It is important for you to know that we check the Land Registry documents and the legal circumstances of all properties in order to avoid surprises for you and ourselves. Also after the completion of the purchase operation, we can still be your contact for many matters, as long as you keep your property on the island. If you have to travel to the island from another country, we can organize your stay on the island, starting with your arrival at the airport.
The process of purchasing a property in Spain is similar to any other European country. There are however some differences. Although we would like to discuss every detail with you personally, we are sure that the following points weill help you to get a first orientation:
You take the decision to purchase a property, what to do then?
Once you have selected a property, you can reserve this property by a private contract of option to purchase realizing a down payment - normally a 10% of the purchase price. These contracts include all the purchase conditions: purchase price, latest date for completion of the option, transmission of the property free of charges, inventory list of the included furniture, etc. Both parties -buyer and seller- are equally obliged: If one of the parties would not fulfill the contract, this one has to pay a compensation to the other.
Transmission of the property:
The property is officially transmitted to the buyer by the signature of the Deed of Conveyance (Escritura Pública de Compraventa) in the presence of a notary and simultaneoulsy the buyer has to pay the total amount of the purchase price. The notary receives information about the property from the Land Registry Office and certifies this information in the deed. The Notary gives legal advice to both parties, informing about their rights and duties, especially about tax matters. The Deed of Conveyance has to be presented in the Land Registry Office for registration, this process takes between 1 and 3 months.
Fees and taxes eith relation to the purchase:
The most important points are: Purchase Tax, Notary´s and Land Registry Office´s fees, handling and translation fees. Generally you have to calculate about 8 to 10% of the purchase price. Anyway, we will give you a detailed estimate on each property you are interested in.
After having purchased the property, it is subject to taxes (Land Tax, Income Tax, Welath Tax). Compared with other countries, these taxes are generally low in Spain. If the property is part of a complex with community facilities (Comunidad de Propietarios), there will be a maintenance fee to be paid. We will inform you in each particular case about thi concrete fees and other matters, such as property insurances, etc.