Simple Process
PR Marbella Estates provides personalized, hands-on assistance throughout the entire property purchase process. From the initial consultation, where we identify your specific needs and preferences, to property viewings, we guide you every step of the way.
We handle negotiations with care, ensuring you receive the best value for your investment. Our expertise extends to the legal aspects of the transaction, coordinating with law firms, inspectors, and sellers to ensure a seamless closing.
Reaching an Agreement
Once you have chosen the property to purchase, the first step is to make a verbal offer. The terms of the purchase and the price may need to be negotiated with the seller.
Reservation contract
Once the terms are agreed upon, the parties sign a reservation contract and a deposit is paid as a guarantee. The amount of the deposit depends on the sales price of the property. It is usually 1% of the purchase price or the agreed sales price by both parties. This payment ensures that the seller reserves the property for the buyer and stops offering it to other buyers. The buyer commits to purchasing the property under the agreed terms, and if the buyer does not comply with the contract, they may lose the deposit.
Choosing a Lawyer/Legal Representative
We always recommend buyers to hire a lawyer to assist with the purchase. If the buyer is unfamiliar with the buying process, the lawyer’s assistance and the guarantees they offer are crucial. The lawyer is also responsible for registering the deed in the Land Registry. For foreign buyers, we also suggest they give authorization to the lawyer to process different paperwork needed on their behalf for the property purchase such as NIE (ID number), bank account opening among others.
Private Contract (arras contract)
The next step in the process is to sign the Private Contract. This usually takes place around three weeks after the formal offer is accepted. Your lawyer will have completed the search and investigation of any debts on the property and will have arranged with the seller to settle any existing debts. This contract will reflect all the terms agreed upon in the offer and sale, including a deadline to sign the deed before a notary. When the contract is signed, the buyer typically pays 10% of the sale price to the seller.
Signing the Deed at the Notary
On the assigned day for signing the deed, the parties meet at a notary’s office, and the purchase contract (Title Deed) is signed. The buyer pays the remaining amount to the seller, who hands over the keys and the possession of the property to the buyer.
Registration
Although the notary sends a notice to the Land Registry to inform them of the change of ownership, the original documents must be taken to the Land Registry for registration within a month of the deed signing. This service can typically be easily arranged at the notary’s office or with a lawyer.
Notary and Registry Fees
These depend on the sale price and the notary. For a property worth 300,000 Euros, the fees range between 700 to 1000 Euros and the Land Registry Fees for the same property range between 600 to 800 Euros.
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