We know buying a house in a foreign country is a serious decision that requires a lot of deliberation. Matters such as taxes, security, or bureaucracy come to mind immediately relating to how we will manage the purchase. However, we want to make sure you are not intimidated by these aspects, and we have developed a graphic summary to compile all the information about each step along the way.
Naturally, we will be constantly available for any questions you may have about the process, to help and guide you in your purchase decision.
Please contact us on our email (comercial@islacanela.es) or our phone number (+44 (0) 1737 735 014).
01 IDENTIFY THE PROPERTY
Asset Concluded
Asset Off-plan
02 RESERVATION
Payment of a deposit and signature of a reservation document
Compliance-anti-money laundering check
03 PROMISSORY PURCHASE AND SALE AGREEEMENT
This agreement identifies, notably, the buyer and the seller, the exact price and payment terms, reps&warranties, remedies in case of default and date of execution of the final transfer deed
Payments
Asset concluded: total price minus the reservation deposit
Off-plan-asset
25% minus the reservation deposit
Tax: 10% on top of the price
04 FINAL DEED
After receiving the use license
Signed in front of notary
Transfer or ownership enforceable against third parties upon registration of the acquisition in the land registry office
Payment of the remaining price
OWNING COSTS
Annual costs
Property insurance
Contents insurance
Municipal Tax (IBI)
A coefficient is applied to the cadastral value, the depends of the City Council
CONDOMINIUM COSTS
Depends on the development and the size of property
1 Bedroom – between 50-70€/month
2 Bedroom – between 70-1500€/month
3 Bedroom – between 80-2000€/month
TRANSACTION COSTS
COST:
Legal fees
Notary
Registration Fees
Stamp Duty (IS)
VAT tax: 10%
% PURCHASE PRICE
Not related with the purchase price
Depends on the complexity and purchase price
Between 600-1000€ depending on the property cost 1,5%