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Buying a new home in Spain?

How can SpanishHomes.online help you?

So, you are dreaming of a home in Spain? It must be a daunting challenge? It does not have to be, if you deal with a company who’s team has been involved in thousands of sales already.  You can join these happy clients if you trust SpanishHomes.online.

Buying a 2nd property in Spain is different from doing so back home. Foreigners sometimes get frustrated by the rules, unusual laws and relaxed, sometimes overly relaxed, attitude you find in the banks, town hall, law offices and real estate offices.

We have access to all the knowledge and experience that you require to make your move to Spain all you hoped it would be. We have been selling homes in Spain for 20 years and maybe you can be the next client to take advantage of our perfect, mid-sized company. We are big enough to have some clout yet small enough to still care about you, our client.

Here in SpanishHomes.online we sell primarily in the Alicante region, Pilar De La Horadada, Murcia, Valencia, Villamartin, Torrevieja and all across the country. We specialise in resale property but have extensive experience working with new builds/ off-plan, apartments, townhouses, villas and plots.

What is the Process when buying a property in spain?

1. Find the property you love.

2. Once that is done, we help you put in a bid and we try to get the deal across the line. We can then enter into a negotiation with the seller, bank (in the case of a repossession) or the Spanish builder.

3. Once we have agreed on a price with you and the seller, we talk about completion dates. We like to complete within 6 weeks or so, but you, our law office and the seller will tell us when suits you.  Clients will either pay to our lawyer’s client account or to our account, a deposit on signing of the purchase contract. We charge you a holding deposit between 3,000 – 6,000 euro. Many agents charge 10% , we don’t feel this is necessary.

4. We help you to make sure that the property is structurally sound. Our engineer Antonio, will visit the property and report back to you.

5. SpanishHomes.online work with Spanish Solutions legal and tax advisors who take care of the entire legal process from our office in Pilar de La Horadada or La Zenia. We know how good they are and recommend them to all our buyers and sellers to ensure that you as a customer get the best possible service. Often a buyer will sign a Power of Attorney so that there is no need for the buyer to be here in Spain on competition.

Spanish Solutions, for just 2,250 euro will provide clients of Spanishhomes.online with the following:

6. The provision of funds (additional costs over and beyond the home cost) as well as other taxes and normal fees, transmission tax, etc are distributed to the respective parties. You get copies of all transfers.

7. Access to your new home in Spain, can take place on the same day as the signing of the Title Deeds. If you are not present in Spain at this time, we’ll store the keys until we see you.

8. Wifi, Electricity, gas, water etc are transferred in your name. You may need to use these while declaring any rental income from your Spanish home.

How can you Finance your new home in Spain?

We advise our buyers that before you start actively searching for your dream home, you should consider how you will finance the purchase. Once we find you the perfect Spanish property, you can act quickly.

We work with IMS mortgages in Marbella. It is possible to receive a mortgage in Spain of around 70% LTV.  If you do borrow in Spain, the bank makes its own valuation through TINSA. (a Major Spanish valuation company, www.tinsa.com)

This valuation can differ from the purchase price. Often our clients mortgage their primary home and then make the purchase in Spain, effectively as a cash buyer.

Acquisition costs of your Spanish home:

The acquisition costs (notary’s fees, legal representatives, processing costs for home loans, taxes to the municipality, province and state) are all paid by the buyer. We like our clients to be aware of this, as accurately as possible, before they commit.

The exact % of the tax depends on the sale price and where the property is located. It would be great if we can tell clients in advance, but often we need to do some research on the property first. The tax where we sell the majority of our property (Comunidad Valenciana) is 10% of the purchase price. When purchasing a new build or off plan property stamp duty of 1.5% is additionally added to the purchase price.

Spanish Notary:

The transfer of ownership to a Spanish property must take place at the Spanish notary. Our notary, Margarita in La Zenia, guarantees that the transfer of ownership is done properly and legally. She also establishes the certificate of ownership; La Escritura Pública de Compraventa. Whichever notary we end up signing in, (we are flexible depending on the lawyers involved, the banks etc,) both buyers and sellers (including builders) sign Spanish Title Deeds for the property in front of the notary.  Once everyone is satisfied, then exchange of both money and keys takes place. Clients also go to the notary to sign power of attorney, register credits, draw up wills, process inheritance etc, usually together with your Spanish Solutions legal representative.