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What to know about buying a property in Valencia

It is critical to note that in Spain most realtors will NOT show other real estate companies listed properties to buyers.  They are motivated to sell their own properties.  As a buyer's agent, I can show you ANYTHING that is for sale including new construction.  My fiduciary responsibility belongs to you, not the seller, and I will represent your best interests!  I have no loyalty or obligation to the seller. If you are considering living outside the Valencian province, I can refer you to one of our partners in the region you are thinking of moving to.  

Once you have decided on a property and after the offer, a reservation agreement is required which takes the property off the market.  It is usually around 3000 to 6000 euros, depending on the value of the property.  It is non-refundable subject to legal searches, liens and encumbrances. (which a lawyer should check for you independent of the seller's attorney)

You need  a Spanish bank account and a NIE (numero de identificion de extranjaro).  If not done before moving to Spain in your home country, it could take up to 3 months and 10 working days to process.

After the reservation period, an exchange of contracts requires a 10% payment (minus the reservation fee) paid to the seller or attorney, if agreed upon.

Fees and taxes involved:

The total is around 15% of the purchase price depending on the region of Spain

Government Transfer Tax (ITP/IVA) is around 10%

Legal fees are around 1%

Notary and Registry fees are around 1%

For new construction, registration costs are added (AJD) of 1.5%

The buyer agent commission in Valencia is 3% excluding the 21% VAT (outside of Valencia province, it is paid by the seller.  Even if you chose to work with the seller´s agent, they will still charge you 3%, in addition to the commission they are receiving for representing the seller).  The minimum is 3000 euros depending on the value of the property.  50% paid when signing the purchase agreement and 50% before signing with the notary. 

Title companies are not used here in Spain.  So, you will need to wire/transfer those funds to your attorney.

If you need a mortgage, I can recommend one for you.  As a non-resident (you are not taxed in Spain), you can usually finance between 60-70%.  Terms are usually 20-25 years.  As a resident of Spain, you can finance 80-90% for up to 30 years.  There are set up costs up of 2.5% and a valuation fee around 400 euros depending on the value of the property.  Banks can not charge notary fees, registrar fees or taxes.

Also, without a residence permit/visa, you can only stay in Spain for 90 days in a 180 day period.  We do have Spanish lawyers that we can refer you to if you need assistance with applying for your visa.

What's next? Let me know what your property requirements are and price range. I will be happy to start a preliminary property search based on your needs. When time comes, we can make arrangements to go see those properties!


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