Buy Luxury Properties in Marbella

4 Step Guide To Buy Luxury Properties in Marbella

Are you questioning the easiest and hassle-free mode of buying properties in Marbella? Great Marbella Estates can be your one-stop help for it. We have a demonstrated procedure for Buying Luxury Properties in the region of Marbella, Costa Del Sol. In this blog post, you will come by buying lavish properties in the posh location of Marbella. The guide is updated, easy to read, and understandable for people initially looking forward to an investment. 

Here are have assorted a step-by-step procedure that describes the processes of buying a property in the region of Spain:  

  • Reserving, Contracting, Completion of The Property 

It is imperative to look, check and finalize a property you are interested in buying. After this agreement, an agreement is formed. This agreement gets permanent once the buyer signs it. The agreement process includes some capital exposure of around 3000€ to 6000€. After finalizing the property, the local lawyer must conduct all the necessary checks and investigations. 

After all searches, the property is set to be legal; a Private Contract is drafted. At this point, the buyer has to deposit a certain amount of money that is non-returnable. The paid amount is the percentage of the purchase price. A title deed is created that guarantees the legal transfer of the property. Within three months, the title deed gets available to the notary. 

In the ending initial buying, you need to sign the title deed. If there is some issue, it can be done with an alternate option called Power of Attorney. Once everything is done, all the payable bills are transferred to the name of the buyer. 

  • Power of Attorney, Spanish ID Number, Bank Account, and Will 

With the Power Of Attorney document, you can sign all the deeds and norms related to the purchase process. The paper is stamped with the Apostille of the Hague or Consular Legalization, which is legal in Spain. 

The NIE is a unique ID number used by foreigners in Spain. Without this number buying a property in Spain is next to impossible. It is obligatory to apply for the NIE much before the process of buying. 

It is essential to have an account in any Spanish Bank to pay a direct debit amount while buying the property. Great Marbella Estates is there to open a bank account on your behalf. 

A Spanish Will makes the procedure easier and quicker. The process of inheritance takes a long time to fulfill. If the matters are not dealt with promptly, the Spanish Authorities might apply penalizations. 

  • Taxes on Assets, Real Estate, Property Income Tax, Capital Gains Tax, Wealth Tax

The IVA tax applies to urban plots and new properties in Spain. It costs 10-21% for different property categories. During the resale, the property purchase transaction turns around 10-14%, excluding the mortgage. 

IBI is a real estate tax paid to the corresponding town hall every year between 15 September to November.

People who own property in Spain must file a tax return to the Spanish tax authorities. If the property is on the rent, the tax will not be applied for shorter time durations. We also offer this service. For non-residents, you need to make a check. 

The capital gains tax is applied to the seller and rises upto 19% for the no-residents. 

As a resident of Spain, it is essential to pay the Wealth tax, which implies all the other assets you own in Spain. 

  • Mortgages: Requirements, Requested Amount, Types, Documents, and Mortgage Costs

The application for an asset mortgage in Spain can be made through any Spanish bank. Our team at Great Marbella Estates can pick out the best mortgage plan for you. You can poetry the set of your requirements. 

The evaluation company will verify your property and decide the amount. If the client cannot repay the amount, the property execution occurs to recover the penalty amount. 

The necessary documents for a mortgage are categorized into three categories; employed, self-employed, and retired. 

Apart from the monthly interests and repayments, the mortgage opening commission, insurance, and legal fees are also payable in Spain. 

Conclusion

This blog post was related to the ‘Procedure of Buying Luxury Property in Marbella’ with the help of Great Marbella Estates. To know more, you can connect with our precisely working team. 

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