STEP BY STEP BUYING PROCESS
"We have many years of experience, so let us guide you through:"
We have put together here the step by step process of purchasing property in Spain. Instead of lots of legal terms we have explained it as simply as possible as we feel that with our help, buying a property will not be stressful!
THE PURCHASING PROCESS
Once you have found the property you want to buy and the price is agreed, the first thing is that Indigo Homes Marbella will draw up the “Reservation Contract/Contrato de Arras” for you.
The Reservation Contract is a simple process and is standard when reserving a property. This will be for a period of time agreed by both parties whilst your chosen lawyer checks out everything to do with the property, commonly known as “Due Diligence”
WHAT IS IN THE RESERVATION CONTRACT?
The Reservation Contract contains the basic terms and conditions pertaining to the purchase of the chosen property. This document is then signed by both the buyer and the vendor. Please note that this document is temporary.
Details in the document would be:
Providing that all is well with the due diligence by your lawyer, you will then proceed to the Private Purchase Contract. The amount of the deposit is also taken off the purchase price.
WHAT IS THE NEXT STEP?
SIGNING THE PRIVATE PURCHASE CONTRACT
The “Private Purchase Contract” or the “PPC” is the contract between the buyer and the vendor. This is prepared by your lawyer and will also contain all terms and conditions such as:
WHAT ARE THE BUYING COSTS?
A buyer must take into consideration the costs associated with buying a property in Spain. The costs vary from 10% to 12% of the purchase price:
If you have decided to purchase a property in a New Development, by law now, the developer must issue a bank guarantee for each stage payment.
Here is an example of a payment plan on an off plan property:
HOW MUCH MORTGAGE CAN I GET?
Depending if you are a resident or non- resident, the amount that can be borrowed is up to 70% of the appraised value of the property.
For all our services, we only work with the best professionals in their field, to ensure that the purchasing process runs smoothly.