BUYING PROPERTY ON THE SECONDARY MARKET - 3 STAGES
RESERVATION AGREEMENT
The reservation contract, as its name implies, is designed to reserve a particular property and is the first step in the process of property purchase. The client of the real estate agency pays a certain amount of money as a deposit to the agency. The amount depends on the value of the property. Usually it is from 3% to 5% of the price and the length of time for which the property reservation is made. By entering into a reservation contract, the party interested in buying a particular property prevents third parties from buying it for the time specified in the contract.
The preliminary contract (contrato de arras) is a security for the execution of the purchase and sale agreement and protects the interests of both parties to it. In addition to the basic elements of the sales contract (essentialia negotii), such as the specification of its subject matter, price and the personal details of the parties, the following details should also be included:
The exact identification of the property
The agreed price of the property and the commission to the estate agent
Names of all co-owners (in the case of married couples with joint property, the contract should include the names of both spouses)
The period allowed to the parties for the final conclusion of the sales contract.
Purchase and sale agreement (notarial contract). This is a contract in the form of a notarial deed, where the keys to the property are handed over to you after the balance has been paid. The buyer, in addition to the notary fees (registration in the land register, registration of the new owner), is obliged to pay the ITP (Impuesto sobre Transmisiones Patrimoniales - tax on the transfer of ownership transfer tax). This tax is paid to the Autonomous Community in which the property is located and the tax rate may vary from one Community to another.
PREAGREEMENT
UMOWA KUPNA - SPRZEDAŻY
Important!
If you want to take out a mortgage for a property in Spain, this is only possible with a Spanish bank. It is not possible to take out a loan with a Polish bank.
In addition to the above mentioned fees, you should include the costs of a lawyer (if you use a lawyer, this requirement does not have to be fulfilled. WE RECOMMEND). This type of decision is beneficial for the investor and ensures the security of the transaction and the protection of his/her interests.
A lawyer specialising in real estate law.
Will check the legal status of the property (in terms of encumbrances, outstanding debts or ownership rights),
Will check the credibility of the developer (will provide all information on its solvency),
Will help to assert possible claims for damages.
Data source: OCU (Organización de Consumidores y Usuarios)
Notes:
The % ITP varies depending on the value of the property being purchased. The higher the value, the higher the applicable rate.
Reduced rate for the purchase of a residence whose value does not exceed €150,000 subject to conditions: Andalusia, Canary Islands.
Rate of 6% for a main residence in rural areas at risk of depopulation.
Reduced rate for a principal residence whose value does not exceed €200,000, subject to conditions.
Reduced rate for a principal residence whose value does not exceed €180,000, subject to conditions.
Reduced rate for a principal residence whose value does not exceed €122,000, subject to conditions.
Reduced rate for a main residence whose value does not exceed €180,304, subject to conditions.
For dwellings in general, the rate is 4%. The rate is 2.5% for main residences up to 120 m2 built, and in Alava 1.5% in areas at risk of depopulation.
