First Choice Properties Luxury Property in Spain
First Choice Properties Luxury Property in Spain
First Choice Properties Luxury Property in Spain - Life just got better

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Buyers Guide - How to Buy a Property in Spain
You may be concerned by the procedure and legalities involved in buying a property in Spain, but at First Choice Properties we will do the worrying for you.

We have the knowledge and resources to ensure that your purchase goes through smoothly and quickly so that you can relax and concentrate on enjoying Spain!
How Do I Find a Lawyer?

We will put you in touch with a helpful and reputable lawyer to handle the conveyancing of your property. The lawyer will help you to understand the technical requirements of purchasing a property in Spain, and manage the purchase from start to completion.

So How Does the Process Work?

Once you have found the home of your dreams, you will need to make a deposit to secure the property for you. 5% of the purchase price is usually sufficient and guarantees the property to you at the agreed price. Your lawyer will then check the title deeds of the property to ensure all ownership details and planning permissions are in order.

A contract will be drawn up containing information on the property, the vendor and the buyer. This contract will be signed in front of a public notary; when the remaining funds are transferred the keys will be yours. It is worth remembering that your property in Spain will only be covered by a Spanish will, and you should speak to your lawyer about this.

What are the Extra Costs involved?
If you are buying a new property directly from a developer you will have to pay VAT (IVA) at 7%, stamp duty of 1%, plus a fee for the lawyer (0.5% to 1% of the value) and a notary’s fee of around €500 to €1000.

If you are buying a resale property you need to pay transfer tax (ITP) of 7%, plus lawyer and notary fees as above.

As a general rule you should not pay more than 8% of taxes on a resale property and 9% on a new property bought from a developer.

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