Buying a home in Spain
Bjurfors Costa Blanca helps you make a successful purchase
Are you dreaming of a home in Spain and perhaps more specifically on the Costa Blanca? Buying a home in Spain is not complicated at all - it's just different. All you have to do is decide which home you want to buy. We take care of the rest at Bjurfors Costa Blanca!
Buying or selling a home in Spain is different from doing so in your home country. When you buy a home in Spain, there are other rules, other laws and a business culture that is different from the one you are accustomed to.
Bjurfors Costa Blanca offers you all the knowledge and experience required to make you feel well taken care of throughout the process and we work hard to provide you with the best conditions for a successful purchase.
We sell off-plan, apartments, townhouses, villas and plots in the area
1. Once you have found a home that you want, place a bid through your broker at Bjurfors. In most cases, the bid is placed below the starting price. We then enter into a negotiation with the seller.
2. When we have agreed on a price and a date of posession (usually within 6-8 weeks), we sign a purchase contract and you as a buyer pay a 10% down payment to remove the property from the market. In some cases, a reservation fee can be paid initially, and then supplemented up to full down payment.
3. It is important to know that you as a buyer have a duty to inspect the property you are buying, ie you buy it in existing condition (a cuerpo cierta). We at Bjurfors Torrevieja carry out an inspection of the property before access to ensure that the property is left in the same condition as it was sold and to check that all appliances and any A / C work.
4. We at Bjurfors Torrevieja take care of the entire legal process from our office to ensure that you as a customer get the best possible service. The vast majority of our customers give us a Power of Attorney so that we can represent them without their presence and complete the purchase. Our service package which costs EUR 3500 includes the following:
§ Power of Attorney valid in Spain
§ Application for NIE number (Spanish identification number)
§ Opening of bank account at Spanish bank
§ Price offers regarding home insurance from English-speaking insurance brokers
§ Control of permits, licenses and correction of any liens on the property
§ Preparation of necessary documentation before signing of the new Title Deeds
§ Payment of taxes and fees in connection with the property purchase
§ Cost of Notary
§ Registration cost with the Real Estate Register
§ Inspection of the property before access
§ Modification of contracts with electricity and water companies, owners' association, waste collection and property tax
§ Document binder for you with all the relevant copies
5. The remaining part of the purchase price, as well as other taxes and fees such as notary fees, transaction taxes and service packages, are paid to our client funds account which is later distributed to the respective party of the notary with a certified bank check or bank transfer.
6. Access to the dwelling can take place on the same day as the signing of the Title Deeds at the notary. If you as a buyer are not present in Spain at this time, we store the keys to your new home in safe storage until you come down.
7. Electricity, gas, water and more are transferred in your name in connection with taking legal possession of the property.
8. Now you only have to book your trip here to start enjoying your new home and our sunny climate!
Before you start actively searching for your home in Spain, you should consider how the purchase should be financed. Then you can act quickly when the right home appears. Generally, it is possible to receive a mortgage in a Spanish bank between 50-70% of the property’s valuation. If you borrow in a Spanish bank, the bank makes its own valuation, which can differ from the purchase price, both upwards and downwards. You can borrow between 50-70% on the lowest amount, either the purchase price or the bank valuation. Another loan option is to mortgage your primary home if the opportunity exists and then make the purchase in Spain with cash.
The acquisition costs are paid by the buyer, ie the notary's fees, the fees for legal representatives or our service package, any possible processing costs for loans, fees to the Notary and the taxes to the municipality, province and state. The exact percentage of the tax depends on the sale price and in which province the property is located. The tax in connection with the purchase of second-hand and newly-manufactured housing in Comunidad Valenciana at 10% of the purchase price. When purchasing new production, a stamp duty of 1.5% is added to the purchase price.
The transfer of ownership to a Spanish property always takes place at a Spanish notary. It is the notary that guarantees that the transfer of ownership is done properly. It is also the notary that finally establishes the certificate of ownership, La Escritura Pública de Compraventa. Here, buyers and sellers sign Title Deeds for the property as well as for any loan and then exchange both money and keys. You also go to the notary to register credits, draw up wills, process an inheritance and more, usually together with your legal representative.