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Stages of Buying a Property in Spain (Costa del Sol)
- Find a property: Look for properties online or with the help of a real estate agent. Make sure to visit the property in person or have a virtual tour to make sure it suits your needs.
- Secure a mortgage: If you need financing, apply for a mortgage from a Spanish bank or our recommended mortgage broker.
- Hire a lawyer: Hire a lawyer who is experienced in Spanish property law to help you with the purchasing process. They will help you make sure that all the paperwork is in order.
- Sign a reservation agreement: Once you find a property you like, sign a reservation agreement, and pay a deposit.
- Pay the deposit: The deposit is typically 10% of the purchase price. This will secure the property while you prepare the necessary paperwork.
- Complete the paperwork: Your lawyer will help you complete all the necessary paperwork, including obtaining a NIE number (foreign identity number) and ensuring that the property has no outstanding debts or liens.
- Sign the contract: Once everything is in order, you will sign the contract and pay the remaining amount due.
- Register the property: Register the property in your name with the Spanish Land Registry.
Buying Costs
- Property Transfer Tax: This tax is charged in most regions of Spain and ranges from 7% to 10% of the purchase price.
- Notary fees: The Notary is responsible for certifying the documents related to the purchase and sale of the property. The fees vary depending on the property's value and the location.
- Registry fees: These are charged by the property registry where the property is registered to change ownership, and it is a fixed fee.
- Legal fees: These are the fees paid to the lawyer overseeing the purchase process and ensuring everything is in order. The fees can vary.
- Mortgage fees: If you require a mortgage, there are fees associated with arranging the mortgage, such as opening and processing fees, and a valuation fee.
- Property taxes: You will have to pay annual property taxes to the municipality where the property is located.
- Overall, the cost of buying a property in Spain can range from 10% to 13,5% of the purchase price, depending
