Property

Sol y Mar Spain is a trading style of Hyndman & Duckering Associates S.L

After we have helped you to find your ideal property, we will steer you through the legal aspects of making this dream home a reality. Guiding you step by step by firstly introducing you to a local English-speaking lawyer who will ensure that all legal matters regarding your purchase in Spain will be managed effectively. Your lawyer will then pursue legal searches on the property for any outstanding debts, tax arrears and unpaid bills. He will also check that the property has a Nota Simple. This is a document from the Land Registry office showing who is the legally registered owner of the property. This also shows if there are any mortgages or other encumbrances registered. The name on the Nota Simple should match the name on the Title Deed. Once your lawyer has seen these documents, is satisfied that the property belongs to the person who claims to be the owner and has confirmed that there are no mortgages or other encumbrances, he will ask you to proceed with the Purchase Contract.

Your property will initially be held on a 3.000,00 euro reserve contract for a period of two weeks in which time the Purchase Contract (Compra Venta) will be drawn up, requiring a 10% payment upon its signing. This Contract is usually valid for 90 days, by which time the Title Deeds (Escritura) should be signed over and the outstanding payment made. Payment terms may be negotiated as appropriate on new builds.

Additional Information
When buying a property in Spain the following costs are involved. As a guideline you should add up to 10% to the purchase price of the property to cover these.

Lawyers Fees
These are usually about 1.500,00 euros, depending on the amount of work involved. We would advise you to obtain a quote before the commencement of any work on your behalf.

Tax
A purchase tax of 7% is applied to all properties. Purchase tax on new builds is sometimes included in the purchase price, but this will be confirmed at the time of viewing.

Notary Fees
Notary fees are charged according to a fixed scale ranging from 300 to 600 euros, depending on the sale price. This is payable on the signing of the Title Deeds.

Registry Fees
Land registry fees can be between 200 and 500 euros, depending on the amount of work involved at the Registry office. This is to have the property Deeds inscribed in your name at the Registrar and is due within 30 days of signing the Deed.