When you have found a property and have agreed on the purchase price, you are ready to make a "Reservation Deposit" through your lawyer's office. The amount depends on the price of the property, it usually corresponds to 1% of the purchase price or a minimum of 3000 Euros is also suitable.
This deposit secures the property and takes it off the market while your lawyer does proper research to make sure everything is in order. When your lawyer has finished his research and has concluded that all is in order, the amount is then transferred to the Vendor's lawyer. Should there be a problem with the property, then the reservation deposit is refunded back to you.
When the property research is in order, you then move on to the "Purchase Contract", it is then expected of you to pay a 10% deposit to your lawyer which will be transfered to the vendor.
Completion will take place at an agreed date by both parties and you will need to pay the balance of the purchase price, less the deposits, prior to the meeting at the Notary's office who will finalize the deal. Both parties are present or represented by their legal team.
Spain has specific tax levies owed by the buyer and therefore these costs should be taken into consideration when buying a property.
Should you choose to purchase a property in Spain, we highly recommend that you use a Licensed Real Estate Agent, as Marbella Blue, and a lawyer to ensure that the property is legal.
Should you need to find a lawyer, we can strongly recommend 3 of the best law firms in the Marbella area : Echevarria, Lexland and Armo Legal services. These offices have qualified and multilingual staff that will assist you through the purchase process in your native language.