The team of Myriam4Property helps you finding your dream property, shows and informs you about the different zones, about the advantages and disadvantages of every zone, the climate also.
As soon as you find the right property, as an investment or private purchase, you get in touch with our lawyers, that aim to protect our customers interests from the starting grid to the finish line during a purchase, investment or any kind of legal matter in Spain.
On every case, prior to any payment, our lawyer team will send you a personal break-down of the total costs and expenses of the purchase, so you will be aware of all the costs and expenses involved in the transaction from the beginning until the property will be transferred into your name.
There are two kinds of properties:
A) OFF PLAN or NEW PROPERTIES
- 10% VAT (21% VAT on plots, garage and storage rooms)
- 1,2% Stamp Duty Tax (Andalucía)
- Notary fees (600-2.800 euros depending on the purchase price)
- Land Registry Fees (50-70% of the notary fees)
- Legal fees 1% purchase price +21% VAT.
B) RESALE or SECOND TRANSFER
- Transfer Tax.
7% general conditions.
2% special conditions in the purchase.
- Notary fees (600 – 2.800 euros depending on the purchase price).
- Land Registry Fees (50-70% of the notary fees)
- Legal fees 1% purchase price + 21% VAT.
Many of our clients grant power of attorney to our lawyers, in order to be able to assist you providing legal representation. The POA (Power of Attorney) can be signed in Spain by a public notary, which is the easiest and cheapest way it can be also signed in your country following our instructions to be legalized with the Apostille of the ague Convention through Spanish Consulate.
RESERVATION
This amount may vary depending on the property purchase price, normally between 6.000 – 10.000 euros. The deposit is paid, in order to remove the property from the market.
DUE DILIGENCE
Once the deposit has been paid, the lawyer will request all information about the details of the sellers, so they can notify the representation and request the necessary information to carry out the property searches and the due diligence of the property, such as:
A) OFF PLAN or NEW PROPERTIES
- Legal identity of the owner/seller.
- Registration on the Land Registry.
- Free of charges, mortgages, tenants, urbanistic problems.
- First Occupation License.
- Quality Specification annex.
- Bank Guarantee for all payments.
- 10-year insurance guarantee.
- Revision of the Purchase Contract.
B) RESALE or SECOND TRANSFER
- Legal identity of the owner seller.
- Registration on the Land Registry.
- Free of charge, mortgages, tenants, leans, encumbrances etc…
- First Occupation License.
- Furniture inventory annex.
- The study, preparation and signing of whatever private contracts (reservation agreement, option contract, sale contract) normally with the payment of the 10% of the purchase price.
Private Purchase Contract (PPC)
At this stage our lawyers completed the due diligence on the property explained above, they will arrange with the seller the agreed terms and conditions of the purchase. Therefore, they will carry out all the necessary negotiations with the vendors in order to protect the client’s best interests.
It is customary practice at this stage to pay 10% of the purchase price, which is normally non-refundable. PPC is binding agreement for both parties, if means if the buyer fails, he will lose the amounts paid, and in the event that the seller does not complete the transaction on the term and conditions agreed, he will have to return double the amounts paid by the buyer.
Public deed
After signing the private contract, in a period of 4–6 weeks, depending on the terms and conditions agreed with the vendors, the completion of the transaction will be signed at the notary office by the client with our and the lawyer’s assistance or by the lawyers with the Power of Attorney. At this moment, balance of the purchase price must be paid to the seller and the buyer taking legal and physical possession of the property.
