Q: How much deposit should I pay to secure the property?

A: The amount you will be required to pay as a deposit is not written in any law. However, in most cases the deposit for a resale would be between 10 and 15% of the agreed purchase price, and between 25 and 50% when buying off plan. Against the paying of this deposit, you will be asked to sign a purchase contract which should outline all the conditions of sale as agreed with the seller or their representative. You should not sign the contract prior to consulting with your Solicitor, as deposits are not refundable. In all cases you secure the property with a smaller amount. In the event of any problems with the property, all deposits are refundable.

Q: Can I finance the purchase of my property?

A: Finance is readily available through all the major high street Banks for your home in Spain. Prima Overseas Properties has a dedicated mortgage department that can offer you advice on the best products available at any time and the most suitable loan to match your budget.

Q: What will it cost to register my new property?

A: Once you have purchased your property, you will be required to register and pay your tax-es. The taxes will vary depending on whether you purchase new or resale property. The tax on the New Property is V.A.T. (I.V.A.) which currently stands at 7%. You will also be required to pay a further 0.5% duty. The transfer tax on resale properties is 6%. In addition to the tax-es, you will be required to pay Notary fees, Land Registry Fees and your Solicitor. The sum of all these expenses should not exceed 10% of the purchase price in a standard price, this may increase if you take out a mortgage.

Q: Will I need a Bank account in Spain?

A: We recommend that you open an account in a Spanish Bank in Euros. You will need this account for payment of standing orders for electricity, telephone, community fees etc. Again, our staff will be able to recommend suitable banks to meet your requirements.

Q: Do I need a Solicitor?

A: A Solicitor is a must when buying a property in Spain. Throughout this information sheet we have made numerous references to the Solicitors who will safeguard your interests providing you with accurate information throughout the transaction.

The 10 steps :

1. Select your ideal property
2. Check the annual running costs
3. Appoint a Solicitor
4. Arrange finance
5. Pay the deposit and exchange contracts
6. Open Bank account
7. Complete the sale
8. Arrange standing orders
9. Arrange contents and / or property insurance
10. Relax and enjoy your new home