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Home Buying Guide

Essential Steps

The content presented in this document is intended solely for informational purposes. Before embarking on the exciting journey of how to purchase a property in Marbella or navigating the purchase process for a real estate venture in Marbella, Estepona or Benahavís, La Sala Homes Marbella strongly advises all clients to engage the services of a qualified lawyer and tax adviser. This will ensure that the property you choose complies with all legal and planning requirements and is free from any charges or encumbrances, giving you peace of mind throughout the purchase.

STEP 1

Properties Selection

La Sala Homes Marbella will guide you through the Marbella real estate purchase process, helping you select a property tailored to your unique needs and budget.

REQUEST AN APPOINTMENT:
T.: +34 951 20 40 38
E.: info@LASALAHOMES.COM

STEP 2

The Inspection

We will coordinate all property viewings before your arrival, streamlining how to purchase a property in Marbella, Estepona or Benahavís. Additionally, we can assist with arranging airport pickup for your convenience. Rest assured, we strive to ensure a seamless experience for you.

Rest assured, we strive to
ensure a seamless experience for you.

STEP 3

Legal Advice

When selecting a lawyer, it is crucial to seek someone with expertise in the specific field you require. If needed, we can offer recommendations for qualified legal professionals to guide you through the purchase process here in Marbella, Spain.

STEP 4

Reservation / Due Diligence

After discovering your dream home, your agent will request you to sign a reservation agreement (contrato de reserva),
effectively removing it from the market.

Typically, a minimum of 6,000 EUR is paid upon signing. Your lawyer will conduct due diligence on the property,
covering building and first occupation licenses plus any other relevant legal or tax matters.

DUE DILIGENCE

Due diligence is a crucial legal procedure conducted by a neutral specialist to assess the property. It serves as a comprehensive checklist that provides all the necessary details for a successful transaction. The main objective of this procedure is to verify the information provided by the seller. The due diligence process may vary depending on whether the seller is an individual or a company.

FROM A PRIVATE PERSON

  • Seller’s Legal Identity
  • Land Registry
  • Property must be free of debt
  • Municipal Building & Habitation License
  • Drafting and signing private contracts & public notary documents.

FROM A COMPANY

  • Seller’s Legal Identity
  • Land Registry (Property Under Construction)
  • Property Must be Free of Debt
  • Building License (if Applicable)
  • Quality & Building specifications
  • Bank Guarantee/Insurance Policy From the developer during the construction process.
  • Confirmation of the 10-year guarantee (Seguro Decenal) for Structural Defects.
  • Revision of the purchase contract drafted by the developer.

STEP 5

Purchase Contract

After conducting thorough due diligence, within a two-week timeframe, the lawyers will draft a Deposit Contract or Private Purchase Contract, including the agreed upon price and the rest of the terms of the purchase, and set a deadline for final completion at Notary. The difference between the two is that in a Deposit Contract both parties can decide not to complete the purchase (and either losing the initial deposit or returning double in the case of the seller), but in the Private Purchase Contract (PPC) both parties have to complete or stand to lose a substantial amount of money.

At this stage, an additional percentage of the property’s agreed price must be paid, typically 10% for resale properties and 30% for new developments. Your lawyer will advise you which of the two types of contract is more suited to your particular purchase, the main difference being that while in a private purchase contract both buyer and seller commit to buy and sell respectively, in the deposit contract both parties can cancel the purchase by losing the deposit paid.

STEP 6

Public Deed

To complete the purchase, the buyer must sign the public deed of purchase (Escritura Publica) at the notary’s office. You can either be present in person or appoint someone, usually your lawyer, through a power of attorney. In case you have a mortgage, a separate deed will be required, which the notary will carefully review. Finally, the buyer will be handed the keys, officially becoming the new owner.

STEP 7

Taxes & Expenses

a. RESALE PROPERTY

  • The ITP (Impuesto de Transmisiones Patrimoniales)
    A transfer tax based on the autonomos community,
    in Andalucia currently it is 7% ITP (last updated 2024) is applied to all purchases.
  • Notary Fees (Escritura): The fees charged by notaries usually
    fall within the range of 500 to 1,800 EUR per transaction
  • Land Registry Fees: This fee is determined by the authorities
    and is usually between 50-70% of the notary fee.
  • Legal Fees: 1% to 1.5% of the property purchase price + 21% VAT

b. NEW PROPERTY

  • The VAT: 10% for residential properties and 21% for plots,
    garages & storage
  • Notary Fees (Escritura): The fees charged by notaries usually
    fall within the range of 500 to 1,800 EUR per transaction
  • Land Registry Fees:This fee is determined by the authorities
    and is usually between 50-70% of the notary fee
  • Legal Fees: 1% to 1.5% of the property purchase price + 21% VAT

STEP 8

The Final Steps

Upon becoming the new owner, it is necessary to update all names on contracts associated with the property. This encompasses
utilities such as water and electricity, council tax (IBI), rubbish tax (Basura), and community fees. To ensure the smooth processing of
payments, it is imperative to possess a bank account in Spain.

Take the next step with La Sala Homes Marbella, part of the La Sala Group, and begin your property journey today.

Additional Factors &

Recommendations

01. Golden Visa

Spain currently offers a ‘golden visa’ program for individuals who become property owners. This program serves as an investor’s visa, granting eligibility for a golden visa if you invest over 500,000 EUR in Spanish property, whether it’s one property or multiple properties.
It’s important to note that this visa does not grant work permit rights, but it allows you to reside in the country.

Applicants must meet these general requirements:

Non-EU citizens.
Must be of legal age (18 years or older).
No criminal record in the last five years.
Not currently residing irregularly in Spain.
Having medical insurance, whether private or public.

Read More

02. N.I.E Number / Número de Identidad Extranjero

A N.I.E Number is a sequential ID assigned to foreigners in Spain. It is necessary for various purposes like opening a bank account, getting a Spanish phone number, or pursuing work or studies. If you’re planning from abroad, you can apply for an N.I.E through a Spanish Consulate. If you’re already in Spain, you can do this at the Police Station or seek assistance from a legal administrator (“gestor” in Spanish).

03. Insurance

Having insurance coverage for property liabilities is highly advisable. If you’re buying with a mortgage, the bank requires a mandatory insurance policy that also safeguards the interest rate until the mortgage is paid off. Adequate insurance provides protection and peace of mind throughout the process.

04. International Schools

The Costa del Sol boasts numerous International Schools, all under the careful supervision and regulation of the Junta de Andalucia Consejeria de Educacion (Education Department of the Junta de Andalucia). These institutions offer a wealth of educational opportunities, ensuring a high standard of learning for students in the region.

THE AMERICAN COLLEGE MARBELLA

Location: Puerto Banús – Marbella
www.americancollegespain.com

SVENSKA SKOLAN MARBELLA

Location: Puerto Banús – Marbella
www.svenskaskolanmarbella.com

ALOHA COLLEGE MARBELLA

Location: Nueva Andalucia – Marbella
www.aloha-college.com

SWANS INTERNATIONAL PRIMARY SCHOOL

Location: Nagueles – Marbella
www.swansschool.com

CALPE COLLEGE INTERNATIONAL SCHOOL

Location: San Pedro – Marbella
www.calpecollegeschool.com

Atlas American School of Malaga

Location: Selwo - Estepona
www.atlas-asm.es

LAUDE SAN PEDRO INTERNATIONAL COLLEGE

Location: San Pedro – Marbella
www.laudesanpedro.com

THE ENGLISH INTERNATIONAL COLLEGE

Location: El Rosario – Marbella
www.eic.edu

COLEGIO ALEMÁN JUAN HOFFMAN

Location: Elviria – Marbella
www.deutsche-schule-malaga.com

THE INTERNATIONAL SCHOOL ESTEPONA

Location: El Paraiso – Estepona
www.marbellaschool.com

SOTOGRANDE INTERNATIONAL SCHOOL

Location: Sotogrande – Cadiz
www.sis.ac

Atalaya Colegio Internacional

Location: Atalaya - Estepona
www.colegioatalaya.es

SVENSKA SKOLAN FUENGIROLA

Location: Fuengirola – Mijas
www.skolan.es

ST. ANTHONY’S COLLEGE

Location: Fuengirola – Mijas
www.stanthonyscollege.com

THE BRITISH COLLEGE OF BENALMÁDENA

Location: Torremuelle – Benalmádena
https://thebritishcollege.com/es/

BENALMÁDENA INTERNATIONAL COLLEGE

Location: Torrequebrada – Benalmadena
www.bic-benal.com

SUNNY VIEW SCHOOL

Location: Cerro del Toril – Torremolinos
www.sunnyviewschool.com

Colegio San José

Location: Guadalmina - Marbella
www.colegiosanjose.net

Curious? Ask us now!