Home Buying Guide: Purchasing a Property in Marbella
Buying a property in Marbella is an exciting process, but it’s important to understand the legal steps and additional costs involved. Here’s a complete guide:
1. Preparation
Set Your Budget – Consider the purchase price, taxes, fees, and potential renovation costs.
Financing – If you need a mortgage, contact a Spanish bank in advance for loan options.
NIE Number – All foreign buyers must obtain a Número de Identificación de Extranjero (NIE).
Open a Spanish Bank Account – Required for handling payments and ongoing expenses.
2. Property Search & Reservation
Find the Right Property – Work with an experienced real estate agent who has full market access.
Reservation & Deposit – Once you find a property, a reservation fee (€6,000–€10,000) is paid to take it off the market.
Due Diligence – A lawyer verifies the legal status of the property, ensuring there are no debts or encumbrances.
3. Purchase Process & Legal Steps
Private Purchase Contract (Contrato de Arras)
- Following the reservation, a private purchase contract is signed.
- The buyer typically pays 10% of the purchase price.
Notary & Title Deed - Final payment and signing of the title deed (Escritura Pública) take place at the notary.
- The notary verifies the documents and registers the new ownership in the Registro de la Propiedad (Property Registry).
4. Costs & Taxes
Transfer Tax (ITP) or VAT & Stamp Duty
- Resale Property: ITP (8–10% depending on the price).
- New Development: VAT (IVA) 10% + Stamp Duty (AJD) approx. 1.2%.
💰 Notary & Registration Fees – Around 0.5–1% of the purchase price.
💼 Lawyer Fees – Typically 1–1.5% of the purchase price.
🏦 Mortgage Costs (if applicable) - Bank setup fee: approx. 1%
- Property valuation fee: approx. €300–€600
5. After the Purchase
Property Registration – Your lawyer ensures the title deed is officially registered.
Utility Transfers (Electricity, Water & Internet) – These are transferred into your name after the purchase.
Property Tax (IBI) & Community Fees – Make sure these are paid on time.
Home Insurance – Recommended to protect your investment.
Do you have questions or need guidance through the buying process? Contact us at Lumira Homes – we’re here to help every step of the way!
