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Do not hesitate to contact Rise Estate. We will help you find your dream home and location.
Frequently Asked Questions
What are the most frequent questions my clients contact and ask me before/during the process of buying a property here in Costa de Sol?
How is the process when we find a property we really like?
When you find an apartment/ a townhouse/a villa or another type of property you would like to buy, I always call for a short meeting where I explain our strategy before putting an offer forward to the vendor. When we have reached an agreement of the price you as a buyer will put a deposit into your lawyer’s client account and sign a reservation contract to reserve the property. The vendor will put the property as reserved and stop all future viewings. The lawyers start the process of going trough all the documents of the property to make sure all is fine and that there are no legal issues. In between 10 – 14 days you will sign the private purchase contract and pay the 10% of the agreed sales price. Within another 3-4 weeks all will be ready, and the title deed will be signed at the notary and the final payment will be done. Now the property is yours and you will receive the keys and all other documentations.
What are the costs to buy a property in the Marbella region?
The costs are as follows:
You must pay a transfer tax on agreed sales price. This transfer tax used to vary on resales properties between 8-10% depending on the sales price of the property. In year 2021 the Junta de Andalucía decided to put the transfer tax to a flat rate at 7%. If you buy a new built property, you pay 10% VAT plus a stamp duty tax of 1,2%. You will also have to pay a legal fee (lawyers fee) that normally is between 0,75-1% of the sales price. If you need a mortgage (loan in a Spanish bank) you must pay a stamp duty fee of 0,5-1% depending on the area the property is in. The bank granting the loan will also require a valuation of the property. It costs between 300-500 euros. The bank will also charge a start-up fee of around 1% of the loan. There will be notary fee of around 500-800 euros and (if you will have a mortgage) title registration fee of between 300-500 euros.
Is it true that you can bargain on any property in Marbella region between 10-15% of the asking price?
It’s NOT true. How much you can bargain on a property depending on lots of different things such as; state of the property (in need of renovation or newly renovated), demand of the property, demand of the area, the asking price in relation to the actual market, how long the property has been on the market etc. At the moment in Marbella region there are high demand on all kinds of properties and there are more buyers than properties for sale which means it’s the seller market. This can change over time but since Marbella region has more than 100 different nationalities that buy properties here, makes the demand very high and lots of properties sell close to the asking price. If you are a cash buyer (don’t need a loan) and can make a quick deal your position of a good bargain rises.
