How to buy property in Marbella Spain
Buying property in Marbella, or indeed anywhere in the world, will probably be one of the most important investments you will ever make.
So, it’s crucial that the buying process is managed by a reputable real estate agent who is familiar with each step and the related legal requirements.
Finding your dream home
The first step to finding the best Marbella property is to engage the services of an established real estate agent who is familiar with the market. Marbella & Co is a high-end real estate agency specialising in luxury homes in Marbella, run by an experienced team who can help you find the perfect Marbella property. We have a comprehensive database of superior listings and also collaborate with a network of agents, which allows us to show you virtually every available luxury property for sale in Marbella.
Legal representation
In order to ensure your interests are protected at every stage of the buying process, it is advisable to use a Spanish lawyer, who is familiar with the latest legislation, and who also speaks your language. Marbella & Co can assist by recommending lawyers with many years of experience of the Spanish property market.
3 step buying process
1
PAY A DEPOSIT TO RESERVE THE PROPERTY
To take the property off the market, you will need to pay a deposit of 6,000 to 10.000€, which will be deposited in an escrow account by your lawyer.
Upon receipt of the deposit, your lawyer will carry out due diligence to ensure the legality of the property. Should any problems come to light at this stage your deposit will be fully refunded.
2
PRIVATE PURCHASE CONTRACT
At this stage, the lawyers acting for both parties will draw up a Private Purchase Contract (PPC) stating the agreed purchase price and everything that is included and excluded. You are now required to pay a deposit of 10% (less the original reservation deposit). After the Private Purchase Contract has been issued, your lawyer will check that there are no outstanding debts against the property, such as taxes, rubbish collection or community fees. Any debts will be subtracted from the final payment and will be settled with the appropriate body / organisation by your lawyer.
3
COMPLETION
Completion of the transaction takes place at the Notary. Both buyer and vendor (or their representatives) will sign the deeds and hand of the cheques. All keys to the property will be handed over to the buyer.
Why buy with Marbella & Co
Marbella & Co is a Danish company founded in 1997 providing high-calibre property services to international clients. Today, the company is a high-end real estate agent specialising in luxury property for sale in Marbella and the surrounding areas.
MORE INFOCosts associated with buying a property in Spain
When purchasing property in Spain, it’s important to factor in buying costs. Although, the real estate agent will be paid by the vendor, the buyer will be liable for several fees and taxes. The amounts payable will depend upon the value of the property and whether it is a new development or a resale (pre-owned) property.
COSTS ASSOCIATED WITH BUYING A PROPERTY IN SPAIN
- 7% transfer tax (local government)
- 1% legal fees
- 1% Notary and registration fee
- 1.2% Stamp duty (paid upon deed registration)
NEW DEVELOPMENT BUYING COSTS
- 10% IVA (VAT)
- 1% legal fees
- 1% Notary and registration fee
- 1.5% Stamp duty (paid upon deed registration)
Mortgage set-up fees
If you require a mortgage from a Spanish bank, you should expect to be charged around 1.0 to 1.5% of the loan as a set-up fee.
If you interested in purchase luxury real estate in Marbella please contact us and we’ll be happy to discuss your requirements.