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Purchase Process

To cover all necessary costs in buying a property in Spain you need to allow an extra 13% on top of the purchase price. These costs are listed below as a guide.

As with anywhere in the world most prices on property are negotiable. This can be discussed in detail with Ultimate Property in regard to property prices in Javea and Moraira.
When you have found a property you would like to purchase the next step is discussing with Ultimate Property an offer you would like to put forward. This offer will then be liaised between the estate agent selling the property and the seller. Ultimate Property have their clients best interests in mind and will negotiate hard to achieve the best price for their clients.

Once a purchase price has been agreed a reservation fee has to be paid. This fee is usually between €3,000 to €6,000. This deposit is non-refundable if you decide not to proceed with the purchase. The property is taken off the market and is unavailable to other potential buyers whilst a purchase contract is being drawn up. The property is reserved for 3 weeks before signing the purchase contract. If there is anything suspect about the property that is discovered during the searches and it is felt you should not proceed with the purchase on the account of the property being unfit for sale, then the reservation deposit will be refunded to you in full.

This is an identity number for Foreigners (Número de Identificación de Extranjeros). You need an NIE number for the following : to buy or sell a property, to open a bank account and apply for a mortgage, to set up utility connections, to insure a property, to buy/insure/register a car or boat, to work or start a business. We can arrange to obtain an NIE number for you. 

Before signing anything or paying any full deposits, you should appoint an Abogado (Spanish lawyer). The Abogado will safeguard your financial interests, generally for a fee of 0.5% of the purchase price (plus VAT). This is not prohibitive because in return you will have peace of mind, an invaluable commodity.
We are able to recommend you lawyer practices, of which they are multi lingual and specialize in house purchases. Also to avoid a conflict of interest, we recommend you do not use the same lawyer as the vendor.
The legal systems and land registration procedures in Spain are unique. It is advised that you do not try to do this yourself, and by using professionals you will avoid the majority of problems and have peace of mind.
The purchase contract will be drawn up by your lawyer, but you and the lawyer must ensure that all negotiated items are included, include every detail in the offer do not assume anything or agree anything verbally that is not included in the purchase contract.

The purchase contract should include the following negotiated items:
The purchase contract should also state that:
It is usual at this time to make the deposit up to 10% of the purchase price, to display to the vendor your serious intentions.

Your lawyer will also check:
When your lawyer has written and endorsed this private contract, both parties have completed and signed the contract and the 10% deposit paid does the private contract become legally binding, your deposit at this stage is non-refundable, and the vendor is bound to sell you the property at the agreed price. The rights of both parties involved are secured, it is a very impartial system, and works extremely well. The contract will specify the completion period and the penalty for not completing in time (usually loss of your deposit).