1) A deposit will be paid between 3000 –
5000 Euros, to reserve the property. The payment of this deposit
guarantees the agreed price and we withdraw the property from
our portfolio.
As from this moment you can involve any solicitor to revise and
check the contract and paper-work pertaining to the house is all
in order, and able to sign the “Title Deeds” whenever
needed.
If you are working with a lawyer/solicitor, he will explain all
the technical details and calculate the expenses relating to the
purchasing of the property.
If you do not employ a lawyer/solicitor PERETO GRUPO INMOBILIARIO,
will explain all the procedure and we will calculate the expenses
derived from the purchasing of the property, with no extra costs
to the buyer.
 2)
Once all the paper-work and conditions of the contract have been
agreed which takes about 1-2 weeks, a SECOND DEPOSIT will be paid,
the amount will be agreed upon by both parties.
By Spanish law if a buyer un fulfills the signed contract, they
will lose the amount paid on deposit. If the seller defaults,
they have to refund the amount of the deposits received, plus
any expenses incurred by the buyer.
3) Finally, at the agreed date for the signing
of the “Title Deeds”, the lawyer will accompany the
buyers to ascertain that all the documents and the procedure is
carried out correctly. If the buyer does not have a lawyer, it
will be one of PERETO GRUPO INMOBILIARIO experienced employees
that will ascertain these factors.
Cost of property purchase:
Once the (Escritura) “Title Deeds” have been signed
the property belongs to the purchaser. The Notary immediately
after the signing of the deeds will fax the Property Registrar,
informing that the property has changed hands and all the details
of the new owner.
The possible expenses incurred in the purchasing of a property
are as follows:
Notary fees: The fees are based on a pre-fixed
scale. If we are talking about a cheaper property the fee is between
300 Euros up to 1.200 Euros for a higher priced property.
Property Registrar: Generally their fees are
20% less than the notary.
Taxes:
 >
If you buy a resale property you have to pay
a 7% transmission Tax.
> If you buy a new-build or a house under
construction from the promotor/builder, you will have to pay 7%
VAT, and also a judicial document at 1%.
> 16% VAT would have to be paid if you are
aquiring plots, commercial properties or garages.
> Enhanced Value Tax, this is a tax emitted
by the Town Hall where the the house is situated. The amount of
this tax depends on the M2 of the plot and build, and the number
of years the previous owner has had the property. I f it is a
small plot or a village house the tax could be just a few hundred
euros, but if we are talking of a large plot/property it can run
into thousands of Euros. “NORMALLY THIS TAX IS PAYED BY
THE SELLER” but it can be agreed to be split by both buyers
and sellers.
Contact PERETO GRUPO INMOBILIARIO for any information on adquiring
properties in Spain.
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