The Reservation contract.
Once you have decided to move forward with purchasing your property in Spain at Florida Estates Marbella we draw up a Reservation Contract for you which will be the guideline to reserve the property you have chosen for a period of time whilst your lawyer conducts the due diligence. The reservation contract is a temporary contract on which vendor and buyer state the property address and its price, names of both vendor and buyer, deposit to reserve the property, any other agreed conditions and the date to sign the Private Purchase Contract.
Normally a refundable 6.000 EUR deposit will secure your purchase while the Due Dilligence is being conducted and this deposit can be held with a lawyer of your choice.
What is a Due Diligence
The due dilligence is a process conducted by a lawyer of your choice by which you are informed of any findings related to the property or properties you wish to purchase. If there is any piece of information which recommends not to buy a property you will be informed before you take any decision.
Once the lawyer confirms everything is correct you are ready for the next stage: The private purchase contract.
The Private Purchase Contract
The private purchase contract is a document by which purchaser and vendor set out the terms and conditions of the contract. This is a document that will be either prepared or supervised by your lawyer. If you do not have a lawyer in Spain at Florida Estates Marbella we can provide contact details of the best lawyers in Costa del Sol.
This document will contain:
The will of the vendor to sell the property.
Accurate data of the property, including address, dimensions and Spanish Official Property Registry Reference Number.
Date of Completion (Notary) and keys handover.
Any other terms and conditions agreed by both vendor and client.
The Buying Costs of a Property in Spain may vary from 11,5% to 13,5% of the purchase price, broken down as follows:
10% VAT on New Developments
8% to 10% ITP (Impuesto Transmisiones Patrimoniales – Resales-Tax) on resales, depending on price range.
1% Notary Fees
1% Legal Fees
1,5% Stamp Duty Tax
Should you have any queries please feel free to contact us on (+34) 668 880 504 or by email to firstname.lastname@example.org
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