It is important when buying the property of your dreams that everything is done exactly how it should be, however it can be difficult to know what all these things are and where to start. Here at CG Realtors we are happy to take the hard workout of your hands by helping and guiding you every step of the way and make the purchasing process as smooth and easy as possible!

Here are the main steps to consider when buying your perfect property here on the Costa del Sol

Firstly… find your dream home!

This is the best bit! CG Realtors have a wide database of Properties all along the Coast. Get in touch via pone or email and let us know all your needs, wants and wishes and we will come up with a selection of properties to best suit those needs. You decide which Properties you are interested in and we will arrange an appointment with one of our professional team and get started on viewing each one until we find your perfect home. With years of experience and knowledge of the Costa del Sol and the property industry we can guarantee to offer you the very best advice on every aspect of buying in Spain. Don’t hesitate to ask anything along the way, the more questions the better! We want to make sure this processis as enjoyable as possible for you.

Secondly, put down an offer

Once you have found the property you would like to buy, it is time to make an offer on the price. Before you decide on your offer you will be informed of all the fees and taxes involved, which are not always included in the selling Price that you first see. The purchasing costs are between 9-12% of the purchase price. There are lots of different aspects that can affectt his amount, such as: Government Transfer Tax (ITP or IVA) (8%-10%, depending on type and price of the property), Legal Fees (1%, depending on law firm and services offered), Notary&RegistryFees (1%), MortgageFees (if applicable — 1-2%, depending on mortgage)

Now that the final costs have been figured out and you are ready to make your offer you have 2 options: One way is to verbally place your offer to the vendor and wait for their response, negotiating and then making a verbal agreement once you have both agreed on a price. The second way is to hand over a reservation deposit with your offer and sending thison contract, which could give you a stronger negotiation position since you are committing to your offer.

Holding the property and legal checks

Now that we have a verbal or written agreement for your property purchase we need to get it off the market and reserved for you! In order to do this you will need to sign a reservation document which will lay out all the terms of the agreement and officially take the property off the market. If a deposit was not placed with your offer then a reservation fee will be charged (around 6000 Euros depending on the property and vendor requirements) whichis non-refundable unless the legal checks taken do not come out clear, in which case a full refund would be granted. Once the document is sent to the vendor and signed then the propertyis officially reserved and no one else can place an offer.

It is highly recommended that you hire a lawyer to represent you in your purchase and with our years of experience in the industry we can advise you on the best law firms on the Coast. The legal procedures taken out by your lawyer are as follows:

  • Verifying the owner of the property to ensure the vendor is entitled to sell the property.
  • Checking the property is legally registered in the corresponding property registry.
  • Ensuring the property is free of all possibly charges and debts (mortgages, seizures, etc.)
  • Making sure the property has been granted the corresponding municipal building permit by the town hall & the legal prescriptions of the planning and building law are complied with.
  • Studying, preparing and signing all private contracts (reservation agreement, option contract, sale contract) or publicones (purchase/sale deed) which are deemed necessary to proceed in the purchase operation. This is normally done by first signing a private contract and then, after a reasonable lapse of time signing the sale/purchasedeed.

The lawyer will payall expenses and taxes on your behalf, which includes registering the publicdeed in the corresponding Land Registry. They will assist you in the change-over of ownership of all bills, supplies, taxes and anything else concerning the property, as well as anyother services which you would like them to assist you with. They will explain every step to you and the choice is yours on how you would like to proceed. Once all legal checks are made by the Lawyer and the results are returned positive, you can proceed to the next step of either exchanging contracts (ifnecessary) or skip straight to the final step of completing your purchase!

Exchanging Contracts

If the agreement with your vendor includes an exchange of contracts then a payment of around 10% (minus reservation costs) is usually made by the buyer and a contractstating an agreed and oficial completion date is signed by both parties. Now you are just one step away from the final stage

Completion!

Congratulations! You are now the proud owner of your new home on the Costa del Sol! Your lawyer and property advisor will have prepared every thing ready for you on this important day to ensure there are no last minute bumps. If you are unable to attend, you can hand over power of attorney to your Lawyer which allows them to sign for your new property on your behalf.

Therestis in your hands to enjoy and build on your new home as you please. The team at CG Realtors are here for you every step of the way to ensure this exciting journey is made to be as smooth and easy as possible. We are more tan happy to help with any queries or questions you may have before, during and after the completion of your purchase. We have a large database of trusted and profesional services along the Coast who can assist and help with any of your property needs.