Think About Your Ideal Property and Your Budget
In the first instance, think about the budget and your dream property ‘must haves’. Have in mind, there are buying costs when purchasing a property in Spain and it varies depending on the property location. For example, buying costs in Alicante are different from those in Murcia.
It is particularly important to sum up the costs when deciding on your final budget. As a rule, budget approximately 13-15% of the purchase price for property transfer tax, lawyer fees, stamp duty, notary fees and any mortgage set up fees.
The Hot Properties in Spain team will find your ideal property and guide you through the buying process in person.
Finding Your Ideal Property
The Hot Properties España team will provide you with a list of properties that meets your ideal property’s vision and of course the budget. We will arrange the viewings for the properties you are interested in, make the appointments and provide any additional assistance required, such as meeting you at the airport, arranging accommodation etc. Our team will always go the extra mile to exceed your expectations, we are always more than happy to continue searching for your ideal property if none of the viewed properties feel right for you.
Choose The Right Specialists
Whilst, our personal property finders’ team is searching for your ideal property, we advise you to think about the specialists who will assist you in buying process, lawyers, mortgage brokers, gestors, exchange service, etc. We can also recommend reputable specialists we have worked with for many years or guide you to finding an independent one.
We believe it is essential to have an English-speaking Spanish solicitor (abogado) to protect our customer’s interests and, if required, act as power of attorney.
We also suggest opening an account with a currency exchange firm if you wish to exchange the money before buying. You will normally get a much better exchange rate from the currency exchange specialists, than from the high street banks. Take your time to discuss with them your options for transferring euros to Spain, including the ways to find the best possible exchange rates. we have several we can refer you to or indeed you may wish to find your own.
If you are willing to apply for a mortgage in Spain, we advise doing so in advance. Our team can recommend highly respected mortgage brokers in Spain who have access to a better range of mortgages than are offered from the high street banks.
Once we find the right property for you and your offer is accepted by the vendor, you will sign the reservation contract. The non-refundable reservation fee is usually between €3,000 and €6,000 and counts towards the final price of the property. At the end of this period, which is usually within 15-30 days you will proceed to a purchase contract that commits you to buy and the deposit will become due.
If the house is being sold with fixtures and fittings and/or furniture, our team prepares an inventory contract, which is signed by both parties. This will ensure that any agreed fixtures and fittings and/or furniture will be there once you receive the keys.
The completion of a resale property might take eight to twelve weeks after a successful offer to the day you can collect your keys and enjoy your new home in Spain. A new-build property purchase completion date depends on the date of the construction.
The final sales contract is prepared by your solicitor and must be signed by you, or your legal representative and the vendors. The final stage of the buying process takes place in the office of the local notary together with your solicitor and our team member where the final payments are exchanged, and you become a legal owner of your property.
The Hot Properties España team will always be there to assist you with any queries you might have.
Our exclusive service and unique experience will not end after the property sale is done.