Legal & Finance Assistance
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INSURANCE:
This is established according to the minimum evaluation received. It is obligatory to take out an insurance policy covering fire and Third party responsibility. The cost of this is approx. 1.65€ per 1.000€.
It usually takes 28 days from the day you have placed your deposit until completion. As the system is much simpler than in the UK, completions can take place within a few days this is negotiable and depending on the agreement of both parties. After the reservation agreement the completion takes place in front of a notary, who issues the title deed "ESCRITURA". If the purchase is financed with a mortgage (SEE: MORTGAGES) the bank representatives are present in order to pay and sign the mortgage. The title deed should then be registered by the lawyer in the corresponding Property register.
WHAT ARE THE COSTS ON TOP OF THE PURCHASE PRICE?:
The law states that the seller should pay a part of the notary fee and what is known as "PLUSVALIA MUNICIPAL", all other costs are to be paid by the buyer, this is more practical as he stays here and it is likely, that the seller leaves the country. The lawyers charges around 1% of the purchase price
The cost for Notary and registry for a property of:
100.000€ is approximately 7.000€.
200.000€ is approximately 14.000€
500.000€ is 25.000€
When you get to the Notary and pay for your purchase you will need: All your money in place to buy the property.
The original passports of the names of the purchasers. Your Lawyer will be present and ensure safe completion.
The new Title Deed (ESCRITURA) will be registered in your name.
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