How much money is needed?

When buying a new property clients need only budget for the deposit (plus VAT - which in Spain is called IVA and the current rate is 7%) plus limited other costs including lawyers fees. It is possible to get a foot on the Spanish property ladder for around £15000 on a development which only requires a 10% deposit.

New homes (Developments) and Properties for Sale (Resale properties),
Please note that properties in Spain are freehold, including apartments, not lease hold as in the UK.

The process varies slightly for the type of property you purchase
Reservation Deposit
Once you have found the right property, the first step is to pay a reservation fee.This will take the property off the market whilst negotiations between the parties’ legal advisors are held. This can be paid quickly and easily by credit card and is generally non refundable. The average is between 3000€ - 6000€
.• Exchange of Private Purchase Contracts
Once the property has been taken out of the market by signing the reservation, a private purchase agreement will be drawn up between your lawyer and that of the seller, This usually takes 30 days for completion. The presence of the purchaser at this stage is not needed.

• Title Deeds (“Escritura”)
Your law firm will prepare the documentation required for the transfer of ownership. On the appointed day the buyer and purchaser, and/or their legal representatives, meet at the notary’s office to sign the official transfer of title deed from the Seller to the Buyer (“escritura”). The witnessing of the accompanying documentation by the notary acts as your legal safeguard that the change of ownership will be recorded in the official registry and completes the process. This will leave you safe in the knowledge that your property purchase is official and free of unknown encumbrances.