Buying a home in Marbella.
Contact a Real Estate Agent
LuxuryForSale.Properties agents can help you through the entire process of buying a home, starting with the mortgage and continuing right through to the end. He or she can help you shop for the best interest rate and terms and, if you wish, suggest mortgage lenders.
Get Pre-Approved For a Loan
Obtain a copy of your credit report and, if necessary do what you need to do to improve it, as the higher your credit score, the better interest rate you can command. You find this information online alternatively your LuxuryForSale.Properties agent can also help you. It’s important to shop around and contact several lenders to determine which one will offer you the best deal.
Determine Your Price Range And Area(S) in Which You’re Interested
It’s advised to get a good idea of how much you can afford to spend purchasing a home in order to narrow the parameters of the search. You should also research neighbourhoods to find out where you would be happy to live or invest. Your LuxuryForSale.Properties agent can help.
Decide Which Amenities And Features You Must Have – And Which Ones Would Be Nice But Aren’t Essential.
How many bedrooms and bathrooms do you want? Would you prefer a newer home or an older one with established landscaping? Are hardwood floors a must? Is an updated kitchen important to you? Walk in wardrobes? Which features would you be willing to give up if you find the otherwise-perfect home?
Begin Testing The Market
Right here on LuxuryForSale.Properties, you can find listings to suit your criteria as well as neighbourhood information. Identify properties that seem to fit your requirements and if possible take an afternoon to visit as many areas as possible. See what’s available in your price range and explore neighbourhoods.
With Your Agent, Begin Seriously Looking at Property
Your agent will be able to suggest properties which you may not have seen including homes which have just come on the market. Look at homes with a critical eye – does the floor plan work for you, is the property in good condition, would it be right for your lifestyle? In short, can you imagine yourself and your family living there?
A good tip is to take notes at each home you visit. What do you like and not like? Narrow down your choices; re-visit homes in which you’re interested. See them at different times of the day.
Make an Offer
When you’ve identified the property you would like to buy, be prepared to help your agent prepare an official offer quickly. Your agent will be familiar with market values and will help you arrive at a price that gives your offer the best chance of being accepted.
However, at this stage try not to become emotionally attached to a home, as your offer may not be accepted for any number of reasons. Have backup homes in mind. Be prepared to negotiate through your agent with the sellers.
Once Your Offer is Accepted
- The next step is for your lawyer to request the Nota Simple which will provide the history, establishing whether the vendor is in fact the owner and entitled to sell property and just as important if valid planning permission is in place. In the case of a new build you will also need to check residency permits have been granted.
Once we have helped our client to find the right property we will proceed to put their offer to the seller and draw up a detailed “reservation document”. This is a recognized legal document and safeguards the interests of both the buyer and the seller, giving that additional guarantee of true intent of purchase.
- This document is signed by both the vendor and the purchaser (or their respective lawyers who have the relevant power of attorney) and LuxuryForSale.Properties. At this stage the buyer will be asked to hand over a deposit which is worked out in accordance to the value of the property (usually between 6.000 to 20.000 Euros).
- You’ll be asked to provide a deposit and sign an agreement (if you change your mind you could lose your deposit, but if the vendor gets cold feet they will need to reimburse double your deposit).
- This deposit will be held in the LuxuryForSale.Properties escrow account and the amount will go towards payment of a 10 % deposit of the total sale price. This is payable by the buyer at the next official step in the purchase procedure – the signature of a private contract. The seller’s lawyer will draw this up.
- The buyer’s lawyer will go through the contents of the contract before signature to ensure that it fully protects the buyer’s interests. Said contract defines the closing date to complete the transaction before a Public Notary (usually 30 days, but can be less if the seller and buyer have the respective documentation and funds to hand). It also reflects the fact that the buyer has paid a 10% non-returnable deposit of the total purchase price to the seller at time of signature.
- In the intervening period, the seller will assemble all the legally required documentation, that must be presented at the final signature of the title deeds. The seller’s lawyer will draw up the final sales contract. The buyer’s lawyer will go through the proposed terms of said contract, check that the property in question is free of all debts and encumbrances, and that it fully complies with Spanish property legislation.
- When you reach the stage of the private purchase contract which records the date, contents and agreed transaction terms, it is impossible to back out unless both parties are in agreement.
- On the date of expiry specified in the private contract, the final sales contract will be signed in front of a Public Notary by both the seller and the buyer (or by their respective lawyers with valid power of attorney). The balance of the agreed selling price will be paid to the seller.
- The property will only legally belong to you when you have signed the deeds in the presence of the notary public and paid the remainder of the purchase price to the vendor.
- The new ownership will be registered by the buyer’s lawyer in the Land Registry Office. The buyer’s lawyer will do the necessary paperwork so that all utility bills and local taxes are transferred to the new owner’s name and help to set up direct debit payment where relevant.