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Weekender Alicante North Issue 108

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BUYING OR SELLING<br />

YOUR PROPERTY?<br />

www.benimo-villas.com<br />

SWISS PEOPLE,<br />

SWISS VALUES!<br />

• Experience<br />

First time<br />

• Quality<br />

buying stages<br />

• Timeliness<br />

• Friendliness<br />

Av. de La Marina 44<br />

(Calpe Moraira Coast Road)<br />

THE Spanish property<br />

market has many quirks,<br />

and it pays to do your research<br />

before buying a<br />

home in Spain.<br />

The process of buying a<br />

property in Spain usually<br />

runs as follows. First, the<br />

buyer makes an offer, usually<br />

through the seller’s<br />

estate agent.<br />

If this is accepted, then<br />

the buyer and seller sign<br />

a preliminary contract<br />

(contrato privado de compravento)<br />

and the buyer<br />

pays a deposit, typically<br />

10 per cent of the purchase<br />

price.<br />

The buyer then arranges<br />

any mortgage they require,<br />

although they should have<br />

already discussed their<br />

needs with the mortgage<br />

provider. The contract of<br />

sale (escritura de compravento)<br />

is usually signed<br />

in front of a notary, at<br />

which point the full sale<br />

by Alex Trelinski<br />

price, taxes and other costs<br />

become due.<br />

The services of a notary<br />

are not legally required to<br />

complete the sale, but it is<br />

advisable and required by<br />

many mortgages.<br />

The seller is responsible<br />

for hidden defects in the<br />

property, even if they are<br />

not aware of them. However,<br />

in practice gaining<br />

restitution for such defects<br />

can be difficult and costly.<br />

Paying the costs and taxes<br />

associated with buying a<br />

home can be completed by<br />

the buyer or their agent. It<br />

is the buyer’s responsibility,<br />

however, to ensure taxes<br />

are paid.<br />

The buyer is also responsible<br />

for registering<br />

the property. The notary<br />

may provide this service<br />

for a fee, and/or may notify<br />

the registry office<br />

Trust us to sell your property<br />

CALL TODAY TO LIST YOUR PROPERTY<br />

that the sale has taken<br />

place, without completing<br />

full registration.<br />

Costs are primarily paid<br />

by the buyer, and vary<br />

across Spain. Many are<br />

negotiable – there are no<br />

fixed fees for lawyers or<br />

estate agents.<br />

Costs paid by the buyer<br />

include:<br />

• Property transfer tax<br />

6–10 per cent(existing<br />

properties) / IVA at<br />

10 per cent (new<br />

properties);<br />

• Notary costs, title deed<br />

tax and land registration<br />

fee 1 to 2.5 per<br />

cent;<br />

• Legal fees 1 to 2 per<br />

cent(including IVA).<br />

The estate agent’s fees<br />

are usually paid by the seller,<br />

and this is typically their<br />

only cost. Estate agents<br />

usually charge a percentage,<br />

typically around 3 per<br />

cent of the final sale price.<br />

03720 Benissa<br />

(+34) 965 74 78 74<br />

(+34) 667 449 421<br />

info@benimo-villas.com

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