Buying a Property on the Costa del Sol
A guide to the buying process, and associated costs.
The Riva team are always on hand to help you all the way.
The Buying Process
Find the best property for you
We work with you to find the absolute best property to fit your lifestyle and budget. With all the options, it can be a little overwhelming but with our expertise and assistance, this should be a very enjoyable experience!
Reserve the property
You place a deposit to secure the property and have it removed from the market. The reservation fee is normally €6,000 + IVA, but can be more for higher value properties.
This is the point when both parties are legally bound to complete the purchase by signing a Private Purchase Contract (PPC). A deposit is payable at this point – 10% for resale and between 20% and 30% for new developments.
The big day! The new deeds are signed at a notary public after the balance is paid. You get your keys and become the official owner of your new home on the Costa del Sol.
Calculated approximately, you should budget an extra 10 to 13.5% of the purchase price for costs.
Only new properties are subject to IVA or Spanish Value Added Tax, which is 10% in this case.
Transfer tax is only applicable to resale properties and is between 8% and 10%, depending on price category.
This is required by law and is to ensure all official documents are correct and professionally notarised.
The typical cost of legal fees is 1% (can vary slightly) payable to your lawyer to perform all due diligence, check contracts and prepare all necessary paperwork.
Stamp duty is only payable in the case of new build properties, and is payable directly to the government at the point of completion.
These are the main overheads associated with owning a property on the Costa del Sol.
If you have any questions, please get in touch.
Over the years, we have compiled a list of reputable companies that provide useful services to property owners. We have also negotiated discounts for our clients on many of these services, so please get in touch if you would like details.
Please note: This information is offered to you as a guide and should be used as such, and is not intended to replace professional legal advice. All the information offered here is approximate.
Complimentary In-Depth Legal Guide
to Buying a Property on the Costa del Sol
Want to know more? Then download our in-depth guide to the legal process of buying a property on the Costa del Sol. This comprehensive document has been prepared by our legal partners, Martinez-Echevarria.
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