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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