Spanish Properties with Rental Income Potential
Guide to the Spanish Buying Process
1. Putting down a Holding Deposit
On finding a property you wish to purchase you will need to negotiate the terms, price and conditions of the sale with the owner. This part of the process is not binding. We would recommend using an independent English speaking legal advisor. Once a purchase price has been agreed, normally a holding or reserve deposit will be required to ensure the property is removed from the market. The sum required will vary between properties and will be based on the purchase price. A time limit for the preagreement to be signed will be arranged and there will also be legal checks to be made.
2. Setting up a Pre-agreement (Contrato privado de compraventa)
The pre-agreement will set out the conditions under which the Buyer and Seller agree to complete the purchase of the property and the price they have agreed upon. Relevant details will generally be included for example the property details, purchase price and the date for completion. A deposit will be required at this point, this will vary, but will generally be 10% of the agreed price. This agreement will include a penal clause if the sale does not go through. If the seller pulls out of the sale your compensation will be double the deposit you have paid, but if you decide not to go through with the sale then your deposit will be lost. Certain checks will need to be made before signing the contract, checks should be made against the title of the property, mortgage status and if the property has any debts held against it. The planning status should also be looked into. These conditions can be varied by the seller and the buyer and other types of agreement can be made.
3. The Contract (Escritura de compraventa)
Before a non-Spanish purchaser can buy a Spanish property they will need to have set up a Spanish bank account and obtained a Spanish tax number (NIE). The completion will take place in the presence of a Notary Public. This is a Spanish public official, by law the deed of sale must be witnessed by a Notary Public. You will also need your own independent, expert legal advisor to act on your behalf. On Completion the buyer must pay the balance, that is the price agreed after the deposit has been deducted, plus any other fees on the completion date. Both buyer and seller must sign the Escritura de compraventa contract, (this is the Spanish equivalent of the title deeds). The title deeds (escritura) will be given to the buyer, this will be done in the presence of a Notary Public, they will certify that the transfer has taken place. The tax office will be sent a copy and the property registry will be informed of the transfer.
IMPORTANT - Disclaimer :
All information provided is believed to be current and provided free of charge. No liability can be accepted for the reliability of the information and statements made as this is obtained from 3rd parties. We always recommend you take legal advice from a fully qualified Lawyer or Notary before buying a property overseas.
Beautifully renovated 3 bedroom villa with pool and separate apartment, nestling in nearly an acre of glorious landscaped gardens while enjoying panoramic views to the mountains beyond from its peacef...
- Floor Size: 350 square metres
- Plot Size: 3,500 square metres (0.35 hectares / 0.86 acres)
- Bedrooms: 3
Unique opportunity to acquire 3 spacious and modern villas with a vast total living area of 500m2, set within a large plot of 29,000m2 with a swimming pool, ideally located at the top of an immense do...
- Floor Size: 500 square metres
- Plot Size: 29,000 square metres (2.90 hectares / 7.17 acres)
- Bedrooms: 6
Superb, architect designed luxury 7 bedroom villa with pool and beautiful landscaped garden, located in a sought after and exclusive area near the beach and all amenities in Puente Romano. This...
- Floor Size: 634 square metres
- Plot Size: 1,300 square metres (0.13 hectares / 0.32 acres)
- Bedrooms: 7
Surrounded by an acre of glorious landscaped gardens, is this beautiful 4 bedroom villa with separate 2 bedroom Finca and expansive pool, enjoying panoramic sea views from its peaceful location in the...
- Plot Size: 4,090 square metres (0.41 hectares / 1.01 acres)
- Bedrooms: 6
Beautiful 3 bedroom villa with separate 2 bedroom house, pool and garden, located in a peaceful area near all amenities in Rocio de Nagueles. This charming property was partially renovated an...
- Floor Size: 308 square metres
- Plot Size: 924 square metres (0.09 hectares / 0.23 acres)
- Bedrooms: 5
Charming and spacious 4 bedroom villa situated in an elevated plot of 900m2 with a swimming pool and stunning views towards the sea, located in the Coveta Fuma area of El Campello. Built in 19...
- Floor Size: 211 square metres
- Plot Size: 900 square metres (0.09 hectares / 0.22 acres)
- Bedrooms: 4
Surrounded by over an acre of glorious land and orange and lemon groves, is this charming and authentic century old South facing 6 bedroom listed Finca, enjoying panoramic views from its peaceful loca...
- Floor Size: 542 square metres
- Plot Size: 5,327 square metres (0.53 hectares / 1.32 acres)
- Bedrooms: 6
Fully refurbished and full of character and charm, this stunning 13 bedroom villa is ideally situated in a quiet and peaceful setting in Nagueles, Marbella. With a total spacious living area of...
- Floor Size: 323 square metres
- Plot Size: 4,085 square metres (0.41 hectares / 1.01 acres)
- Bedrooms: 13
Nestling in 1.5 acres of beautiful landscaped gardens, is this wonderful 3 bedroom renovated villa with separate one bedroom apartment and expansive infinity pool, enjoying far reaching sea views from...
- Floor Size: 105 square metres
- Plot Size: 6,300 square metres (0.63 hectares / 1.56 acres)
- Bedrooms: 4
Superb and impeccably presented 4 bedroom country villa with expansive pool, ideally situated within a quiet and peaceful setting with stunning countryside views, on a large gently sloping plot of 6,2...
- Floor Size: 264 square metres
- Plot Size: 6,280 square metres (0.63 hectares / 1.55 acres)
- Bedrooms: 4