Buying a property on Costa Blanca

BUYING PROPERTY ON COSTA BLANCA

Decide on your budget and preferred location on the Costa Blanca: The first step in buying a property on the Costa Blanca is to decide on your budget and preferred location. The Costa Blanca is a popular destination for property buyers from all over the world and there are many different towns and cities to choose from. Think about what kind of lifestyle you want and what amenities are important to you.

Research the different types of property available: Once you have a budget and a location in mind, it's time to start researching the different types of properties available. The Costa Blanca offers a wide range of properties including apartments, villas, townhouses and fincas. You can search online or contact a reputable estate agent such as Von Poll to help you through the buying process.

Make an appointment to view the properties: Once you have identified the properties you are interested in, make an appointment to view them in person. Alternatively, if you are unable to travel, you can request a virtual tour. When you visit the properties, make notes, ask questions and take photos or videos to review later.

Negotiate the price with the seller: Once you have found the property you want, you will need to negotiate the price with the seller. Make an offer based on your budget and research, and be prepared to negotiate until you reach an agreement.

Pay a deposit: Once the offer has been accepted, you will need to pay a deposit, usually 10% of the purchase price. This is usually paid into an escrow account held by the estate agent or solicitor. The deposit shows your commitment to buying the property and reassures the seller that you are serious.

Hire a lawyer: It is highly recommended that you hire a lawyer to assist you with the legal aspects of the purchase. Your solicitor will help you with property registration, tax implications and ensuring that the property is free from liens and charges.

Open a bank account in Spain: You will need to open a bank account in Spain to facilitate the payment of the purchase price and related expenses. This will also help with future payments for utilities and other services. Von Poll can assist you with this process.

Due diligence: Your solicitor will carry out due diligence to ensure that the property is legally sound and ready for sale. This includes checking the legal status of the property, ownership and any potential problems.

Signing a private purchase contract: You will sign a private purchase contract (Contrato Privado de Compraventa), which sets out the terms and conditions of the purchase. This is usually done at the lawyer's office. The contract will state the agreed purchase price, the payment schedule and any other relevant terms.

Pay the balance of the purchase price: On the day the public deed of sale ( Escritura Pública de Compraventa) is signed, you must pay the balance of the purchase price, usually 90%. This payment is made at the notary's office.

Notary procedure: The notary will verify your identity and check the contract to ensure that all legal requirements have been met. The notary will also verify the seller's identity and ownership of the property. If everything is in order, you will sign the deed of sale.

Registering the property: The notary will register the property in your name at the Property Registry (Registro de la Propiedad) and give you a copy of the deed.

THE COSTS

Property transfer tax: The transfer tax on the purchase of a resale property is 10% of the declared value, which is usually lower than the actual purchase price.

Notary fees: The notary fee is usually around 0.5-1% of the purchase price.

Registry fees: The cost of registering the property with the Land Registry is approximately 0.2-0.5% of the purchase price.

Legal fees: You will need to instruct a lawyer to assist with the legal aspects of the purchase. Legal fees vary but are usually around 1-2% of the purchase price.

Valuation fees: You may need to obtain a property valuation for mortgage purposes. This usually costs around €300-500.

Mortgage fees: If you require a mortgage, there will be additional fees associated with the loan, such as arrangement fees, valuation fees and insurance premiums.

It's worth noting that these costs are only estimates and can vary depending on the specifics of the transaction. It's always best to consult a professional estate agent and lawyer for a more accurate estimate of the costs involved in buying a property on the Costa Blanca.

VON POLL REAL ESTATE is one of Europe's largest estate agencies with a reputation for excellent customer service and property expertise. Our experienced agents are dedicated to providing you with personalised support and guidance throughout your property search and purchase process. 

With our extensive network and resources we can help you find your ideal home on the Costa Blanca, whilst ensuring you receive the same professional service you are used to. Trust us to be your partner in this exciting journey of finding your dream property.