Guidelines to Buying a Spanish Property

Buying a resale property in Puerto Banus, or anywhere in Spain, is relatively straightforward if you have a lawyer and follow these guidelines-

Appointing a Spanish lawyer is crucial. Your Spanish lawyer will obtain final proof of ownership from the property registry office.

Do not purchase any Spanish property until a nota simple (an extract of the title deed) has been obtained from the registry office. Look for the 'registered value' of the property (valor catastral) - this is the official value and all taxes will be based on this figure.

Expect to incur the following costs in the purchase of your property in Spain-

Property Registry Fees, Transfer Tax or I.V.A. (V.A.T.)
Notario Fees and Solicitors Fees
Plus-Valia Tax

These taxes and fees will amount to about 10% of the purchase price. Once you have found your property, you need to leave a 10% deposit then a contract is drawn up showing details of the purchase price, date of completion, method of payment etc.

Within a month an escritura de compraventa or 'conveyancing deed' will be issued - this should include an assurance that the property is being sold free of any mortgage or other charges.

Finally this contract gets signed in the presence of a notario 'a Spanish notary' then delivered to the tax office for assessment of taxes due. Afterwards back to the registry office to update the Land Registry and show proof of new ownership.