Vision Group Recommended Buying Process

• The property should be reserved by way of placing a deposit which is usually in the order of 5,000€ or 6,000€ to take the unit off the market. Such reservation deposits are normally non-refundable, unless specified otherwise. Vision Group will assist you with obtaining a receipt for your payment. In the case of a non-returnable deposit, Vision Group recommend that the wording of the receipt should always include a caveat that specifies that the deposit can be returned if any information provided by the vendor is materially different following pre-contract due diligence or if there is a legal or structural issue with a second hand property.
• Your solicitor will check all paperwork and will undertake all necessary searches on your behalf. They will keep you advised during this process.
• Your solicitor will draw up the purchase contract. Vision Group will ensure that all the terms and conditions agreed are correctly incorporated as per the original agreement.
• After the contract has been approved by all parties, it is signed by both the vendor and the buyer after which you will transfer the first main payment towards the purchase price. For new build properties a specific payment plan will have been agreed and for resale properties it is 10% of the agreed purchase price. The reservation deposit will form part of the last payment on completion day.
• Once the contract is signed, a completion date will be set for the purchase where you will sign the deeds at Public Notary to take title of the property.
• On the day of completion your solicitor will request the balance of funds together with the payment of the relevant Taxes and costs (see Purchase Costs below) PROPERTY RELATED FEES, COSTS AND TAXES IN SPAIN (AS OF APRIL 2020)
• PROPERTY PURCHASE TAX (VAT) - 10% of the purchase price of the property
• SOLICITORS FEE - 1,000€ to 2,000€ or an agreed percentage of the purchase price. The level of fees depends on the level of services offered such as obtaining a NIE and whether there is a single or multiple properties being acquired.