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spain - mortgages - finance - property
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buying a property in spain,buying a house in spain,buying
a home in spain,torrevieja,buy property spain.
Payment Terms
Once you have made your decision to purchase
and considered all the various costs involved, please ensure
that you understand the payment terms as they may vary a little
according to where and what you have decided to buy. Normally,
by the time you decide you will have already discussed a great
deal about the buying procedure with our staff. It is normally
at this stage that we will introduce you to an independent
solicitor who will also in addition to informing you about
the payment terms, will discuss the terms and condition of
the contract with you
Having made your decision, the first thing
you will be asked for is a deposit to hold the property and
ensure the price and conditions of the contract, this is standard
and to your benefit. If you decide to buy a new property then
the payment scheme can be within reason tailored to your comfort,
as the developer is here solely to sell properties, you will
find him reasonably flexible. You may have decided to buy
a resale property, again the above will still apply, however,
you will be dealing with an individual and therefore the terms
may be as much to the vendor's benefit as they will be to
yours. Always remember, we are here to see that whatever you
decide is dealt with in a professional manner.
Most resale contracts will require that you
leave a 10% deposit with the balance of the payment being
paid on completion at the notary, this normally takes one
month from start to completion. New properties tend to adopt
a different payment scheme, this is as most new properties
will be under construction and you will be making stage payments
to the developer throughout the construction period.
In either case buying resale or new you will
have additional expenses of the purchase, IVA (Value added
tax) Notary & registration fees, conveyance, house insurance,
wills and a few other items which all amount to approximately
10% of the purchase price. We always supply our customers
with a comprehensive list of all the likely additional expenses
of the purchase. We would also like to mention that Bank Guarantees
are available to all our clients for each stage payment that
is made, ask our staff for more details and you will be happy
to know that your money is always safe with the bank guarantees.
Mortgages, you may require a mortgage to assist with the purchase
of the property, not a problem, as we are constantly working
with the Spanish banks, arranging mortgages for our clients.
The Spanish banks normally lend up to 65% of the value of
the property and the mortgage will run for a period of 10
years, our staff will be happy to discuss all details regarding
your own personal requirements on request.
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