ARTICLE #1 - MAY 2017
"BUYING YOUR HOME"
Whether you are looking for a holiday home on the Costa del Sol, or a rental property or you wish to relocate altogether, making such investment decisions in Spain need serious consideration.
The process of buying a home (especially abroad) requires time and expertise – both from your developer, and lawyer. We advise that you only seek help from well-established and experienced lawyers and that you buy your home from credible developers.
We would be delighted to tell you all about the benefits of Marbella Club Hills, the location of the project and its amenities, the Golden Visa available for non-European buyers, why it is good to invest in an off plan project and how you can invest with confidence in the Costa del Sol.
Since Marbella Club Hills has already received the permit to start the construction, below we outline the payment structure.
Once you have decided to purchase one of our Marbella Club Hills Villas or villa apartments, you will be required to pay a reservation deposit. The amount for the deposit varies depending on the value of the property. After the reservation deposit has been paid, your lawyers will have to carry out the relevant due diligence to check whether the owners and the developer are credible and the development is sound.
Signing a Private Purchase Contract when Buying a Marbella Club Hills Villa or Villa Apartment.
It usually takes about two weeks for the lawyers to complete the due diligence.
During that time, the purchase agreement is drawn up and we are ready for the first down payment. Upon signing the preliminary contract (contrato privado de compraventa), you will be requested to pay 25% (less the initial reservation deposit) of the value of the property.
Final Payment for a Marbella Club Hills Villa or Villa Apartment
Final payment will be due only when the occupational license has been granted. The following step will be the signing of the title deeds at the notary, at which point you will be also required to pay the remaining 30%.
Signing a Private Purchase Contract when Buying a Marbella Club Hills Villa or Villa Apartment.
It usually takes about two weeks for the lawyers to complete the due diligence.
During that time, the purchase agreement is drawn up and we are ready for the first down payment. Upon signing the preliminary contract (contrato privado de compraventa), you will be requested to pay 25% (less the initial reservation deposit) of the value of the property.
When all the above steps are completed and the title deed is transferred to the new owner, the lawyer will register the property in the local land registry.
In Spain, when a new build is sold for the first time you are required to pay VAT & Stamp Duty. The VAT (known in Spain as IVA) is 10% of the value of the purchase.
The Stamp duty (known as AJD) is 1.5% of the property’s price. The buyer pays both VAT and Stamp Duty.
