Looking To Buy?
Buying a Property in Spain - The Right Way!
How it´s done…
Before beginning your property search, take the time to decide exactly what you want. Are you looking to relocate to Spain, are you looking for an investment property or simply a holiday home for your own use? Whatever the reason, Jalon Valley Homes & Holidays can find you the perfect property to match your requirements.
When deciding on your budget always remember that there are mandatory costs associated with any property purchase in Spain. As a general rule we recommend that you allow 12% on top of the purchase price to cover the various taxes and legal fees.
Location, Location, Location
Remember that Spain is a very big country and narrowing your search down to a particular region will save you a lot of effort, time and money.
Once you have found the perfect location, spend some time on really getting to know the area, check out the local newspapers and area websites.
Come and see the area for yourself, maybe at different times throughout the year – pictures and words will never give you the full information – do not be tempted into making any quick decisions. Speak to the locals and other people who have been in your shoes – you will find that people are only too happy to share their own experiences with you.
Now it´s time to search for a property! The first place to start is the internet! Our website makes your search very easy – simply select your budget and browse through our enviable portfolio of properties. We pride ourselves on offering a wide spectrum of sensibly priced properties to suit all tastes and budgets. Each one is personally checked to ensure full legal compliance, ensuring that you can buy in complete confidence from Jalon Valley Homes & Holidays. When viewing the properties do not make any impulsive decisions or be pressured into buying. Visit the property as many times as you like until you are 100% sure that you are ready to start the buying process.
Making an Offer
So, you have selected your property choice. The next step is easy – decide on the offer that you wish to make and let us know – then we will do the rest. Take a hard earned rest and leave it to us. If the offer is accepted – perfect. If it´s declined, then the next step is up to you. We can work towards a mutually acceptable price for both you and the property owner.
It´s worth noting than most bank repossessions are sold at the price stated – offers are generally not accepted on properties of this nature – we will of course inform you of this.
Professional / Legal Advice
We have many years experience in real estate and are extremely careful when making recommendations. We advise all our clients to appoint a Spanish based English speaking lawyer who can take care of all the necessary legal matters for you. We believe it´s very important that you speak in your own language when making a transaction such as a property purchase. They will also assist you in obtaining an NIE number – this is a Spanish tax identification number and it is a requirement by law that you have one prior to purchasing any property in Spain.
We also work with a number of trusted mortgage brokers and pretty much like the UK these are offered subject to status. The amount you can borrow generally depends on the type of property you are interested in buying. On bank repossessions the amount a non-resident can borrow can even be up to 80%!
You will also need to open a bank account – this is a very simple procedure and normally you require just your passport to do this. Things to consider when choosing the right bank are:
Do they speak your language?
• Do they offer internet banking facilities – again in your language?
• What are their charges – each bank varies and they do charge for things that your current bank might not.
• Their location.
Reservation Agreement – Private Purchase Contract
Once the negotiations have been agreed this needs to be formalised by way of a contract and the payment of a deposit. This can vary but is normally around three thousand euros. This secures the property for you and ensures that it is removed from the sales market. This then allows your lawyer to commence the searches on the property. You are not bound to proceed with the purchase at this stage and your lawyer will give you the final go ahead to proceed with the purchase once all searches have been completed. Once you have been given the green light by your lawyer you will be asked to sign a private purchase contract. At this stage it is normal to pay the balance of 10% directly to the property owner. Your Lawyers will then organize the transfer of utilities, rates and community charges (if applicable) and a date is set for final completion.
This takes place at the local notary´s office, where all the official deeds are signed. It´s normal for the vendors, solicitors and bank to be present – plus we will be there too, to ensure that everything goes smoothly. The notary will make a final check to ensure that the property is free of any charges and that they are happy for the completion to proceed. And that´s it! You will be issued with a copy of the new deeds to the property and you are then the proud owner of your very own Spanish property.
What´s next? – Simply enjoy!
Jalon Valley Homes & Holidays service does not stop here – we are only a phone call away for help and advice. We provide many additional services to our valued clients and friends please click on the links in the sidebar to be taken to our extensive list of services. Plus, please don´t forget to write a testimonial about us so that others can discover why Jalon Valley Homes & Holidays really is the real estate agent of choice.