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Most property searches begin online using popular listings sites. This is an excellent starting point to discover what’s available and what you can afford within your budget. However, it can sometimes be confusing as many properties are listed with multiple agencies.
When you’re ready to view properties, selecting the right estate agency is crucial. A good agent will have direct listings, provide market information, and select properties that match your specific criteria. They can also connect you with the best advisors to ensure a smooth purchase and assist post-purchase.
At Beauchamp Estates, we have access to the entire market. If we don’t have a property ourselves, we collaborate with other agents on a commission-sharing basis to find the best property for you. This includes sourcing off-market properties discreetly.
The buying process in Spain is relatively straightforward. Below are the main stages:
The N.I.E (Número de Identidad Extranjero) is a unique fiscal number assigned to foreigners. It’s essential for all important transactions in Spain, such as purchasing property, opening a bank account, and setting up contracts. Start the application early, as it can be a lengthy process, and your solicitor can assist.
You need a Spanish bank account to purchase a property. This is straightforward once you have your N.I.E number. The account is required for the final payment and for handling day-to-day direct debits like utilities, phone contracts, and community fees.
While not mandatory, it’s highly recommended to engage a reputable solicitor. Marbella has many experienced firms. A trusted solicitor will represent you through the due diligence process, including checking documentation at the Land Registry and Town Hall. They can also assist with tax planning and advice.
The first step is to make an offer for the vendor’s consideration, preferably in writing, outlining the terms, fixtures, fittings, and timelines. A well-prepared offer, with solicitors already instructed, shows seriousness and increases the likelihood of acceptance. Once accepted, solicitors will begin the due diligence process.
This contract, signed by both parties, ensures the property is reserved and taken off the market for a specified time. The buyer pays a reservation fee, typically between €5,000 – €30,000 or 1% of the agreed sale price. If the buyer withdraws, the fee is forfeited, but it’s refundable if the property fails due diligence or other issues arise.
The next stage is the private contract, where a 10% deposit (less the reservation fee) is paid. This contract makes the transaction legally binding.
Completion occurs at the Notary’s office with all parties present, unless a power of attorney is in place. Once the deed is signed, you gain full possession and responsibility of the property.
By following these steps and choosing the right professionals, purchasing property in Spain can be a smooth and successful process. Beauchamp Estates in Marbella boasts the best team to assist you through every stage of the journey, ensuring you find your dream property and navigate the buying process with ease.
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