A Free Guide To Buying Property

On The Costa del Sol
Advanced Search
Your search results

Follow These Steps For A Successful Purchase

This guide aims to provide you with the general steps involved in buying your home on the Costa del Sol. The total costs of the property purchase depend on if you are buying a New & Off-Plan Property or a Resale (used) Property.

1. Prepare your finances before you start your property search. Establish your budget!

2. Contact us at My Home Marbella to discuss your requirements. Place your trust in us to find your ideal home. With our market experience we can access most of the properties for sale, either directly or by collaborating with our network of reputable developers and established property agents.

3. Choose your preferred property type, a New Development or a Resale home.

4. Arrange your Spanish visit. We will then organise viewings to inspect your selected properties, showing you around each home.

5. Enlist the services of your legal representative who will initially arrange your NIE identify card and open a bank account on your behalf. You need these to purchase a Spanish property.

6. Make an offer for your chosen property.

7. Agree the price and pay a deposit.
8. Contact your legal representative to start the due diligence checks of the property purchase.

9. Agree a completion date, sign the public title deed (escritura) in front of a notary.

10. Pay the transaction costs and taxes. The main expenses to be paid when buying a home in Spain are the ITP property transfer and VAT taxes, capital gains tax, notary costs, the payment to register your name on the Property Register and any costs related to the mortgage.

11. Change the owner name (title) with the utilities providers, such as energy, water and gas bills. The energy companies and any other services providers should be notified that you are the new owner and will be paying the bills from now on.

12. Pick up the keys and move in to your new home in Spain!

Are You Buying A New Property?

The costs associated with the property purchase can be as much as 13.2%.

  • Taxes (IVA/VAT): 10%
  • Stamp Duty (IAJD): 1.2%
  • Registration & Notary fees: 1%
  • Lawyer Fees: 1%

The developer will need a reservation deposit (the deposit will be deducted from the Private Purchase Contract amount). The agreement should be subject to preliminary legal checks, mortgage loan availability on the property and the deposit should be returned if there are problems.

1 month after the reservation the developer will ask you to sign the Private Purchase Contract and pay 10% minus the reservation deposit already paid.

  • Reservation Deposit: € 10,000 – 30.000€
  • Private Purchase Contract: 10% (Minus Reservation Deposit)
  • 1st Payment: Usually 30% or in staged payments during the building phase. This will vary from one developer to another.
  • Balance of 70% is paid upon the building completion.

Are You Buying A Resale Property?

The costs associated with the property purchase can be as much as 10.2.%.

  • Transmission Tax (ITP) : 7%
  • Stamp Duty (IAJD): 1.2%
  • Registration & Notary fees: 1%
  • Lawyer Fees: 1%

When you have chosen your new home, the seller will ask for a reservation deposit to take the property off the market.

How long between the reservation and finalizing the purchase?

This is mutually agreed with the minimum time of no more than a one month as your lawyer needs time to do the Due Diligence process and make sure everything is ok. If you need a mortgage, you will need a little more time.

  • Reservation Deposit: € 6,000 – 10.000€
  • Balance is paid upon purchase completion

See What Our Customers Are Saying?

Compare Listings