Property Buyer’s Guide
This guide is designed to help you navigate the process of buying property in Marbella, Costa del Sol. With a mix of local knowledge and expert advice, we aim to make your property search as straightforward as possible.
Table of Contents
- Understanding the Marbella Property Market
- The Importance of Hiring a Local Lawyer
- Preparing for Your Property Purchase
- Tips for Negotiating Your Offer
- The Buying Process in Marbella
- Deposits and Insurance
- Title Transfer in Spain
- Costs Involved in Buying Property
1. Understanding the Marbella Property Market
Marbella boasts a diverse real estate market, appealing to both local and international buyers. While online property searches are a great starting point, working with a knowledgeable agency like Turlock Homes Marbella can enhance your experience and help you find the right property efficiently.
2. The Importance of Hiring a Local Lawyer
When purchasing property in Marbella, hiring a local lawyer is essential. A qualified lawyer will guide you through the legal aspects of the transaction and assist you in obtaining your NIE number (foreigner identification), which is necessary for any property purchase in Spain.
One of the advantages of working with a local lawyer is that you can grant them Power of Attorney (PoA) even before you have fully decided on the property you wish to buy. This allows your lawyer to act on your behalf, handling negotiations and preparing necessary documentation while you continue your search.
3. Preparing for Your Property Purchase
To ensure a smooth property purchase in Marbella, effective preparation is essential. Start by establishing a relationship with your lawyer, who will guide you through the process.
As part of your preparation, it’s also a good idea to open a Spanish bank account and ensure compliance with anti-money laundering (AML) regulations.
By taking these steps early, you’ll not only streamline your purchasing process but also be well-positioned to act quickly when you find the right property. This proactive approach can significantly reduce delays, allowing you to secure your ideal home in Marbella faster.
4. Tips for Negotiating Your Offer
Effective negotiation is key in the Marbella property market. A well-prepared offer can attract the seller’s attention. Work with an experienced agent from Turlock Homes Marbella to present a clear proposal that outlines the purchase price, deposit, completion date, and any additional terms.
5. The Buying Process in Marbella
The buying process in Marbella is generally straightforward. Your lawyer will perform due diligence to ensure the property is free from liens or debts. A private purchase contract will be drafted, detailing the purchase price and payment terms.
6. Deposits and Insurance
A common deposit in Marbella is around 10% of the purchase price. For new properties, ensure that payments are secured through a bank or insurance guarantee, which safeguards your investment in case construction delays occur.
7. Title Transfer in Spain
Once the purchase price is settled, the public deed of transfer (known as escritura) is signed before a notary, officially transferring ownership to you. If you’re buying a resale property, you will also need to pay the applicable transfer tax.
8. Costs Involved in Buying Property
Overall costs for purchasing property in Marbella typically range from 10% to 12% of the purchase price. Here are some common fees to consider:
- Transfer Tax (ITP): 7% for resale properties
- VAT: 10% + 1.2% for new properties
- Notary and Registry Fees: Approximately €3,000
- Legal Fees: About 1% of the property price + VAT
