A notary formalizes the sale of the property, ensuring that the title deeds and the purchase are in order before the final payment is made and the purchase document signed. The notary will then send a copy of the purchase document to the local land registry office, and the final registration of the documentation typically takes around 2 months.

Legal Guide to Buying Property in Marbella, Spain

Q: Can I negotiate on the purchase price and conditions?

Once a suitable property is selected, the purchase price, terms, and conditions are discussed with the vendor. Offers may be contingent on a mortgage or require delayed completion. This must be specified when making the offer. We can recommend a lawyer to assist with this process.

Q: Do I pay a deposit to the vendor?

A deposit is usually paid to the selling agent or your representing lawyer, not directly to the vendor. The minimum deposit typically required is around 3000 euros but may be higher for more expensive properties. This reservation deposit can be paid by cash or credit card and will reserve the property until contracts are exchanged and 10% is paid over.

Q: How do I choose a lawyer to represent me?

We can recommend several lawyers who can represent you in your purchase. They will communicate in your native language and can be reached by phone, fax, and email. A lawyer will ensure that the property purchase is free from any debts or charges and that all fees, including utilities and community fees, are up-to-date at completion.

Q: When are the contracts exchanged?

Upon acceptance of the offer by the vendor and payment of the reservation deposit, private contracts are exchanged, usually within about 14 days. Your legal representative will have ensured the property is free of debt or issues, and the private contract will outline the agreed selling price and the date of completion at the notary. At this stage, it is customary to pay 10% of the purchase price.

Q: What if I change my mind?

Signing the private purchase contract commits you to the transaction. If you choose not to complete the purchase, you will forfeit your 10%. If you have not yet signed, only the deposit will be lost.

Q: What are community fees?

Community fees apply to properties that share benefits, such as swimming pools, general maintenance, gardening, and security. These fees are set by a president and committee elected at an annual general meeting.

Q: Is it easy to open a bank account in Spain?

Opening a bank account in Spain is straightforward and can be arranged by you or your lawyer. Typically, only a passport and a small deposit are required.

Q: Who pays your commission?

The vendor pays our commission; buyers do not pay any fees or commission.

Q: Are there any additional fees like stamp duty in the UK?

Yes, you should budget additionally aprroximately 10% on top of the purchase price to cover fees, including those for lawyers, the notary, property registration, and transfer tax.

Legal Matters FAQ

Below are some of the most frequently asked questions about legal matters concerning property purchase.

Legal Matters FAQ

Can I negotiate on the purchase price and conditions?

Do I pay a deposit to the vendor?

How do I choose a lawyer to represent me?

When are the contracts exchanged?

What is a notary?

What if I change my mind?

What are community fees?

Is it easy to open a bank account in Spain?

Are residential properties freehold?

Who pays your commission?

Are there any additional fees like stamp duty in the UK?