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Once you have made the decision to purchase a property in Marbella, be it a second home, new residence, or an investment property Edison Fraser will endeavour to facilitate the entire process from start to finish.
Legal and Financial Guidance
A key factor to consider when buying property in Marbella Spain is how to deal with the legal system. Edison Fraser works with dedicated Spanish property lawyers and financial advisors to give you professional advice regarding financing your purchase and handling the purchase procedure on your behalf. It is common practice for our clients to give power of attorney to their chosen Spanish lawyer to complete the process whilst you are back in the comfort of your home country.
Understanding the purchasing process
Reservation Agreement
It is customary to place a reservation deposit and sign a reservation agreement in order to take the property off the market immediately at the agreed price. Once you have signed and paid your reservation deposit your lawyer will commence with relevant searches and due diligence on your behalf to secure your NIE (identification) numbers, and prepare the Private Purchase Contract.
Private Purchase Contract
When a Private Purchase contract is signed (usually a couple of weeks after reservation), the buyer becomes legally liable to complete the purchase within the stated timescales and the seller is legally obligated to sell the property at the agreed price. The contract is secured with a deposit of 10% of the property value (less the reservation deposit) for a resale property.
For new developments, the first payment will be in accordance with the payment schedule, typically 30%.
Completion of Contract
The final step of completion of the purchase takes place at the Notary, where all parties attend and the final balance of payment, is made and the title deeds to the property are transferred to the new owner.
The keys to the property are handed over, and you are now the owner of your new home.
