Table of Contents:

1. Introduction: The Significance of Informed Property Purchase
2. Step One: Preparation and Property Search
3. Step Two: Making an Offer and Securing the Property
4. Step Three: Completion and Finalizing the Purchase
5. After-Sales Services: Settling In and Additional Assistance
6. Understanding Taxes and Fees in Property Purchase

1. Introduction: The Significance of Informed Property Purchase The decision to purchase property in Spain is a significant one, requiring careful consideration of various factors. At Johnson Rommers, we recognize the importance of providing comprehensive information to our clients to ensure informed decision-making throughout the process.

2. Step One: Preparation and Property Search

• Set Your Budget: Calculating your budget accurately is crucial, considering taxes and fees, which typically range between 10 and 12% of the purchase price.
• Choose Your Location: Pinpointing your desired area in the Costa del Sol is the first step. Our experienced team can offer tailored advice based on your preferences.
• Define Your Requirements: Creating a detailed ‘must-have’ list for your property helps narrow down options. While finding the perfect match may be challenging, our expertise ensures you find a home that meets your needs.
• Utilize Our Services: Partnering with us as your exclusive agent streamlines the search process. Benefit from personalized assistance and access to an extensive range of properties across multiple listings.

3. Step Two: Making an Offer and Securing the Property

• Contract a Lawyer: Engaging legal representation early on is essential. Our network includes skilled legal professionals proficient in Spanish and your native language.
• Reserve the Property: Securing your chosen property with a reservation deposit, typically 6,000 euros, ensures your interests are protected during the due diligence process.
• Sign the Purchase Contract: Formalizing the transaction with a private-purchase contract outlines terms and conditions. A customary 10% deposit is required upon signing, with an inventory of fixtures and fittings if applicable.
• Consider Mortgage Options: If financing is necessary, initiating the mortgage application process alongside the purchase agreement is advisable to streamline timelines.

4. Step Three: Completion and Finalizing the Purchase

• Sign the Deeds: Finalizing the transaction by signing the title deeds before a Notary Public is a crucial step. Your lawyer ensures all documentation is accurate and provides necessary translations.
• Make Payments: Submitting final payment via a banker’s draft at the time of deed signing completes the transaction.
• Receive Keys: Upon completion, receiving the keys to your new property and official ownership documentation marks the culmination of the purchase process.
• Registration and Utility Setup: Your lawyer manages property registration and arranges utility connections, facilitating a seamless transition to your new home.

5. After-Sales Services: Settling In and Additional Assistance

• Renovation and Refurbishment: Exploring our recommendations for renovation professionals can enhance your property to suit your preferences.
• Removal Services: Accessing our network of trusted movers ensures a smooth relocation process to Spain.
• Ongoing Support: Count on us for continued assistance and advice to ensure a comfortable transition to your new lifestyle.

6. Understanding Taxes and Fees in Property Purchase

• Official Taxes: VAT for new builds (10%) and Transfer Tax for resale properties (8-10%) constitute primary tax obligations.
• Additional Fees: Notary and Land Registry fees (0.5-1%), legal fees (approximately 1%), and banking charges are essential considerations.
• Mortgage Fees: Valuation costs (around €500) and potential administration fees (approximately 1% of the mortgage value) for financing arrangements should be factored in.