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How can you help me buying a property in Spain?

I search for you the property that really suits your needs or whishes.

I  present you several properties.

You choose the ones that you would really like to visit. I contact the different landlors to sleect the visit days. Either I accompany you in the visit or I can apppoint a contact in Spain that would welcome you and guide your through the visit of the property.

Once yo have visited them, we can discuss on the pros and cons of each. I can advise you on weather the price-quality relationship are adequate or not..

You can then decide if you like one and if you wish to make an offer. In that case, I negotiate for you with the owner of the property. Negotiation can be one of the longest part of the process. Here language and cultural differnces play a big role.

After negoation if the offer is accepted we start the administrative procedure for signing the fianal deed. I can advise you an during the whole administrative procedure.

What is the IBI tax?

IBI (Impuesto sobre bienes inmuebles urbana / rustica) is a tax that is payable by the owners of all Spanish properties – regardless of their residential status.

Who pays the real estate commission?

In Spain as in Luxembourg, real estate commissions are paid by the owner of the property.

Commission fees are flexible. They start at around 1% in some local villages and go up to 5 or 6% in very VIP areas and in the coastline (costas)

What are the fees and costs of buying a property in Spain?

Costs are primarily paid by the buyer, and vary from region to region. Many are negotiable – there are no fixed fees for lawyers or estate agents.

Costs paid by the buyer are typically around 8–14 percent of the property value and include:

  • Property transfer tax 5–10 percent (existing properties);
  • VAT (or IVA) at 10 percent (new properties);
  • notary costs, title deed tax and land registration fee 1–2.5 percent;
  • legal fees 1–2 percent (including VAT).

The estate agent’s fees are usually paid by the seller, and this is typically their only cost. Estate agents usually charge a percentage, typically around 5 percent of the final sale price

Can I choose the notary?

As the purchaser, you have the right to choose which notary you use. The notary is a public servant who has a duty to provide you with free and impartial legal advice on all aspects of the contract before you sign. It is a good idea to seek advice from the notary early on. When a date is set for signing the contract, you have three days beforehand to visit the notary and ask any questions you may have about any aspect of the contract

What is the ``CONTRATO DE ARRAS``?

Indeed, since 2008 when the crisis exploded, Prices went dramatically down. Spain suffered of a real estate bubble.

It is a legal agreement that reserves the right to housing by delivering a quantity. “Contrato de arras penitenciales” contracts are the most common , and are concluded under art. 1454 of the Spanish Civil Code.

Assuming that we are before a “Contrato de arras penitenciales” , the future buyer agrees to purchase the propoerty in the term and conditions stipulated in the contract, while considering the possibility of withdrawing lawfully from the sale losing the amount paid as deposit or signal. This same possibility of withdrawing is credited to the seller who, as a penalty ,  must return the amount received as deposit or signal in duplicate.

Are prices really so low in Spain?

Indeed, since 2008 when the crisis exploded, Prices went dramatically down. Spain suffered of a real estate bubble.

Do I need to change my residence?

You don’t need to be resident to purchase a property in Spain.

5 Things You Should Know About a Home Sale Agreement

The Sale Agreement is one of the most important agreements that are signed throughout life, due to the illusions and investment that are deposited in it.

In addition, most of us that step once in a lifetime, so learning from errors is complicated. In order to face this contract with tranquility, we give you 5 keys with which you will not miss any details.

I found the house I was looking for, is it time to sign?

Only if you have verified that everything is in order, not only the state of the house in question. Do you know if the person selling is the only owner? Is the property you free of any charges? Do you have a certificate of energy efficiency? Is the seller up to date with the commun property fees? If you have answered “no” at any time, do not sign yet. Before signing request a “simple note” (nota simple) to the Spanish Property Registry. this document will give you much of the information you need and asks the seller for the documents that demonstrate these aspects.

Have you signed a pre-sale contract?

This issue is important because if you signed a prior agreement (“señal” (sign), “de arras” …) before signing the contract you may have been forced to sign the contract whatever your circumstances. Unless you signed a pre-contract stating that buyer and seller have the right to withdraw without consequences (penitential annuity), you will have to comply with the agreement if you have not obtain financing from the bank! In these cases, not only will you lose the economic advance you may have paid, but the seller could claim that you comply with the agreement and even have to pay him a penalty.

What does a contract include and who signs it?

If you are going to buy a new property, the contrat will be signed with the administrator or business agent, whereas if the sale is between private individuals all the owners will sign the deed (also in inheritances and community property).

The contract must include the following parts:

Identification of the parties.
Description of the property.
Community statutes and penalties in case one of the parties does not fulfill its obligations (for the seller, to deliver the property and, for the buyer, to pay it).

In addition, the contract must incorporate the agreed price and the form of payment; As well as the distribution of the expenses derived from the operation.

Is it mandatory to sign before a notary?

No, but recommended. A private contract is valid to formalize the sale, but in order to have the property at your name you will need to come before a notary. In addition, the process before a notary adds a security plus.

Do you have to follow more steps after the contract?

Yes. After the signature you will have to pay the taxes derived from the purchase: VAT, if it is new property, or the Transfer Tax, for second hand property. With the proof of the settlement of the tax you can go to the Registry to register the purchase.

One last thing you should pay attention to: Defects of the property or hidden defects.

If you find one, you can claim in the six months after the sale if it is a second-hand property. For new properties, you will have between one and ten years to claim, depending on the nature of the problem.

If these aspects are taken into account, signing the contract should not be problematic. However, going to a lawyer or a real estate agency with experts is advisable to carry out with full guarantees. 

How can I sell my property in Spain?

If you need help to sell your property in Spain, I can help you.

With a wide network of contacts I can find quickly the perfect buyer for you.

Please note that agency fees are paid by sellers. The agency fees are 3% of final selling price + VAT.

Do I have to travel to Spain everytime there is a visitor?

Well, it depends, you can if you have the time or I can do it for you. We can also arrange a contact person based in the city where you the propoerty is located in Spain and this person can show the property.

How can I negotiate if I do not speak spanish?

Do not worry, I do it for you. This is my job, negotiate in your best advantage.

What about capital gains tax?

Spain has a capital gains tax of 21–27 percent. Capital gains tax is paid on the profit of selling your home, i.e. the difference between the listed purchase price and the listed sale price.

Your residential status does not affect the application of capital gains tax, as capital gains tax should be paid in Spain for property owned in Spain even if you are no longer a resident.

You may be able to claim a reduction on the capital gains tax to account for inflation; or if you are purchasing another property in Spain; or if you are over 65 and have lived in the property as your main residence for more than three years

How much is the agency commission?

Spanish agencies take a 5% commission fee. Iberian Properties only takes 3% as in the Luxemburguish real estate market.

When do I have to pay the commission fees?

50% at signature of the “contrato de arras” and 50% at the signature of the final deed.

How do I pay the commission fees?

By bank transfer. No cheks are acepted.

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PREMIUM REAL ESTATE IN SPAIN - Find your dream property in Spain. I am you real estate advisor and  I am here to help you during the whole process of acquiring/selling the property you want in Spain. +352 691 825 314 - Can't you find in this website what you are looking for? Contact us, we have got a wide network of Spanish agencies working with us