The Buying Process
It is essential to take specialist advice, and buying through Links Property means that you have someone on hand at all times to guide you through the process. The Buyer’s Guide will take you through each stage of the buying process.
Arrange a Personal Consultation
We encourage anyone who is thinking of buying at The Village or even in the area to arrange a personal consultation with a sales representative , this can be done at a time and place which is convenient to you or over the phone if preferred. It allows you to find out more information on the development and ask any questions you may have on the buying process.
Arrange a Viewing Trip
Links Property can arrange a viewing trip to the Football Village, so you can see the site for yourself. We can assist you in arranging your flights and accommodation. We will then collect you from the airport and take you to your accommodation in the area, we will then collect you the next day and take you to the site and show you around the area. We will also be able to answer any questions that you may have on the development. Should you eventually decide to purchase a property we will reimburse you upto €500 to assist with the cost of your visit
Before you view a property
Before arriving in Spain you should make sure that you have at your disposal sufficient funds to cover the Reservation Deposit on a property. If you do not have the means to lodge a Reservation Deposit immediately, you risk losing the property to another party who does have the sum available. The minimum required is 3,000 euros (circa £2,000), which may be paid with a credit card or bank transfer. A cheque, if drawn on a foreign bank account, may take up to ten days to clear by Spanish banks. When a Reservation Deposit is lodged against the property, the Sales Price is fixed. The unit is then taken off the market and reserved in the buyer's name.
Choosing a property
Consider the frequency with which you will use the property, think about the short distance from airports, rental potential and long term investment - establish a budget and remember to add 10% to the purchase price to cover fees associated with the buying process. Acquiring the home of your dreams should not cause a headache, Links Property can take the hassle away as the research has already been done on the development and due diligence taken place independently. If views are a priority, Football Village can advise which blocks have views of the golf course or sea, take a look at the site pictures to help you decide.
The Costa del Sol offers world class golf courses, superb build quality and much improved infrastructure - not to mention the best climate in Europe, an average of 320 days of sunshine a year. Property is cheaper and the potential return on your investment can be higher.
The Purchase
Once a suitable apartment has been chosen, the first step is to complete a reservation form and pay a 3,000 euro (circa £2,000) deposit. At this stage, it is beneficial to bring into the buying process a lawyer to assist further in the process. The purchase agreement is 25% of the price within one month of agreement and 75% on completion of the project in 2009. Mortgages are available to cover the balance.
Appointing a lawyer
A lawyer will provide the legal guarantees for the purchase of the property ensuring that Spanish legal requirements are met and that the property is bought free of encumbrances, charges, liens or debt and is up to date in all its payments of local contributions and community charges. Lawyers will tell you in advance what their fee will be - in almost all cases, 1% to 1.5%of the purchase price. Using a lawyer from your home country will substantially increase your legal costs and most certainly delay the sales process. Finally, it is necessary to obtain an N.I.E (Spanish tax identity number) when purchasing property, your lawyer can also assist you with this, although this does not need to be provided until contract completion.
Completion of sale at the Notary
A sale is formally completed in Spain when the public title deeds of purchase are signed before a notary, the final payment made and possession given to the buyer. On the assigned day the buyer and the seller, or their authorized representatives, will attend the notary's office to sign the title deed 'Escritura de Compraventa'. Buyers can also give their lawyer Power of Attorney which makes them eligible to sign the documents. At this point the payment of the remaining balance is made and possession passes to the buyer with the handing over of the keys. Be aware that under Spanish law only the person named on the title deed has the right to sell the property.
Registration
Once signed, the notary will fax a note of the title deeds to the local town hall land registry. Your lawyer will also arrange payment of all the relevant transfer taxes associated with the purchase and will handle the formalities of registration of your title deeds. Final registration of the deed may take up to two months.
Completion
Completion of the development is due for January 2009. Football Village will keep you updated on developments at the site up until this time and will always be available to answer any questions you may have. If you require finance to make the final payment Links Property can arrange for you to see a mortgage advisor. Currently as a non-resident of Spain you can obtain a mortgage of up to 70% of the value of the property.
For further information contact us
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