Buying a home in Spain? Here’s how it’s done:
Step One: Find the Perfect Home For You Costa del Sol.
Maybe not as simple as it sounds, but there are so many incredible homes for sale on the Costa del Sol, so if that’s where you’ve decided you want to be, you’re sure to find something that ticks all the boxes. Here at Winkworth Spain, we have the local knowledge, experience and know-how to make your property search an enjoyable and strees-free one. Together we can help you find the property you’d love to call home.
Step 2: Make an Offer.
It is perfectly acceptable, even expected, for an offer to be made on a home, so don’t be shy in suggesting a lower price. As real estate experts we can help you determine exactly what to offer based on the market, the sellers, and the home, but in general, offering 10-20% below the listed price is pretty standard. However the market right now is hot and properties are selling fast, so if you don’t want to miss out on a particular property, we advise not going too low and risking losing out. If the home you’re making an offer on is not a new build, paying for a home inspection can also be a good investment, as often you can use any information about potentially necessary repairs to negotiate a lower price as well.
The seller may accept your offer or suggest a counter-offer, which you can then accept or refuse. You can also make your own counter offer. This continues until a purchase price is agreed on.
Remember, though, that while this is happening, the home you are negotiating on will still be on the market and shown to other buyers who may also make an offer on it.
Step 3: Reserve the Costa del Sol Home.
Once you have agreed on a purchase price and in order to take the home off the market so it’s not shown to other potential buyers, you will need to put down an initial deposit. The exact amount is entirely negotiable between you and the seller, but 1-10% of the agreed purchase price is typical. Keep in mind that this deposit is non-refundable should you decide not to follow through on the purchase of your new home. If the seller cancels the sale for whatever reason, however, you will get your deposit amount back in full.
Step 4: Sign the Private Contract of Sale.
When you reserve your new home in Spain, you will also sign a private contact of sale between you and the seller. It is not officially logged into the local registry but it is considered a legally-binding agreement, so make sure all the information on it is correct and to your satisfaction. Don’t forget to include in this contract a clause that refunds your deposit should you cancel your purchase due to unforeseen legal obstacles (described in step 5).
Step 5: Complete the Legal Checks on the Home.
Your solicitor, if you have one, will carry out the necessary background checks on the home you’re buying including checking its legal status, making sure there are no fines or fees still attached to it, that all utilities and community fees are up to date, and double-checking planning permission and licensing, if required. If you aren’t working with a solicitor, you should do this yourself or require confirmation from the seller or your or their estate agent that they have been done.
Step 6: Sign the Title Deed.
The final step in the home buying process in Spain is signing the title deed and making the final payment. This will need to be done in-person and at the notary’s office but once it’s complete, you’ll walk away with the keys to your new home. You’ll also receive an official copy of the deed (called the Nota Simple) at this time. If you are purchasing with a mortgage, your bank will keep the original loan deed until the loan is paid off.
Winkworth: Your Real Estate Agent of Choice Costa del Sol
When choosing a real estate agent in Spain, Winkworth is always happy to help you through the entire home buying process from start to finish. Our estate agents are internationally known for local knowledge and will help you find the perfect home for you no matter where on the Costa del Sol you’re looking, what you’re looking for, or what your budget is. More than that, we pride ourselves on making the process of finding and buying a home in Spain as easy and stress-free as possible, walking you though every step of Spain’s infamous bureaucratic process so you can move into your next home, apartment, flat, or villa as quickly and easily as possible.
Search our database of incredible homes for sale in Marbella, Estepona, Benahavis, Mijas, Guadalmina, Manilva, and elsewhere on the Costa del Sol or get in touch with us to chat about what you’re looking for. We’ll do the search for you -including first access to properties that haven’t been listed yet!