A Guide to Buying Property in Javea
Getting Started
If you are at the beginning of your journey or have been looking into the Spanish property market for some time but haven't done anything about it, get in touch with us. Either start browsing properties on our website and make an inquiry, fill in the contact form, email us, call us on the phone or even comment on this blog. Let us know your budget and requirements and we will search for you.Choosing your home in Javea
There are many factors to take into consideration when choosing a property in Javea and indeed anywhere. The key is research. Due to the nature of the property market in Spain in general, is is difficult to get accurate statistics of house prices in any given area. The best way to get an idea of how much properties are selling for is to monitor them via websites such as ours for reductions in price and length of time on the market.Visit Javea
It is also a good idea to plan a viewing trip to Javea with the aim of viewing as many properties as you can in the time you have. This will give you a better idea of the pros and cons of each area and the type of property you can expect to achieve with your particular budget.This first trip could help you decide if Javea is the place for you or, you may decide that buying a property in Spain is not for you.
Viewing Properties in Javea
Normally, we begin from our office, by the beach on the Arenal and we can drive you to all the viewings we arrange for you. When viewing properties be frank and honest with your feedback - this will help prevent wasting your valuable time. Don t be afraid to ask lots of questions and take notes if you can. Also, don't be afraid to ask for a second viewing.Agreeing the price
Once you have decided on a property, make an offer to the vendor through your agent. It may require several approaches before an agreement is reached. At this stage if you have not already done so, now is a good time to arrange to obtain your NIE numbers and open a bank account in Spain.
Arranging a Mortgage
If you need a mortgage in Spain, we normally refer our clients to the expert team at Mortgage Direct who have a great relationship with the major banks in Spain.Making a deposit
When you have agreed a price, it is normal to make a reservation deposit (usually between 3,000€ to 5,000€). This ensures that the property is taken off the market whilst preliminary searches are being done and contracts drawn up. This usually for a period of 10 to 14 days. If any problems are found with the searches then this deposit is returnable, but not if you simply change your mind.Legal representation
Whilst purchasing a property in Spain is not difficult, we do insist that all clients appoint an independent Lawyer (Abogado). This Lawyer will take care of you and assist you through the complete buying process. There are many excellent English-speaking Spanish Lawyers in the area for which we can provide contact details.Contracts
Once the preliminary searches have been done and the purchase contracts drawn up, you will be required to pay a total deposit equal to 10% of the purchase price. The contracts are usually in Spanish and English but your Lawyer will ensure that you have a full understanding of the contract and the process.
Completion
Villa For Sale in Javea
Finally on the appointed day (usually 4 to 6 weeks from making the
deposit). Your Agent and Lawyer will accompany you to the Notary office
for the signing of the Title Deed (Escritura). You will make the final
payment to the Vendor who will simultaneously pass over possession of
the property to you, handing you the keys. The Notary will pass the
details of the new Title Deed to the Land registry who will record the
details of the new owner.Fees and Taxes
If you are buying a resale property, then a Transfer Tax of 10% will be charged. Other fees will be charged for the Notary and Land Registry, these fees are based on a sliding scale depending on the price of the property (about 0.5% for both). Your Lawyers fees (0.5-to-1.0%) will also be payable at completion. It is wise to budget for 11%-to-12% (if you buy without a mortgage) and 12%-to-13% (with a mortgage) on top of the original purchase price to cover all fees and taxes.Please feel free to comment or ask any questions.