Posted in: Legal
What are the key steps in purchasing a resale property in Valencia region,? Start by researching areas that suit your lifestyle and budget. Consider factors such as proximity to the coast, transport links, and local services. Working with a reputable estate agent who understands the Valencia property market can be invaluable. We can introduce you to agents in our local area, if you wish.
Before committing to a purchase of a resale property in the Valencia region, it is crucial we carry out legal checks. This includes:
• Verifying Ownership: Confirming the seller has the legal right to sell the property.
• Checking Debts and Charges: Ensuring there are no outstanding debts, mortgages, or legal claims against the property. Especially as in Spain debts are inherited by the new owners if not cleared on purchase.
• Reviewing Urban Planning Regulations: Checking that the property complies with local planning laws.
At Molina Solicitors, we conduct thorough due diligence to protect our clients from potential legal complications.
Once you find a property, you may be required to sign a reservation agreement and pay a small deposit. This secures the property while legal checks are completed
The next step is signing a private purchase contract (Contrato de Arras), which outlines the terms of the sale. At this stage, a larger deposit is usually required. This contract is legally binding, and if the buyer backs out, they may lose their deposit
The final step is signing the public deed (Escritura de Compraventa) before a Notary. Then the remaining balance is paid, and the property is officially transferred to the buyer. Afterwards the deed is then registered with the Spanish Land Registry.
When purchasing a resale property in Valencia, buyers should be aware of the following costs:
• Property Transfer Tax (ITP): Typically 10% of the purchase price.
• Notary and Land Registry Fees: Usually between 1% and 2% of the purchase price.
• Legal Fees: Solicitor fees – we can quote with more details
• Mortgage Fees (if applicable): Includes arrangement fees and stamp duty.
Common Pitfalls to Avoid
• Not Conducting Proper Legal Checks: Failing to verify the property’s legal status can lead to unforeseen issues.
• Underestimating Additional Costs: Ensure you budget for all associated expenses.
• Using the Agent’s solicitors: Whoever you choose to represent you, do not use a solicitor connected to the agent as they will not be totally impartial.
At Molina Solicitors, we provide expert legal guidance throughout the property purchase process. Our services include:
• Legal due diligence and property verification.
• Drafting and reviewing contracts.
• Assistance with obtaining an NIE (foreigner identification number) and guiding on a Spanish bank account.
• Representation at the Notary and registration of the property.
• Ensuring all relevant taxes are paid. And that there are no nasty surprises.
Buying a resale property in the Valencia region can be a rewarding investment when approached correctly. With the right legal support, you can navigate the process smoothly and avoid potential pitfalls. At Molina Solicitors, we are committed to making your property purchase in Spain a seamless and stress-free experience. Just let us know some details of how we can help.