The Process of Buying a New-Build Apartment with Marbella Home Advisors

Buying a new-build apartment can be a complex and confusing process. At Marbella Home Advisors, we aim to make this process as transparent and straightforward as possible. Below is a detailed step-by-step guide to help you navigate the journey of purchasing your dream property.

You've Chosen Your Dream Property. What Next?

Step 1 | Sign the Reservation Contract
To reserve the apartment, you need to sign a reservation contract and pay €6,600. This step takes the apartment off the market for 30 days, giving you exclusive rights to proceed with the purchase.

Step 2 | Find a Lawyer
While not legally required, hiring a lawyer is highly recommended, especially for non-Spanish buyers. A lawyer will assist with legal, tax, and administrative matters, ensuring a smoother process. We can recommend specialized lawyers for this purpose.

Step 3 | Apply for an NIE
The NIE (Número de Identificación de Extranjero) is a mandatory fiscal identification number for foreigners in Spain. It is required for executing the purchase deed and paying purchase taxes. Both parties involved in the purchase must obtain an NIE, which can be requested in Spain or at a Spanish consulate in your home country.

Step 4 | Open a Bank Account
Having a Spanish bank account is advisable for:

• Simplifying the final payment at the Notary.
• Facilitating payments for utilities (water, electricity, etc.) and property taxes.

You can open a bank account either in Spain or online, depending on the bank.

Step 5 | Sign the Private Purchase Contract
This legally binding document confirms your agreement to purchase the property. Upon signing, interim payments will commence.

Step 6 | Make the First Interim Payment
Immediately after signing the purchase agreement, you must pay 20% of the property price, minus the €6,600 already paid.

Step 7 | Start of Construction
Six months after construction begins, another 20% payment is due.

Step 8 | Arrange Your Mortgage
During the construction period, you have ample time to arrange a mortgage if needed. When the project is declared complete by the architect and the First Occupancy Responsible Declaration is requested, you proceed to the next step.

Step 9 | Notary Appointment
Upon completion of construction, an appointment with the notary is arranged to sign the purchase deed. This is when you become the official owner of the property. The final payment, which is 60% of the total price, is made at this point, typically via bank cheque.

Step 10 | Get Your Keys
The final and most exciting step: once the purchase deed is signed and the final payment is made, you receive the keys to your new apartment.

By following these steps, Marbella Home Advisors ensures a smooth and transparent process, helping you every step of the way to secure your dream home on the Costa del Sol.


Article 2- **Notary Fees**: Usually between 0.5% and 1% of the property price.
- **Land Registry Fees**: Around 1% of the purchase price.
- **Legal Fees**: Typically 1-2% of the purchase price.

Tips for a Successful Purchase

Research the Market | Stay informed about the property market trends and prices in the Costa del Sol.
Inspect the Property | Ensure thorough inspections are done to avoid hidden issues.
Understand Local Laws | Familiarize yourself with Spanish property laws and tax implications.
Plan for Additional Costs | Budget for ongoing costs such as community fees, maintenance, and utilities.

Conclusion

Buying a property on the Costa del Sol can be a rewarding investment and a gateway to a desirable lifestyle. By understanding the market, working with professionals, and following the necessary steps, you can navigate the buying process smoothly and make an informed decision that meets your needs and goals.

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