At Magna Estates, we strive to help and guide our customers through the whole purchasing process in Marbella and its environs. We understand that this process can be long and pretty tedious, which is why we come in to help you secure your property in Marbella, safely and correctly.
Marbella is synonymous with luxury, and the buying process should feel exactly like that. Magna Estates ensures that clients have a great time while buying a property in Marbella. However, we understand that not many people understand the nitty-gritty involved in the property buying process in Marbella. That is why we have put together this simple step-by-step guide to help you understand the whole process.
1. Do your Research
Marbella hosts lots of different properties; thus, the first step should be to research what kind of property you’re looking to buy in Marbella. As you conduct your research, look out for amenities, attractions, views, or infrastructure that you deem vital because they will greatly influence your purchase decision. It could be spectacular views of the sea, road access, local taxes, or proximity to amenities.
2. Seek Legal Advice
The property purchase process is very complex. It’s only prudent for you to seek legal representation before you start the process. You could easily miss out on some crucial aspects of buying a property in Marbella, which might cost you your property. Legal representation will help ease your burden and make the process less challenging for you by analysing your financial state, explaining the associated costs, and answering any questions you may have.
At this point, you can also seek professional property guidance and counsellor to walk with you throughout the process. Since the process is lengthy, it can be marred with headaches and frustrations. The professional can be instrumental in walking you through it. Magna Estates can help you here.
3. Do Due Diligence
Since buying property is risky everywhere, you need to do your due diligence. Once you settle on a property, you need to find out a lot of things. Some of the things you need to look out for are:
- Ensuring there are no outstanding charges or utility bills.
- Find out the legal status of the property.
- Ensuring the property has adequate planning permission.
4. Enter a Private Contract
You have to pay a reservation fee, sign an offer and deposit the contract to take the property off the market. Your lawyer should be able to guide you through this step. The good news is that the deposit is refundable. The next step is to wait for the approval from the solicitor and proceed with the purchase. You will have to sign a private contract at this point. However, it would help if you kept in mind that this contract is binding despite that they won’t log it in the registry.
At this point, if things go well, you have to pay a percentage of the purchase price, which is mostly 10%. If you pull out of the contract, you will lose this deposit. If the seller pulls out, you can choose to claim double the deposit amount.
5. Obtain the Número de Identificación de Extranjeros (NIE)
The number is a confirmation that the Spanish authority recognises your registration. Acquiring the NIE is pretty straightforward, with just a single visit to the Oficina de Extranjeros. If you need any help, Magna Estates can help you with that.
6. Signing the Title Deed
To sign your title deed, you have to appear before a notary at the notary office. Here, you will pay the remainder of the balance and receive the keys to your new property in Marbella. Furthermore, you will receive your Copia Simple (copy of the document). In case you have a mortgage, your bank will keep the original. Afterward, your title deed will be registered at the Land Registry.
7. Pay Legal Fees and Taxes
After you complete the process, you need to pay your legal fees as quoted initially. Make sure you get a receipt detailing every charge, including the notary fees. Furthermore, you should ensure you pay any associated taxes like the council tax.
Once you complete the process, the next step would be to move into your beautiful property in Marbella!
