Once
you have made your decision to purchase and considered
all the various costs involved, please ensure that
you understand the payment terms as they may vary
a little according to where and what you have decided
to buy. Normally, by the time you decide you will
have already discussed a great deal about the buying
procedure with our staff. It is normally at this
stage that we can introduce you to an independent
solicitor who will also in addition to informing
you about the payment terms, will discuss the terms
and condition of the contract with you
Having made your decision, the first thing you will be asked for is a deposit to hold the property and ensure the price and conditions of the contract, this is standard and to your benefit. If you decide to buy a new property then the payment scheme can be within reason tailored to your comfort, as the developer is here solely to sell properties, you will find him reasonably flexible. You may have decided to buy a resale property, again the above will still apply, however, you will be dealing with an individual and therefore the terms may be as much to the vendor's benefit as they will be to yours. Always remember, we are here to see that whatever you decide is dealt with in a professional manner.
Most resale contracts will require that you leave a 10% deposit with the balance of the payment being paid on completion at the notary, this normally can take up to one month from start to completion. New properties tend to adopt a different payment scheme, this is as most new properties will be under construction and you will be making stage payments to the developer throughout the construction period. This also means that you do not have to pay for the property all in one go. A typical payment scheme to a developer is as follows:
| Developer A | Developer B | |
| Signing contract | Euros 3.000,- | Euros 3.000,- |
| Within 30 Days | 50% | 60% |
| Mid construction | 0% | 20% |
| Completion | 50% | 20% |
In either case buying resale or new you will have additional expenses of the purchase, IVA (Value added tax) Notary & registration fees, conveyance, house insurance, wills and a few other items which all amount to approximately 10% of the purchase price. We always supply our customers with a comprehensive list of all the likely additional expenses of the purchase. We would also like to mention that Bank Guarantees are available to all our clients for each stage payment that is made, ask our staff for more details and you will be happy to know that your money is always safe with the bank guarantees. Mortgages, you may require a mortgage to assist with the purchase of the property, not a problem, as we are constantly working with several of the mayor Spanish banks, arranging mortgages for our clients. The Spanish banks normally lend up to 60% (in some cases higher) of the value of the property and the mortgage will run for a period of 10-15 years, our staff will be happy to discuss all details regarding your own personal requirements on request.