When it comes to buying your property the process is relatively simple. With unlimited viewings and no agency fees for our buyers, we cover the coast in order to find you that perfect property and leave no stone unturned. The first step to making it yours is a simple reservation contract, signed by yourself or your representative and with a small reservation deposit your property is then taken off the market for a standard time frame of 30 days.

Normally within 15 days of signing the reservation contract, the Private Contract is signed. Your representative will check all conditions stated in this contract to include your estimated completion date.

When that date comes, the procedure will be carried out in the Public Notary. Accompanied or represented by your representative and/or us, the notary will ensure that all parties have complied with all legal requirements to include all taxes and property maintenance fees. Any outstanding costs on the property that would have been previously highlighted by your representative will at this moment be deducted from the purchase price, ensuring you are purchasing a property free of any outstanding costs. You will leave the notary with a provisional title deed, with final registration taking between 2-3 months once in the hands of the Land Registry.

Once the purchase of your property is complete there are ongoing running costs, including;

• Communal fees: In order to ensure the maintenance of your property, the community applies an annual (to be paid monthly) fee. This will cover the maintenance of any swimming pools, communal areas, lifts, and painting of the community. Such fees tend not to apply to detached properties, unless in a community.
• Council tax/ Town hall rates (IBI and rubbish): An annual local tax paid to the town hall. The amount depends on property size and location.
• Taxes: When owning a property in Spain, this can incur the obligation to declare tax in Spain. We can advise you on the Spanish tax system in house.
• General running costs: Running costs such as electricity and waterwill vary accordingly.

Le Vack&Marin will inform you of all running costs for properties viewed.

In terms of your purchase costs, you will need to allow around 10% of the agreed purchase price. These will be spent in the following areas;

• 7% property purchase tax (if a ReSale property, 10% if new build or off-plan)
• 1% +IVA Legal fees.
• +Notary fees and Land Registry fees.

Tax Authorities mayconsider the purchase price too low, and therefore consider the valuation to be incorrect. Consequently, a tax demand may be issued of 7% of the difference between the declared purchase price and their market value.

Such tax can be calculated before a purchase so it can be included in the purchase costs.

In such circumstances, you have a month in which this tax demand can be appealed.

Offering exclusive and non-exclusive sale agreements, we work with on a large variety of portals targeting clients from all over allowing your property to effectively reach all the adequate areas. We work with all agents up and down the coast to ensure that your property does not miss the opportunity to finds it new owner.

*If you find yourself in a position with outstanding costs on your property, please do not hesitate to communicate this with us. It is an acceptable procedure in Spain for any outstanding costs to be presented and deducted from the sale price.

Legal fee

An independent lawyer will charge you a standard fee of 1% plus VAT (21%).

Plusvalia tax

A one off payment based on the increase in value of the land on which the property is situated since the property was last sold. The figures are based on the rateable value of the land (ValorCatastral del suelo) and not on sales price. This can be determined before you decide to sell.

Non-residents retention

When the seller is a non-resident in Spain, the purchaser must retain 3% of the final sales prices and pay this to the Spanish Tax Authorities. If tax payments are proven to be up to date, all or part of this money can be reclaimed by your representative from the Spanish Tax Authorities on your behalf.

Capital gains tax

Residents must pay this tax, based on the net profit of their sale.

Agency fees

Commission is charged solely at the time of sale (completion at the Public Notary), here at Le Vack& Marin we charge 5% plus IVA of the sale price to the seller.