Taurus Real Estate is a family company who take pride in helping you through the whole purchase process before, during and after the sale. Our offices in Sayalonga and Cómpeta are open Monday to Friday from 9.30am to 6.30pm where you will be welcome to call in to discuss any details relating to your purchase.
Prior to completing your purchase on a property in Spain you will need the following:
1. A Spanish bank account (To open an account you will be required to show your passport). If you are unsure of which bank to use, Taurus can supply you with a list of Spanish banks that can speak your language and, if required, a personal introduction.
2. Foreigners Identity Number ( N.I.E.). To acquire this document you will have to attend the local police station with your passport and a copy and a completed application form. A small application fee will be charged. Taurus are happy to assist you through this process and can collect your NIE documents once they have been issued.
Once you have found your dream home in Spain and agreed the terms of purchase with the vendor, you will usually be required to pay a holding deposit, normally between 3,000 – 5,000 euros (depending upon the purchase price of the property). This deposit will remove the property from the market and reserve it in your name for approximately 3 weeks in order to give your legal advisor or lawyer time to check that all legal documentation is correct. The holding deposit should be paid to the estate agency, lawyer or legal advisor, who will then prepare a reservation contract on your behalf. If there is any legal problem with the property which cannot be resolved at the vendor’s cost, your deposit will be refunded.
Private Purchase contract
Once the title and legal documentation has all been checked and your lawyer is satisfied that everything is correct, he will prepare a private purchase contract and you will be required to pay a deposit of 10% of the purchase price, less the holding deposit. This deposit is non refundable if for any reason you should fail to complete on the purchase. However, if for any reason the vendors should decide not to complete they will be required to refund you the 10% deposit, plus pay you compensation of 10%.
If you require a mortgage on the property it is important to advise us prior to viewing properties as some may be less mortgageable than others. Once you have provided the bank with relevant financial details, a survey will be carried out and you should be in receipt of a formal mortgage offer prior to the signing of the private purchase contract.
Completion takes place at the notary’s office and both vendors and purchasers would normally be present. If for any reason this is not possible, you should give your lawyer power of attorney to enable him or her to complete on your behalf (this can be done in Spain or your own country in front of a public notary). Upon completion at a notary’s office you will be required to pay the balance of the purchase price and sign the title deed. Once this has happened you will be handed the keys to your new home and the property is legally yours. Taurus are happy to accompany you to the notary to assist you through the process and to answer any questions that you may have.
Costs of purchase
You should allow approximately 11% of the purchase price to cover all legal fees, notary fees, registry fees and transmission taxes.
If you require a mortgage, you should allow up to an extra 2% – 3% to cover additional notary fees, taxes and mortgage account set up costs.