Steps to follow at the tiem of buying a property in Marbella, Spain
From Mercury Abogados, we want to make a brief summary of the steps to follow when buying a property in Marbella, Andalusia or any other part of Spain.
First of all, when a client is not a resident of Spain and is interested in buying a property in Spain, they should know that two procedures take place.
A) The first of them, that its complexity will depend on the personal circumstances of the client, but as a general rule the following steps must be carried out:
- Obtaining the client's NIE.
- Opening of a bank account in Spain.
- Registration with the tax authorities.
- Granting of a power of attorney (PoA) if the client wishes to be represented.
- If the client is married, it will be necessary to take into account if the client is married in community property or separation of property. And if he buys alone or with his wife, since if the client is married in a Separation of Property Regime, he must provide a legal certificate that proves it.
B) The second procedure is the sale of real estate
Although it is true that when the property is purchased directly from a bank, the procedure is usually a little different from the usual one, since the bank is usually less flexible when it comes to negotiating the clauses and conditions of the sale.
The first step to take, before making any payment or signing any document, it is highly recommended that the lawyer carry out a study of the property, carrying out a "due diligence" and verifying the legal status of the property: property debts , verification of ownership in the property registry and the cadastre, charges, if the property is affected by the Coastal Law, urban situation, among others.
The second step is to sign a reservation, where the seller withdraws the property from the market. In this reservation, the buyer usually pays the seller between €3,000 and €10,000 depending on the price of the property and what the parties agree (Buyer and seller), if the price of the property is very high, for example €1,000,000, the reserve is probably €10,000.
The next step, once the state of the property has been verified, would consist of signing the private contract, where the conditions and clauses of the sale are established. This is a very important moment of the purchase process, since our expert lawyer in real estate law in Marbella will try to require the seller to solve any problem that the property may have before the signing of the deed is done at the notary.
Signing the public deed before a notary, a decisive step
Next, another step would be the signing of the notary public deed before a Spanish notary public. To do this, our Marbella law firm contacts the notary, explains the conditions of the purchase, and receives a draft of the letter directly from the notary with those conditions.
In this step, the buyer pays the rest of the agreed price to the seller, which is usually done by means of a bank check issued by a Spanish bank, and the seller hands over the keys to the house, this process has the Latin name of "traditio".
Finally, once the public deed is signed, the corresponding taxes are paid, the property registry is requested to change the ownership of the real estate that has been transferred.
It should be borne in mind that currently when you buy a second-hand property in Andalusia, the transfer tax is 7% of the purchase price. On the contrary, if you buy a new property, VAT would be paid, which is Currently, it is 10% of the purchase price, in addition, you must pay the documented legal act that is 1.2% of the purchase price.
Throughout the process, the client of Mercury Abogados is advised and accompanied by one of our expert lawyers in "real estate law". Do not hesitate to contact our law firm in Marbella experts in "real estate law" "conveyancing". Our lawyers will be happy to assist you.
Telephone: +34 951 052 811
Whatsapp: +34 643 89 04 96
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