If you are planning to buy a property in Alicante, Torrevieja or Orihuela Costa you will be interested in the information that López Morueco Abogados offers you.
1) First steps in the process:
– The first step is to confirm that the seller agrees with the title holder in the land register. In the case of a new building, it must be verified that the builder is the owner of the land and that they have the relevant licence to build.
– Once the above checks have been made, we will contact the seller, either through your real estate agent or through your lawyer, to arrange for the payment of taxes and possible debt withholdings.
– The contract of sale will be drawn up, specifying the price of the transaction and the deadline for signing the deed of sale before a notary.
– In the event that there is a mortgage that encumbers the property, the cancellation procedures will be initiated.
2) Preparation of the deed of sale:
-The deeds of sale will be prepared jointly with the Notary, following the terms already agreed between the parties, and protecting in any case the interests of our client. It will be verified the same day of the signature that the property is still in the seller’s name in the Land Registry, and if the cancellation of the mortgage is to be simultaneous, the operation will be organized with the bank.
3) Signature of the Deed in the Notary Public.
– The firm will come to the firm either to accompany and advise you at all times, or on your behalf, as you were unable to attend in person. In this case, you may grant us a power of attorney.
4) After signing, after-sales process:
– Once the signing has taken place we will make sure that all the taxes have been paid, both those of the seller and those of the buyer, to finally register the sale in the Land Registry.
– In the office we will also make sure to make the appropriate changes in terms of municipal taxes, community of owners, and finally register in the name of the new owner the changes in the supply contracts.
5) Frequently asked questions:
5.1 What taxes are payable when buying a property in Spain?
The new buyer has to pay the property transfer tax, which in the Valencian Community is 10% of the price. Only if the buyer is under 34 years of age and acquires his habitual residence, he will pay 8%.
If the property is newly built, a 10% VAT + 1.5% of the Tax on Legal Acts must be paid.
5.2 Do I have to travel to Spain to buy a property?
The answer is no, although it is advisable that you at least visit the property yourself. If you do not wish to travel to Spain for the signing of the purchase agreement, there is the option of granting a general power of attorney, whereby the law firm may act on your behalf.
5.3 Do I need to open an account in Spain and obtain a Tax Identification Number (N.I.E)?
The answer is yes, it is necessary to have a bank account in Spain to be able to buy a property; at López Morueco Abogados, we will open the bank account at the bank of your choice, and at the branch closest to the new property, either in Torrevieja, Orihuela or Orihuela Costa.
As for obtaining the NIE, we will make an appointment with the National Police for its processing.
5.4 What other expenses do I have to face when I buy a house in Spain?
In addition to the Transfer Tax, which will generally be 10%, the following expenses will be taken into account.
– Notary fees: 800 €- 1000 €, depending on the price of the property.
– Registration fee: 400 €- 1000 €, depending on the price of the property.
Do not hesitate to contact us, we will offer you an independent and transparent service to make the purchase of your home in Torrevieja & Orihuela Costa a complete success,
Ruth Lopez Morueco.
López Morueco Lawyers.