To Buy
To Buy
Buying property in Spain
Below is an overview of the buying process for properties in Spain. Korneliusson Real Estate will lead you through it and you decide how much involved and how much information you wish to have.
Choosing a real estate agent and a lawyer
Normally, the seller is represented by one real estate agent and the buyer by another, the same goes for lawyers. Therefore, it’s important to choose a real estate agent who you can trust, has time for you, and understands your needs. We hope you will confide in us to help you find your dream home!
We would recommend that you choose a lawyer to represent you early on in the process. We are happy to set up a meeting with a firm that we can recommend.
Also, we recommend our customers to have a first meeting with a Spanish bank early in the process. Even if you are not planning to borrow money in Spain, it is advisable to have a local Spanish bank for transactions such as yearly taxes, garbage fees, and so on. We are happy to provide you with contact details to banks here on Costa del Sol.
Finding a property
Different customers have different ideas about to which extent they wish to involve themselves in the search process. We are prepared to do the entire search in accordance with our customers’ needs and wishes. We have a real estate database with over 12,000 properties for sale, and a wide network of other firms. Sometimes, the customer may want an object which is simply not on the market, meaning we will “knock on doors” and walk that extra mile. Other clients call us because they have already found their dream object, and now need help with negotiations, price statistics, talking to the seller and so on, to execute the deal. We are also here for them!
Negotiation with the seller
The price on Spanish properties is an asking price by the seller model. The buyer will either accept the asking price or negotiate with the seller about a lower price. In addition to the agreed offer, the buyer must also pay approximately 9-10 per cent (in Andalucía) as a transaction fee. The main part of that sum is a tax to the authorities, but also the lawyer fee is included in the total transaction fee. New construction has a transaction cost of approximately 13-14 per cent of the agreed, fixed price. If you wish to apply for a mortgage in order to buy property in Spain or in another country, you also must take into account extra bank costs for this.
Reservation contract, private purchase contract and title deed
When the seller and buyer have agreed on the price, a reservation contract is drafted, and a deposition from the buyer is transferred, normally 6,000 euro. After about two weeks, which will provide time to go through a more formal agreement, the private purchase contract will be signed. At that point, 10 per cent of the agreed price is transferred. About one month after the private purchased contract has been signed, it’s time to finalize everything (sign the title deed) at the notary office. The last part of the payment will be done before then, and the buyer will receive the keys to their new home.
Keys and access to the property
On the day of the meeting at the notary office, the buyer becomes the rightful owner of the property. After this, a lot of practical issues needs to be solved which is not part of the buying process. Everything from collecting the keys, deciding on an internet provider, possible renovations, first contact with the administration if you live in an urbanization, etc. We can provide help with all of this. Please contact us and describe your needs and we will explain how we can help you.
- Choosing a real estate agent and a lawyer
Normally, the seller is represented by one real estate agent and the buyer by another, the same goes for lawyers. Therefore, it’s important to choose a real estate agent who you can trust, has time for you, and understands your needs. We hope you will confide in us to help you find your dream home!
We would recommend that you choose a lawyer to represent you early on in the process. We are happy to set up a meeting with a firm that we can recommend.
Also, we recommend our customers to have a first meeting with a Spanish bank early in the process. Even if you are not planning to borrow money in Spain, it is advisable to have a local Spanish bank for transactions such as yearly taxes, garbage fees, and so on. We are happy to provide you with contact details to banks here on Costa del Sol.
- Finding a property
Different customers have different ideas about to which extent they wish to involve themselves in the search process. We are prepared to do the entire search in accordance with our customers’ needs and wishes. We have a real estate database with over 12,000 properties for sale, and a wide network of other firms. Sometimes, the customer may want an object which is simply not on the market, meaning we will “knock on doors” and walk that extra mile. Other clients call us because they have already found their dream object, and now need help with negotiations, price statistics, talking to the seller and so on, to execute the deal. We are also here for them!
- Negotiation with the seller
The price on Spanish properties is an asking price by the seller model. The buyer will either accept the asking price or negotiate with the seller about a lower price. In addition to the agreed offer, the buyer must also pay approximately 9-10 per cent (in Andalucía) as a transaction fee. The main part of that sum is a tax to the authorities, but also the lawyer fee is included in the total transaction fee. New construction has a transaction cost of approximately 13-14 per cent of the agreed, fixed price. If you wish to apply for a mortgage in order to buy property in Spain or in another country, you also must take into account extra bank costs for this.
- Reservation contract, private purchase contract and title deed
When the seller and buyer have agreed on the price, a reservation contract is drafted, and a deposition from the buyer is transferred, normally 6,000 euro. After about two weeks, which will provide time to go through a more formal agreement, the private purchase contract will be signed. At that point, 10 per cent of the agreed price is transferred. About one month after the private purchased contract has been signed, it’s time to finalize everything (sign the title deed) at the notary office. The last part of the payment will be done before then, and the buyer will receive the keys to their new home.
- Keys and access to the property
On the day of the meeting at the notary office, the buyer becomes the rightful owner of the property. After this, a lot of practical issues needs to be solved which is not part of the buying process. Everything from collecting the keys, deciding on an internet provider, possible renovations, first contact with the administration if you live in an urbanization, etc. We can provide help with all of this. Please contact us and describe your needs and we will explain how we can help you.
Our commitment to you!
- We will support you through the whole process from finding a property, negotiations, closing the deal to everything that needs to be done after you have access to your new home.
- We collaborate with trustworthy parties such as lawyers and banks making sure our customer journey is smooth and safe.
- We focus on your needs. “Nothing is impossible!” What does that mean to us? Well, if you are searching for a house in a specific area where no houses are on the market, we will contact our network, knock on doors in this area. We will turn every stone in order to help you fulfill your dream.
- We will support you through the whole process from finding a property, negotiations, closing the deal to everything that needs to be done after you have access to your new home.
- We collaborate with trustworthy parties such as lawyers and banks making sure our customer journey is smooth and safe.
- We focus on your needs. “Nothing is impossible!” What does that mean to us? Well, if you are searching for a house in a specific area where no houses are on the market, we will contact our network, knock on doors in this area. We will turn every stone in order to help you fulfill your dream.
Are you looking for your next home?
Would you like to know more about buying or selling a house or apartment in Costa del Sol?
We will listen to your needs and adapt our services accordingly. Running a family business, apart from being a family
that actually runs it, means that we care for our customers as much as for a dear family member or friend.
Letar du efter ditt nästa hem?
Vill du veta mer om att köpa eller sälja fastighet på Costa del sol?
Vi lyssnar på dina behov och önskemål och anpassar oss efter det.
Att driva familjeföretag för oss betyder att vi värnar våra kunders behov lika mycket som vi månar om kära familjemedlemmar.
Are you looking for
your next home?
Would you like to know more about buying or selling a house or apartment in Costa del Sol? We will listen to your needs and adapt our services accordingly. Running a family business, apart from being a family that actually runs it, means that we care for our customers as much as for a dear family member or friend.
