Finance

We have to make the difference here between a re-sale property and a off-plan property :

A re-sale property :

1. You pay an initial holding deposit of 3000 Euros, to take the property of the market and to freeze the price.
2. Within 10-14 days, a private contract is made and 10 % of the purchase price is then payable, less the initial deposit. This private contract is only made after your lawyer did all the searches on the property to ensure that there are no outstanding debts etc.
3. Within 6- 8 weeks you pay the balance of the purchase price and you sign the title deed before the notary. Note that you can also give power of attorney to your lawyer, so you do not have to be present.

An off-plan property :

1. you pay an initial holding deposit of 6000 Euros to reserve the property.
2. further payments are made in stages as more of the development is completed. For example, 30-40% of the purchase price could be payable on signing contracts (1 month after the deposit) less the deposit, and the rest when you receive the keys.
3. IMPORTANT ! Selling before completion is possible to realise significant capital gains.

Fees :

a very important pointer to remember is that fees and taxes in Spain amount to roughly 10% of the purchase price of the property.

Mortgages :

We work together with most of the Spanish national banks and also with several mortgage companies. We will help you to arrange a mortgage suitable to all your needs.

General rule : non- resident in Spain : 70% of the valuation of the property, subject to status.