Purchasing a property

Timeline

• Once a purchase price has been agreed, the reservation contract is drawn up. A reservation deposit of 3,000€ - 5,000€, depending on the purchase price, is payable into our client account to take the property off the market. Your solicitor has now time to check the paperwork.
• Approximately 2 weeks after signing the reservation contract, the private purchase contract is drawn up. At this point you will pay the 10% deposit and the date for completion is set. If the property is sold furnished we will take an inventory.
• The last step is the completion of sale which takes place at a Notary. You will pay the remainder of the purchase price, normally in form of a banker's draft.

The following documents are needed to draw up the reservation contract:

• Copy of passport(s)
• Copy of NIE
• Full address in your country of residence

Costs associated with buying a property in Spain:

• 8% property tax ITP (up to 400,000€ property value,400-700,000€ 9%, above 700,000€ – 10%)
• 1.5% notary fee
• 0.5% registro (Register)