www.casaeva.com

Important information to the buyer!
Payment reservation, a deposit and signing of the option contract (purchase contract) and the signing of the new title deed.


When casaeva.com, buyer and seller agree on price and the details of the purchase, it's time to pay a reservation.
This is important because the property will be removed from the market and reserved only for the buyer.
Feel free to agree on the reservation size but usually it varies between 1.000 and 6.000 euros depending on the price of the property. Reservation receipt or contract issues is normally done by the buyer's attorney and the reservation is paid to the lawyer's client account.

The lawyer must now perform a legal inspection of the property.

Approximately two weeks later it's time to pay a deposit, usually 10% of the price of the property (minus reservation fee), along with the payment it is time to sign the option contract (purchase contract) awarded by the buyer's attorney in consultation with casaeva.com and seller.
The contract contains the exact price for the property, date of transfer and other conditions of purchase. The deposit is paid to the lawyer's client account.

Transfer the property in the buyer's name (usually within 4 weeks after the buyer paid a deposit), it is time to go to the notary (Notary Public) to sign the new deed (eskritura) and pay the balance up to the property's total price.
When the title deeds are signed the buyer get keys and are owner of freehold. The same day the buyer receive a document known as the copia simple, showing that the buyer is now by Spanish law the new owner of the property.

The signed deed will be presented to the Land Registry, this is normally done by the buyer's lawyer. The property will now be registered at the Land Registry, in the buyer's name, which in some cases can take up to six months.
But it is important to note that the buyer owns the freehold from that date which deed was signed with the notary.
Meanwhile the contracts will be changed for water, electricity and property taxes so that they are automatically deducted from the buyer's Spanish bank account. Normally the buyer's lawyer arranges that.

Taxes and fees associated with purchase:
1.
Fee for new registration of ownership: 8-10% of the value of the property in title deed.
2. Stamp duty, land registry: 350-1000 €.
3. Notary fee: € 500 - € 1,500 depending on the property price.
4. Attorney Fees: 1 - 1,5% + VAT (21%) of the purchase price.
5. Cost of amending contracts for electricity and water, and updating of installations, such as fuse box (fuse installation).
»»» Total cost: Rule of thumb, expect about 12% of the purchase price.