New and Resale properties on the
Northern Costa Blanca in Spain

RokWeather

81°
27°
°F | °C
Partly Cloudy
Humidity: 78%
14 mph
Sat
Partly Cloudy
77 | 84
25 | 28
Sun
Partly Cloudy
76 | 81
24 | 27

A Brief guide for First Time Buyers purchasing property in Spain

The Following notes should give you an outline on what to expect should you intend purchasing either new or resale property located in and around the better regions of the Costa Blanca region of Spain. I.E. The northern areas, covering Benidorm, Altea, Calpe, Moraira, Javea and Denia as well as some of the rural locations: Jalon Valley, Orba and Pego.

 

Buying a property out of one's own country needs some consideration, plus the assurance that things will go smoothly without any misgivings at the end of the day. The sure way to have a trouble free smooth transaction is by following a few proven guidelines; Location. With real estate, location is one of the most important factors, and the Costa Blanca offers this and more. Should you have not recently visited the Costa Blanca region of Spain (The White Coast) or indeed ever been there at all, you will be amazed how well established the infrastructure is. Excellent motorway connections together with modern airports, hospitals, shopping centres, top class hotels, International golf courses, first class sports facilities, multilingual education bustling towns and cities, in fact more than enough for modern day living. However should you wish to touch the real Spain, as nature intended, a little over fifteen minute drive away front the coastal resorts there is much more to explore; The rugged mountain range of the Sierra Bernia. Nestling in the fertile valleys you have the Moorish style villages, plus a touch of modern day architecture dotted in and around the hillsides, all this joined by one common factor beautiful scenery and a wonderful climate.

 

Buying Spanish Real Estate and Some of the Relevant Points.

 

keys to your propertyDon't be misled. By considering to conduct your Spanish property purchase through the abundance of none or semi-professionals, some of their sales techniques can be misleading and very dangerous. So as not to invite subsequent troubles then you must choose from one of the true professionals to buy your home in Spain. I.E. as official Spanish registered agent established in Spain giving you the assurance and protection against anything unforeseeable you wouldn't have any problems, FULL STOP when you follow the correct procedures! Their wealth of local knowledge will help you understand the pros and cons, the do's and don 'ts, whichever the case maybe. They will save you endless time searching around for your new holiday or permanent home in Spain, also helping things run smoothly throughout the whole transaction, taking time to show the many locations along this magnificent coastline.

 

If and when you find a suitable property and decide to make a purchase, the following programme should then follow. To secure the property and take it off the market, a private purchase contract would be prepared by the agent (in your native language) showing the purchase price, describing fully the property, mentioning if it included furniture, fixtures and fittings. You would normally be expected to pay a holding deposit of approx. 5,000 Euros then up to one month later making the payment up to 10% of the purchase price. This private contract will also specify a completion date. NOTE: The penalty for failure to complete the purchase usually means loss of your deposit; all contracts are legally binding for the rights of the buyer and the seller. They are both fully protected. It is a very fair system. The contract will include all points mentioned in the initial negotiations. I.E. sold freehold, furnished, payment conditions, free of liens mortgages or embargos. Should you choose a new property under construction, usually the payment structure will differ depending on the developer concerned. As a guide line there would be the same 5,000 Euros holding deposit, then after say one month make a further payment bringing the amount up to 30% of the total price.

Further stage payments will then be made up to the completion of the building.

 

Following the transaction through you would then be expected to engage a lawyer, familiar with Spanish law on real estate. The agent would normally mention the names of several independent lawyers (abogados) in the area. Thus making sure your purchase was carried out in the correct and proper legal manner. Some of these procedures are making sure the seller has the final escritura publica (deeds) in order and that all the bills on the property are paid up to date. Local tax rates, rubbish collection, water and electricity, to name but a few. Your acting legal representative in Spain would perform all these duties.

 

Charges involved in obtaining your property and the deeds transferred legally into your name would be approx. 12% of the purchase price, this would cover the transfer tax, notary charges plus land registration fees. All these are one off payments. Your lawyer would advise you of these exact amounts. General running costs of the property involved, as these differ quite a bit would be acquainted by the selling agent on any specific property whilst view and inspecting same, and as the procedure matured, but certainly before you committed yourself to signing a purchase contract. No doubt you will have many questions needing answers appertaining to living and setting up a home in Spain (keep notes and write down your questions) you will be advised on these accordingly.

 

In Spain, foreign and Spanish nationals have equal property rights and there is no time limit on free hold ownership. When the property is purchased and registered, your name will be entered in the registration of property rights, in order to prove that you are the legal owner.

You can not only become the lifelong owner, you can also designate a successor or any person or company whatever nationality to become the new owner. With regards to inheritance of property rights, one is only required to pay certain taxes in accordance with the prevailing regulations.

 

Buying a second or holiday home is a thrilling experience and many people are over the moon with their decisions. Spain is a wonderful country with many cultures integrating many nationalities, all enjoying a more personal freedom in a great place.

 

Hasta La Vista!

 

This website has a possibility of using cookies. They are already set and can't be removed. To find out more about the cookies we use and how to delete them, see our privacy policy.

I accept cookies from this site.

EU Cookie Directive Module Information