catastral, the assessed property value which is the basis for the property income tax. If you decide to purchase a new property you should ask to see the “Declaracion de Obra Nueva”.

RESERVATION DEPOSIT

Once the price has been agreed and you legal representative has checked the “Nota Simple” you may prefer to pay a small reservation deposit through Andalucian Rural Estates that the vendor takes the property off of the market until your lawyer has prepared the contract.

SECURING DEPOSIT & EXCHANGE OF CONTRACTS

After your legal representative has completed the searches and prepared the contracts it is then the time to pay a securing deposit. Normally, the securing deposit is 10% of the price of the property. It is usual practice to pay the 10% deposit at the same time as the contracts are signed. The contracts will set out all of the agreed terms and the completion date. When the deposit has been paid and the contracts have been signed it is common in Spain that if the purchaser then decides to cancel the sale, the deposit will be non-refundable and if the Vendor cancels the sale, the deposit will be refunded and the vendor will be asked to pay the purchaser the same amount again as compensation.

SALE COMPLETION

On the agreed day, the purchaser, vendor and their representatives will attend an office of a Notary to sign the title deed “Escritura de Compraventa” and this deed should state that the property is to be sold free of tenants, mortgages and charges. A Notary will not check these terms but will certify that both vendor & purchaser agree them. It is now that the balance is paid to the vendor (usually in the form of a Bankers Draft) and the possession of the property is passed to the purchaser. Your legal representative should then arrange your tax and fee payment and register the Escritura.

THE FEES

The fees to remember are of the Notary, Property Registration and your Legal Representative plus the Transfer Tax and the Plus Valia Tax. Andalucian Rural Estates’ fees are included in the price of the property. Legal representation is normally around 1% of the purchase price plus 16%IVA. The Notary fees are fixed by law and are usually between 250euros – 950euros. Registration fees are around 40% of the Notary fees. The Transfer Tax is 7% of the purchase price (this increases if purchasing a new property from a developer). Plus Valia is a municipal tax and is variable as it is based on the officially assessed increase in the value since the property last changed hands. It is common for the purchaser to pay all of the fees and taxes listed above with the exception of the Plus Valia, which can be paid by the vendor. The vendor pays their Capital Gains Tax.

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