For investors seeking to enter the Spanish real estate market, understanding the purchase process is crucial. The journey begins with selecting the ideal property and negotiating the terms of purchase, which can greatly influence the final investment outcome.
Initiating the Purchase: Reservation and Deposit
The initial stages involve signing a reservation contract and placing a deposit that typically ranges from €3,000 to €12,000. This step secures the property and demonstrates the buyer's commitment.
Due Diligence: Ensuring a Sound Investment
Before signing the private purchase contract, due diligence is crucial. This involves legal, structural, and financial checks to ensure that the property meets the standards expected and that there are no hidden surprises.
Final Steps: Public Deed and Financial Considerations
The process culminates at the notary’s office, where the public deed is signed, and ownership is officially transferred. Investors should also budget for additional costs, including a transfer tax ranging from 6% to 10% for resale properties and an estimated 10% to 15% for ancillary expenses.
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