Since the creation of Torrevieja Immo, in 2015, the satisfaction of our customers has always been an obsession for us. We are not a traditional real estate agency, but rather you should see us as collaborators who will do everything to find the property that best suits you, but for this we need your participation...
We advise our clients to start… at the beginning. Before thinking about visiting properties, it is essential to set your budget. Whether you use your savings to make your dream come true, or whether you go through the bank to finance your purchase, knowing your budget will save you time and allow us to make proposals that correspond to your tastes as well as your wallet.
Once we know your budget, we will send you some concrete offers. Some people decide to reserve a property remotely, based on photos or a virtual visit, so as not to miss out on a unique opportunity. You prefer to see with your own eyes? No problem, we can help you organize a "discovery" trip. Once on site, we will take care of the visits until you fall in love!
The purchase procedure in Spain is different from what the foreign client may experience in his country. After signing a reservation document, your "asesoria" (administrative support office) takes over (see elsewhere). It is this office that will act on your behalf to ensure that the client becomes the owner within a few weeks of signing the reservation.
Congratulations, you are the happy owner of a property in Spain! On the day of the signing of the deeds, if you are not there, we will take care of collecting the keys to your Spanish nest. While waiting for your arrival, you can count on us for the realization of various works.
We often hear that buying in Spain is complicated. This is not true! On the other hand, we advise you to be well surrounded because, on the one hand, you don't know the language, but on the other hand, the procedure is different from what one can know in Belgium or in France.
In Spain, the notary does not have the same function. He does not represent the buyer or the seller. He is essentially there to guarantee the conformity of the deed of sale. His role and obligations are limited.
This is where the tax representative, the "asesor", comes in. In this capacity, we collaborate with different office. His role is multiple: not only to obtain the necessary documents so that a foreigner can access the property but also to secure all the steps of the purchase so that the buyer does not inherit, for example, the debts of the previous owner.
During your visit, it will be important to sign a power of attorney in front of a notary so that your representant can carry out all the necessary steps on your behalf. This power of attorney costs about 100€ and will save you several trips, not to mention that it will allow you to sleep on both ears.
Role of the accompaniment office:
Many of you regularly ask us how much it costs to buy a property in Spain. Here is an article that will help you to know where you stand in relation to your budget…
First of all, you should know that the posted prices never take into account the purchase fees. Generally, you can obtain the net price by adding 14% to the posted price, but this is not always an exact science. Why not? Simply because some costs are fixed, and the percentage they represent differs depending on whether you are paying €70,000 or €150,000 for your property.
The ITP, or wealth transfer tax, is the most important item since, like the VAT, it amounts to 10%. Whether you buy a new property (VAT) or a resale apartment (ITP), you will have to pay this 10%. If you opt for a new property, in addition to the 10% VAT, the notary's invoice will include an item dedicated to the AJD (acte juridique documenté) of 1.5%. This is simply a tax that the state levies on new constructions.
Besides that, the future buyer will have to pay the notary's fees (about 1.200€), the registration fees (700€), the fiscal representation fees (1.573€ VAT included) as well as, eventually, the opening fees of the water and electricity meters in case of buying a new construction.
Summary:
VAT (or ITP): 10%.
AJD (only for new properties): 1.5
Notary's fee : + or - 1.200€.
Registration fees : + or - 700€.
Tax representation : 1.573€ VAT included
Opening of water and electricity meters: + or - 450€ (only for new properties)
Examples:
Apartment in resale paid 100.000€ : the price including fees will be 114.500€ approximately
Apartment or new house of 150.000€ : the price including fees will be 171.000€ approximately
