The following notes should give you a brief outline on what to expect should you intend purchasing either new or resale property located in and around the better areas of the Northern Costa Blanca region of Spain, covering Benidorm, Altea, Calpe, Moraira, Javea and Denia as well as some of the rural locations; Jalon Valley, Orba and Pego.

Buying a property out of ones own country needs some consideration, plus the assurance that things will go smooth without any misgivings at the end of the day. The sure way to have a trouble free transaction is by following a few proven guidelines; Location. With real estate, location is one of the most important factors and the Northern Costa Blanca offers this and more. If you have not recently visited this region of Spain (The White Coast) or indeed ever been there at all, you will be amazed how well established the infrastructure is. Excellent motorway connections together with modern airports, hospitals, shopping centres, top class hotels, sports facilities bustling towns and cities in fact more than enough for modern day living. However should you wish to touch the real Spain, as nature intended, a little over fifteen minutes drive away from the coastal resorts there is much more to explore; The rugged mountain range of the Sierra Bernia, nestling in the fertile valleys you have the Moorish style villages plus a touch of modern architecture dotted in and around the hillsides, all this joined by one common factor the beautiful scenery and a wonderful climate.

Buying Spanish Real Estate and Some of the Relevant Points

Don’t be misled. By considering to conduct your Spanish property purchase through the abundance of none or semi-professionals, some of their sales techniques can be misleading and very dangerous. To avoid any future problems you must then choose from one of the true professionals to buy your home in Spain. I.E. an official Spanish registered agent established in Spain fully bonded, giving you the assurance and protection against anything unforeseeable, FULL STOP! Their wealth of local knowledge will help you understand the pros and cons, the dos and don’ts, whichever the case maybe. They will save you endless time searching around for your new holiday or permanent home in Spain, also helping things run smoothly throughout the whole transaction, taking time to show you the many locations along this magnificent coastline.

If and when you find a suitable property and decide to make a purchase, the following programme should then follow. To secure the property and take it off the market, a private purchase contract would then be prepared by the agent (in English) showing the purchase price, describing fully the property, mentioning if it included furniture, fixtures and fittings etc. You would normally be expected to pay a holding deposit of approx. £4,000. Then, up to one month later a further payment is due of up to 10% of the purchase price. This private contract will also specify a completion date. NOTE: The penalty for failure to complete the purchase usually means loss of your deposit; all contracts are legally binding for the rights of the buyer and the seller. They are both fully protected. It is a very fair system. The contract will include all points mentioned in the initial negotiations. Should you choose a new property under construction; usually the payment structure will differ depending on the developer concerned. As a guide line there would be the same £4,000 holding deposit, then after say one month make a further payment bringing the amount up to 30% of the total price. Further stage payments will then be made up to the completion of the property.

Following the transaction through you would then be advised to retain an English-speaking lawyer, familiar with Spanish law on real estate. There is a good choice of independent lawyers (abogados) in the area, thus making sure your purchase is carried out in the correct and proper legal manner. Some of these procedures confirm that the seller has the final escritura publica (deeds) in order and free of liens, mortgages or embargos and that all bills on the-property are paid up to date (local taxes rates, rubbish collection, water and electricity, to name but a few). Your acting legal representative in Spain would perform these duties for a one off payment of £1000.

Other charges involved in obtaining your property plus the deeds being transferred legally would be approx. 8 to 9% of the purchase price. This would cover the transfer tax, notary charges plus land registration fees.

All these are one off payments. Your lawyer would explain to you these exact amounts. General running costs of the property involved, as these differ quite a bit, you would be informed by the selling agent on any specific property whilst viewing and inspecting same, and as the procedure matured, but certainly before you committed yourself to signing a purchase contract. No doubt you will have many questions needing answers appertaining to living and setting up a home in Spain keep notes and write down your questions- Included in your lawyer’s fees you will be advised on these accordingly.

Buying a second or holiday home is a thrilling experience many people are over the moon with their decisions. Spain is a wonderful country with many cultures integrating many nationalities, all enjoying a more personal freedom in a great place.