Buying your luxury home with ViVi

By Vivi Real Estate | 11 de March de 2022 |

Are you aware of how the buying process works in Spain and what real estate agencies like ViVi can do for you? For example, did you know that in the Spanish purchasing process you not only have to deal with an estate agent and the notary but also a lawyer? Here we will explain the buying process and what ViVi does for you.

Vivi can help you understand the local market from the start, listening to your wishes and needs for your dream home.

Once you have defined and discussed your budget and criteria with your ViVi property consultant, your consultant will start searching for you. If you find a property on your own, you can send them to your ViVi property consultant, they will also be able to find suitable alternatives for you. When you visit and view different properties, your property consultant will be there to advise you, answer all your questions and guide you through the process.

Once you have found a property, the process of buying your dream home begins. Your property consultant can guide you through this process to ensure that you can relax.

Your property consultant will also help you with the negotiations. Negotiating the best price for you is just as important to ViVi. During the buying process, your ViVi real estate consultant will introduce you to a lawyer who will work for you. ViVi has a carefully selected network of reliable lawyers who speak your language. You should also reserve the property to ensure there is no competition.

Sign a reservation agreement and pay your lawyer € 6,000 to € 20,000 as a reservation. As we have a wide selection of partners we will recommend a number of lawyers. The lawyer will also do a background check of the property and handle all the paperwork for the purchase. After a successful negotiation the reservation fee will be deducted from the actual agreed price of the property. read more about the role of the lawyer here

If you want to buy a property with a mortgage, ViVi can help you recommend several mortgage advisors who will help you and compare your documents with different banks to get the best offer. For foreign buyers, depending on your financial situation, you can get a mortgage of up to 70% of the purchase price (including additional costs) Find out more about a mortgage

When buying a property in Spain you have to take into account extra costs. Not only do you have to pay for the property, but you also have to pay other costs such as transfer tax and fees for lawyers and notaries.

The transfer tax for a property is divided into several categories:

For a resale property up to €400.000 it is 8% of the purchasing price (temporary 7%)
For a resale property between €400.000 – €700.000 it is 9% of the purchasing price (temporary 7%)
For a resale property from €700.000 it is 10% of the purchasing price (temporary 7%)
For new developments it is 10% VAT of the purchasing price
For plots of land it is 21% of the purchase price.

However, still is still excluding the costs for the Notary and the Lawyer

Lawyer & notary fees
Lawyers in Spain usually charge a basic rate of 1% to the 2% of the purchase price
The costs for the notary are between 0,6% and 1% of the purchasing price. For new builds a stamp duty tax of 1.2% must be taken into account.

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