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The Property Purchase: Legal Procedure

Buying a house is always a personal and rewarding decision; but is not always easy.  Our job is to offer a first class service and introduce you the best options tailored to your requirement. We will negotiate the best prices and make an offer on your behalf, taking into consideration your needs and lifestyle.

Our priority is to take care that the procedure is fast, simple and effective. As well as is to represent your best interest and include any additional aspect in the sale. In this way the negotiation will be clear, concise y beneficial.

It is our duty to look after your interests; therefore, our highly qualified staff will comply with all the demands by the buyer and with all the legal requirements that are necessary to have a really successful sale. We will verify all the documents consigned by the owner and we will ensure that the property is free of charges, encumbrances and tenants.

Reservation Contract 

The moment you agree with the price and conditions, it is required for you to sign a reservation contract. In which you must pay an adequate amount that varies according to the value of the property.

In order to buy a property in Spain you must need an Identification Number (NIE). The NIE is a personal, unique and an exclusive number of sequential natures that is provided to the foreign investor and identifies you to the Spanish authorities.

The Contract of Purchase

Once is checked the sale in regarding terms and conditions, prior review and endorsement of documents and are approved by the lawyers on both parties. It will proceed to finalize the purchase through a private contract where full details of the property and sale will be reported, including the description of the property, price, form of payment that you are doing and also have details about the closing and the possession dates.

The Title Deed

The final part of the process is when the last part of the money is paid, and the title deed (Escritura) is signed in front of a Notary. Then the title deed will be registered in your name.

The Purchase Cost

The following is a summary of the taxes that a purchaser will pay. The amount changes depend of if it is a new property (12%) or if it is a resale property (from 8% to 10%):

8%: This is the amount applicable from 0 to 400.000€

9%: This is the amount applicable between 400.000€ to 700.000€

10%: This is the amount applicable above 700.000€

The purpose of Panda Estates is to offer you security, trust and protection in all the negotiations; therefore, we are in our best position to serve you in any further information you need.