Javea Property Exchange explain all the Spanish legal requirements of buying and selling property!

Buying Spanish Property:
Once you have decided on your dream property and agreed the price, a refundable holding deposit of 3000 euros is payable immediately to secure the property.

In order to complete your property purchase you will of course need a Spanish bank account and Spanish NIE numbers (similar to NI numbers)  – Property Exchange will of course help you with all the necessary paperwork.

If you do not require a mortgage, you will need a lawyer (known as an Abogado) and we can introduce you to a good Spanish one who speaks and understands English.  He will carry out all necessary checks on the property, thus ensuring everything is legal before you proceed any further.

Once your lawyer is satisfied that everything is in order with your property, a 10% deposit of the purchase price is payable (less the 3000 euros already paid) – usually within 28 days (Exchange of Contracts).

You will then need to attend the local Notary Office with your lawyer to register the property in your name, at which time the 90% outstanding is payable – your dream property in the sun is now yours!  (Completion)

The extra costs payable on purchasing property in Spain are: • 7% IVA (VAT) of the purchase price • 1% Notary Office fee • Lawyer fees (price pre-agreed but not expensive) If you require a Spanish mortgage, Javea Property Exchange can advise you on the best deal to suit you. We have many new developments with offplan properties where you can obtain a low-cost mortgage of up to 70%,  On offplan properties you only pay a deposit of 30% and the balance on completion.  We also offer advice on Spanish repayment mortgages and interest only mortgages in Spain, and of course English ‘buy to let’ mortgages.