Once you have found the ideal property on the Costa del Sol and have decided that you wish to move forward with the purchase, The next step would be for Bromley Estates to draw up a “Reservation Contract”
A reservation contract is used in Spain as a standard procedure to reserve a property for a specified period of time whilst your lawyer conducts the *Due diligence
Typically, the reservation contract would set out the basic terms and conditions of the purchase and would then be approved and signed by both the buyer and the vendor. This is a temporary reservation document only. Such a document would include:
A 6,000 Euro deposit will secure the property while the “due diligence” is being conducted. This deposit can be paid by credit card, bank transfer or in cash, it can be held in the Bromley Estates company client account or with a lawyer of your choice. The 6,000 Euros serves to reserve the property whilst your chosen lawyer conducts the due diligence and you may also want to arrange a mortgage during this time. This reservation deposit is fully refundable in the event that your lawyer should discover any legal impediments pertaining to the said property. Should you continue with your purchase after the due diligence the 6,000 Euros will be used towards the purchase price.
Once your lawyer has conducted a full and thorough *Due diligence, he/she will inform you of their findings and discuss moving to a private purchase contract if applicable.
A private purchase contract is a contract between the consumer and the vendor, again typically setting out the terms and conditions of the contract. The contract will be prepared by your lawyer and will contain:
The buying costs in Spain vary from 10% to 13.5% of the purchase price, broken down as follows:
For further assistance on buying a property in Spain please contact us directly:
Below we have compiled a list of the most commonly requested services. When moving or vacationing in a new country, there could be a learning curve to “how things work in Spain” We are here to assist you with any requests you may have and will direct you to only the most reputable of companies.