Did you know that there were just three simple steps standing between you and your new property in Inland Málaga?
1. The Reservation
So, you found the property you liked and a price has been agreed upon by all parties.
A reservation deposit of 3000€ – 6000€ is then lodged and a reservation contract is signed by purchaser and the vendor.
- Shows intent.
- Takes the property off the market.
- Allows your lawyer to begin the legal searches.
The solicitor can open your bank account on your behalf if given power of attorney, and will also apply for your NIE number at the Tax Office in Malaga.
2. The Private Purchase Contract
Purchase deposit of 10% (minus the reservation deposit already paid).
This second stage usually takes place within 30 days of reservation under your legal representative’s guidance.
At this point the Private Purchase Contract is signed by all parties.
This is a binding contract in which both parties agree to the sale/purchase of the property and on a completion date.
3. The Completion
Payment of the 90% balance at the Notary.
The conveyance title deed is to be signed upon completion in front of the Public Notary and the keys are handed over.
After this completion, the lawyer:
- Registers both title deeds with the Land Registry.
- Pays the Public Notary fee.
- Pays the Public Registry fee.
- Pays the legal tax at Malaga Tax Office.
- Sets up all necessary direct debits, such as utility contracts, local taxes, rubbish collection in your name and arranges for standing orders at your local bank,
- In order to provide your electricity connection, you will need to provide us with the contact number of someone who can grant access to the relevant engineer.
- If you are applying for a Spanish mortgage, we will prepare the mortgage title deed which will also be signed in front of the Public Notary upon completion.
Congratulations, you now own a property in Inland Málaga!
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