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Costa Calida Property


Property Sales in Murcia, Spain


Guide to buying property in Spain

Here is our guide to buying property in Spain:

Buying a property in Spain is a big decision but it doesn't have to be a difficult one. Our advice is to take things slowly; ask lots of questions, read as much as possible about buying property abroad, and most importantly take legal and financial advice before you part with your hard earned cash. The following steps apply to anyone who is considering buying a property in Spain whether it's for a retirement home, holiday home or a buy to let property.

The main steps to buying property in Spain:

Decide on what is motivating you to buy in Spain
It may sound like a crazy thing to mention right at the beginning, but you need to be sure of your motivation and reasons for buying. We all have different reasons for moving to Spain, it may be as a retirement home for some, a holiday get away for others, a full relocation for the whole family and not forgetting those of us who are looking to Spain as the place to make a long term investment. First things first, buy some good quality magazines or books about buying property abroad, they will give you a good feel for the type of property you could get for your money and generally will provide lots more information about the various areas within Spain. Plenty of information can also be found on the internet, at property exhibitions and in an ever increasing number of books that have been written about buying property in Spain. Refer to our page links and information for further help.

Choosing your location
If it is investment you are after, don't forget location, location, location, the best locations will achieve the best returns, we cannot stress this enough. If your aim is to retire to Spain, then your requirements and our advice will be different. Properties by the coast or within 30 minutes drive attract a much higher premium than those let's say 1 hour inland. Closeness to amenities, town, cities, doctors, hospitals etc will need to be taken into account, especially for those wishing to relocate here full time. Amazingly in many parts of rural Spain, land line phones are still not available, so this is something else to consider.

Decide on your budget and stick to it
When you contact us and tell us your budget, we will do our utmost to keep within that, sometimes however that is not easy. On top of the price of the property there are a number of other costs. These are outlined in the FAQ's page but the general rule of thumb is allow an additional 10% and you won't go too far wrong. In some cases this may be more, each case is different, ask us for more information specific to your individual situation

Do your research
Once you have a clear idea of what you want to buy and where, spend some time on detailed research; magazines, books and the internet are all useful sources of information. Discuss your exact financial situation with your financial advisor and our course your plans with members of your family. Buying property in a foreign country is a big step and it is good to have all your family members on side before you embark on that first step.

Visit in person
As independent property locators, we are not keen on inspection trips, the selling methods used tends to be very pressurised and one thing you don't want when spending large sums of money is to be pressurised into it. Our advice is never buy a property without making a personal visit to the area. Whilst you are in the area, get to know some people, ask as many questions about the area, amenities, etc, etc. Ask what the area is like at night, at weekends, during the summer months, and during the winter months.

Find a good lawyer
The legal system in Spain is complex, just like in most countries and employing a good local English speaking lawyer to handle all your affairs and to represent you is vital. A good lawyer will make all the legal checks on your behalf and will ensure that your best interests are looked after. In some cases the lawyer will write the purchase and sale contract, therefore ensuring that all the buyers and sellers details have been checked before you hand over the deposit money. Most lawyers charge in the region of 1% of the purchase price, but this can vary. For more information about the legal process click on the link.

Negotiate terms
When you've chosen the property you want to buy, the next steps are to agree all the terms and conditions. If you are buying a resale, this is when you can make an offer and make requests for certain fixtures and fittings to be included. If however you are buying off plan, at this time, the building promoter will outline the terms and conditions of payment and the amounts. These are not set in stone generally; many promoters are becoming increasingly flexible in order to secure a sale. Your offer can also be subject to mortgage approval, but ideally you will have got a provisional mortgage agreement before reaching this stage. The contract will be written in Spanish with an English translation; the Spanish contract is legally binding and the terms can be enforced in a Spanish court of law; the English translation is for information only.

You may be required to act quickly
The property market in Spain is buoyant and properties can sell extremely quickly. Assuming that you have done all your research, all your questions have been answered and you have appointed a lawyer; be prepared to make a fast decision and back this up with a reservation deposit of around €3,000 in order to secure the deal. This can be made in cash or by credit card. Sometimes if you delay at this point, a rival investor can step in to your place with a cash deposit, so be aware.

Exchange of contracts
When your offer has been accepted and you have made your reservation deposit, the next stage is the exchange of the purchase and sale contract. This document outlines the buyer's details, the seller's details, the property details, and the agreed price, what is included in the sale and when the completion is likely to take place. The seller also states that the property is being sold free of debts and at this point there is no going back. If after this stage, the buyer decides to withdraw from the sale, the buyer loses his/her deposit; if however the seller decides to withdraw from the sale, the seller refunds double the deposit. So it is in the interest of both parties to make sure that all is in order before this document is signed and the deposit monies are paid. A typical deposit on a resale property is around 10% of the purchase price.

Final completion and registration of the title deed
This is the day you've been waiting for, the day when you all (buyers and sellers) sit in front of the notary and sign the title deeds. The title deed will be in Spanish and you must have somebody with you who can fully translate the title deed to you; unless of course you are fluent in Spanish! The signed title deeds are lodged in the central land registry in Madrid and in due course you or your bank will receive a certified copy for your records. All additional costs, for example the IVA (VAT), land registry charges; etc will be paid by your lawyer on your behalf. Handover of keys takes place and you are then the proud owner of a property in Spain - congratulations!

Here is our list of how we can help you when buying property in Spain:

We will help you through the entire process from the moment that you first contact us to long after you receive the keys to your property in Murcia.

We will source a number of properties or projects within your budget and criteria for you to consider.

When you have made a shortlist of properties or projects to view we will help you to find accommodation, car hire if needed and anything else that will make your visit an enjoyable experience.

We will accompany you to the bank to help you open your Spanish bank account and then accompany you to the police station to apply for your NIE number.

We will be on hand at all times during your visit to answer any questions or to sort out any problems that might arise.

We will accompany you on viewings especially to off plan projects. For resales you can view with the local estate agent who we work with or we will accompany you if you prefer. You will have as much free time as you like to explore and discover the beauty of the area.

Our objective is to provide you with an individually high class personally tailored property locating service. We aim to make the experience a pleasurable and interesting venture.

We want you to enjoy the experience and tell your friends and family all about it. Our clients to date have quickly become friends and we would like this to continue for the foreseeable future.

What we do... to help you...!

We find properties that meet your criteria

We offer you choice, we are totally independent

We stay within your budget if at all possible

We offer honest and unbiased advice on buying property in Spain.

We promise that there will be no hard sell

We share some of our knowledge with you

We introduce you to reputable estate agents, builders and promoters

We hold your hand throughout the entire buying process

We are at the other end of the phone for any questions or queries you may have either during the buying process or afterwards

We help simplify the process of applying for your NIE number and also opening your Spanish bank account

We share our knowledge of what is going on in the area with you; we are naturally inquisitive people and like to keep up to date with developments

We show reliance and have a positive attitude throughout; sometimes this is necessary when dealing with Spanish bureaucracy

For more information on the buying process and some of the terminology that you are likely to come up against click on the FAQ's.

And finally... Complete your wish list online today to start the ball rolling...

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