Buying a property abroad sounds exciting, with the right guidance your search for a new home is not that complicated though. Decent preparation and knowing the right people are the most important elements to successfully buy your dream home. In this blog we guide you globally through the purchasing process of a property in Nerja, Spain.
Looking for a home
In the past, the search for a home in Nerja only started at the destination. As the time has changed, you can obviously filter the properties for sale in Nerja already on distance. Especially if you have been to the village before, you can easily check out the homes for sale via internet in the desired district.
Find a reliable partner
After the exploratory phase and establishing your wishes and demands, it is time to contact a real estate agent in Nerja. Obviously, it is common to start your search for a property with an estate agent as well. As we’ve been around in Nerja for more than 25 years, we have built an extensive network with reliable colleague agents and therefore a huge portfolio of properties. As a buyer you do NOT pay agency fees!
Working towards an agreement
Once you’ve found a home that meets (almost) all wishes and demands, it is time to organise the paperwork. Before signing a provisional purchase agreement, occasionally a reservation contract is signed first. The reservation is a deposit of between €3,000 and €5,000. This reservation fee is a sign of serious buying intentions and subsequently, the selling party will then (temporarily) remove the property from the market.
In practice, this step is often seen as redundant and the provisional purchase agreement is signed immediately. This agreement is an official contract between buyer and seller, whereby the buyer makes a down payment (normally 10% of the sales price). If desired, you can be advised in this phase to engage a local solicitor to guarantee independence, the solicitor costs are normally around 1% of the asking price of the property.
Then, with or without a lawyer, we will ensure that all paperwork is prepared. We will look at the legality of the property, the correct registration in the land register, any debts of the selling party, etc. In addition, it is necessary in this phase to apply for a NIE number (tax number for all foreigners living in Spain ) and to open a Spanish bank account.
To the notary
When all the required paperwork is collected, it is time to pay the remaining 90% and put the final signature at the notary. The notary is responsible for drawing up the title-deed, which is subsequently presented for inscription in the land register. The total additional costs of the purchase (buyer costs) are approximately 10% of the sales price of the property. After having signed you are the proud owner of a new house in Spain!
Keep an eye on the upcoming blogs to find out more about taxes, bottlenecks, rentals, investment in real estate and much more! Ideas for blogs, information requests or questions? Feel free to contact us via Whatsapp, E-mail or the webpage!Contact us