At Coastline properties we try to make the buying process as simple and painless as possible so below we have put together a buyers guide to assist you.

How do I buy a property?

Once you have found the property of your choice, in the area that you like, you will need to pay a reservation deposit (usually between 3,000-6,000 euros) this will then remove the property from the market place. You will need to enlist the services of a lawyer. We recommend you use a Spanish lawyer as this will, both reduce your legal fees and speed up the process, and of course they are familiar with the legalities involved with your purchase. Once both parties have agreed to the main points, a reservation contract will be drawn up and signed.

The Purchase Contract will need to be signed by both parties in the agreed time scale at the reservation contract. A portion of the purchase price will then need to be paid to the vendor at the time of signing the purchase contract, this will vary from 10% for a re-sale property to 30-50% for a new property. This is normally a non- refundable deposit. In Spanish law, it is common practice for the contracts to be in Spanish, this is not a problem as your Spanish lawyer will be able to obtain a translation and will not ask you to sign any documents without having fully understood them beforehand. The sale is then formally completed when the public title deeds (escritura) are signed before a public notary, the final payment made, and possession given to the buyer.

How much will it all cost?

It is standard practice to expect to pay charges and fees of approximately 10% of the cost of purchase. This is made up of 7% IVA (VAT), 1% legal fees, and the other 2% of stamp duty, land registry fees and notary charges. The payment of these fees will be organised by your lawyer.