Frequently Asked Questions about buying Property in Costa Blanca
Through this FAQ, within Vincent Real Estate we would like to help you with all the steps of the purchase process.
It is essential to have clear from the outset the real costs you will face when you buy property in Spain. It is equally important to be clear about the ongoing costs you will face as a property owner in Spain. It is your responsibility to be informed and do your own numbers, rather than rely on the claims of others.
However, in this article we explain other aspects that it is advisable to know:
How do I arrange to view a property in Spain?
We can all look at as many brochures and websites as time allows, but there is no substitute for visiting the Orihuela Costa and viewing a selection of property.
We recommend that you book your flight tickets a little in advance to achieve the best price. Most airports have a low cost airline that flies to either Alicante (Costa Blanca), Valencia or Murcia.
How long should I spend viewing property in Spain?
We strongly recommend that you spend no more that two or three days viewing property. It is better to see a selection of 10 homes that meet your precise requirements - and then to go away to reflect on what you have seen.
How do I reserve a property that I like?
If you a see a property that you really like, you can ask for the home to be reserved for 24 hours. This costs nothing and there is no obligation to buy. It simply allows you to go away and “sleep on it” - without the worry of the property being sold.
How much deposit is required on a property in Spain?
When you have found your ideal property, a non-refundable holding deposit of 3,000€ to 6,000€ will be required. This will guarantee the removal of the property from the market. This deposit forms part of a legal contract, which holds the price of the property as agreed at the time of paying the deposit and guarantees you will not be affected by any future price increases.
This sum is part of the cost of the home and is not an extra payment. It will either be deducted from the price of the home or refunded on completion of the sale.
This sum is paid directly to the builder or developer and a receipt will be issued to you. Most developers will accept this payment in the form of a personal cheque, credit card payment, bank transfer or cash.
What’s involved in the buying process?
A sales contract will be drawn up by the developer for your agreement and signature. Your lawyer will inspect the contract and advise you accordingly.
Your lawyer will carry out the necessary searches and investigations on the property. The lawyer will ensure that the monies are paid over in a secure manner, that the title deeds are finalised and that the property is yours, all legally signed and secured.
Do I have to be in Spain for each stage of the legal process?
No. Just as in your country, you can instruct your Lawyer to act on your behalf, even for the final completion. This is done by granting “Power of Attorney” to your lawyer.
What are the payments terms for Spanish property?
When purchasing a new property in Spain, you will generally be required to make staged payments.
These staged payments vary, depending on the developer. Typically, 20% to 50% will be required within 30 to 60 days of signing the contract. The balance is paid upon completion and the signing of the deeds.
However, before you enter into any contract you will be informed of the dates and amounts of any payments.
Book a viewing trip
Planning a trip to Spain?
Wish to book a property viewing.