The 3 Step Buying Process
We make buying in Malaga easy with a 3 step process.
The buying process in Málaga explained
Click one of the steps below to find out more information.
The Reservation
So you found the property you liked. You put in an offer, and when both parties agree then...
Reservation deposit of 3000-6000 Euro. This step is meant to: Show intent, take the property off the market, and for your lawyer to start the legal searches.
The solicitor can open your bank account on your behalf if given power of attorney, and will also apply for your NIE number - or Tax identification number - at the Tax Office in Malaga.
The Private Purchase Contract
Purchase deposit of 10% (minus the Reservation Deposit already paid).
This is the binding contract in which both parties agree to the sale/purchase of the property. Both parties agree on a date of completion - which can be anywhere between 1 to 4 months.
The Completion
Payment of the 90% balance at the Notary.
The conveyance title deed is to be signed upon completion in front of the Public Notary and the keys are handed over.
After this completion, the lawyer:
- registers both title deeds with the Land Registry
- pays the Public Notary fee
- pays the Public Registry fee
- pays the legal tax at Malaga Tax Office
- sets up all necessary direct debits
- utility contracts, local taxes, rubbish
- collection in your name and arranges for standing orders at your local bank
- in order to provide your electricity connection, you will need to provide us with the contact number of someone who can grant access to the relevant engineer.
If you are applying for a Spanish mortgage, we will prepare the mortgage title deed which will also be signed in front of the Public Notary upon completion
The Reservation
So you found the property you liked. You put in an offer, and when both parties agree then...
Reservation deposit of 3000-6000 Euro. This step is meant to: Show intent, take the property off the market, and for your lawyer to start the legal searches.
The solicitor can open your bank account on your behalf if given power of attorney, and will also apply for your NIE number - or Tax identification number - at the Tax Office in Malaga.
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Taxes and fees payable in Spain
when purchasing a property:
If you are purchasing an existing home, you will have to pay the following:
- TRANSFER TAX: it is a tax in scale now
- Up to 400.000 euros we pay 8% transfer tax
- From 400.000 euros to 700.000 euros we pay 9% transfer tax
- From 700.00 euros onwards we pay 10% transfer tax
- NOTARY FEE
- REGISTRY FEE
- LEGAL FEE
Finally, if there is a mortgage in place you also have to pay:
- 2% approx tax on amount borrowed
- notary fee
- registry fee
- opening fee
- survey
If you are purchasing an off-plan property (i.e., a new property, direct from the developer) the relevant taxes are:
- VAT: 10%
- STAMP DUTY: 1,5%
- NOTARY FEE
- REGISTRY FEE
- LEGAL FEE
You Should Know
Please note that this information does not constitute legal advice and should not be taken as such. It is merely a guide to help you understand the process. We can arrange the proper legal advice for you, or put you in touch with the relevant parties to obtain your own independent financial advisor.
Contact us at [email protected], call us, or use the handy live chat at the bottom right of this page.