English 
Spanish 
At Burlington Global, we understand that each property purchase is a significant decision, blending financial considerations with personal aspirations. Our expertise in Marbella’s prime real estate market combined with our private office approach ensures that your property search is tailored to your unique requirements, leveraging our extensive network and market intelligence to present you with opportunities that align perfectly with your vision.
OVERVIEW OF THE BUYING PROCESS:
Before the search begins, we’ll guide you on:
– Introducing you to our vetted network of of legal, financial, and tax professionals
– Assisting with financing arrangements
– Determining your property criteria based on your lifestyle preferences or investment goals
Throughout the property search, we will:
– Provide you with access to the entire Marbella market and beyond
– Preview properties on your behalf
– Arrange and accompany you on property viewings
– Research and assess each opportunity based on your requirements
– Provide you with updated market information and guidance on property values
– Gather your feedback and refine your search as appropriate
When we’ve found your ideal property, we’ll assist you in making an offer and navigating the contract by:
– Drafting a compelling and competitive offer on terms that work for you
– Negotiating terms and price on your behalf
– Helping you review and understand the contract documents
– Working with you and your lawyer to perform thorough due diligence
At Burlington Global, we pride ourselves on forging lasting relationships built on trust and excellence. Our commitment extends beyond the transaction, offering a comprehensive service that anticipates your needs and exceeds your expectations. From your initial enquiry to the final key handover and beyond, our team is dedicated to creating a seamless, rewarding experience in your Marbella property journey.
PREPARING FOR YOUR MARBELLA PROPERTY PURCHASE
Instructing a lawyer:
Engaging a qualified, independent lawyer is a crucial step in your property purchase journey. Marbella offers numerous experienced firms, many with multilingual capabilities to suit international buyers. Your chosen lawyer will:
– represent your interests throughout the buying process
– conduct thorough due diligence, including land registry and town hall document checks
– advise on fiscal matters and structure of purchase
– provide ongoing legal support for your affairs in spain
We recommend selecting your lawyer early in the process to strengthen your position during negotiations.
Essential requirements:
To facilitate a smooth property purchase in marbella, you’ll need to arrange the following:
1. Nie number (número de identidad extranjero):
– a fiscal identification number for foreigners, required for significant transactions in spain
– necessary for opening a bank account and signing at the notary
– your lawyer can assist in obtaining this, saving you time and effort
2. Spanish bank account:
– required for the property purchase and setting up utility payments
– can be opened once you have your nie number
3. Anti-money laundering (aml) compliance:
– essential for opening a bank account, engaging a lawyer, and working with agents
– involves proving your identity and the legal origin of your purchase funds
– process complexity varies; it’s advisable to start early, especially for non-eu citizens
Having these elements in place early not only streamlines the buying process but also strengthens your position as a serious buyer, allowing for immediate action when you find your ideal property.
At burlington global, we’re here to guide you through each step, ensuring a thorough and efficient preparation for your marbella property purchase.
MAKING AN OFFER ON YOUR MARBELLA PROPERTY
When you’ve found your ideal property in Marbella, the next crucial step is making an offer. Here’s an overview of the process:
1. Written Offer:
– Present your offer in writing through your Burlington Global agent
– Include the proposed price, payment terms, and completion deadlines
– Specify any items you wish included (e.g., furniture, fixtures)
– Outline any special conditions or requirements
2. Offer Strategy:
– Ensure your offer is reasonable and serious
– A robust, well-structured offer carries more weight with sellers
– Consider having funds readily available in a Spanish bank account to strengthen your position
3. Negotiation Approach:
– Allow your Burlington Global agent to handle negotiations
– This approach typically yields better results than direct buyer-seller negotiations
– Our experienced agents will act as a buffer, maintaining a controlled and gradual process
4. Key Components of a Strong Offer:
– Clear terms of price and proposed payments
– Specific deadlines for completion
– Details of the buyer and instructed lawyer
– Proof of funds or financing arrangements
5. Considerations for New Developments:
– Developers often have set prices and may only consider offers for multiple units
– Off-plan properties are in high demand and may have less room for negotiation
Remember, in Marbella’s unique market, many sellers are not under financial pressure. A well-crafted, serious offer presented by your Burlington Global agent will have the best chance of success. We’ll guide you through each step, leveraging our market expertise to secure the most favorable terms for your dream property.
RESERVATION: SECURING YOUR MARBELLA PROPERTY
In Marbella’s dynamic real estate market, the reservation process has become a crucial step in property acquisition. Here’s an overview of this important stage:
1. Purpose:
– Allows the buyer to take the property off the market
– Demonstrates serious intent to purchase
– Particularly important for villa properties and off-plan new builds due to high demand
– Protects both buyer and seller during the initial stages of the transaction
2. Reservation Contract (Documento de Reserva):
– A formal agreement between buyer and seller
– Typically covers a period of 7-15 days or more
– Allows time for the buyer’s legal team to conduct due diligence
3. Reservation Fee:
– Amount varies, typically ranging from €6,000 to €50,000, or up to 1% of the purchase price
– Held in escrow, usually with the buyer’s lawyer
– Transferred to the seller’s lawyer upon signing the reservation document
4. Terms:
– If the purchase proceeds, the reservation fee is applied to the purchase price
– If the buyer withdraws due to a change of mind, the fee is typically forfeited
– Fully refundable if the property fails due diligence or if legal issues prevent the sale
This reservation process is a critical step in securing your desired Marbella property. It provides you with the necessary time to conduct thorough due diligence while demonstrating your commitment to the seller. At Burlington Global, we’ll guide you through this process, ensuring your interests are protected while moving efficiently towards your property acquisition.
CONTRACT: FINALISING YOUR MARBELLA PROPERTY PURCHASE
After the reservation stage, the next critical step in acquiring your Marbella property is the contract phase. This is a pivotal moment in the transaction process:
1. Private Purchase Contract:
– Follows the reservation contract
– Typically involves a payment of 10% of the purchase price, less the reservation fee already paid
– Only signed after your lawyer completes thorough due diligence
– The final major step before completion at the notary office
3. Contract Details:
– Covers all terms, conditions, and obligations of the purchase
– Specifies the property and any annexes
– Outlines the full purchase price
– Details conditions and obligations for both parties
– Stipulates terms and means of payment
– Sets the date for completion
4. Payment:
– Usually 10% of the purchase price, in some cases may vary depending on agreement at offer stage.
– Funds are typically held in your lawyer’s escrow account
5. Additional Steps:
– Your lawyer will obtain all necessary documents prior to signing the final Purchase Title Deed
– If required, this is the stage to apply for a mortgage
At Burlington Global, we understand the importance of this contract phase. We’ll work closely with you and your legal team to ensure all aspects of the contract are in order, protecting your interests while moving efficiently towards completing your Marbella property purchase. Our experienced team will guide you through each detail, ensuring you’re fully informed and comfortable with the terms before signing.
COMPLETION: THE FINAL STEP IN YOUR MARBELLA PROPERTY PURCHASE
The completion stage, known as “Escritura de Compraventa” in Spain, is the culmination of your property acquisition process. Here’s what you need to know:
1. Notary Signing:
– Takes place at the notary’s office (notaría pública)
– All relevant parties must attend: buyers, sellers, legal representatives, and if applicable, bank personnel
2. Transfer of Ownership:
– Immediate transfer of possession and full responsibility upon signing
– Payment is made simultaneously, typically via bank cheques
3. Payment Process:
– Bank cheques are the preferred method in Spain
– Ensures safety for both parties with quick verification
4. Post-Signing Steps:
– Payment of all required taxes
– Registration of the deed at the Land Registry (can take up to three months)
– Original deeds and transaction invoices become available after registration
5. Property Management:
– After completion, you can transfer utility contracts (water, electricity, gas, etc.) into your name
– Update HOA (Home Owners Association) details
6. Legal Aspects:
– The seller issues a public deed of conveyance (escritura) free of liens and encumbrances
– The notary certifies the deed as a registered public document
– A provisional inscription is made in the Property Registry immediately
7. Tax Considerations:
– Transfer Tax applies for resale or second-hand properties
– Stamp Duty is assessed for properties sold directly by developers
At Burlington Global, we understand that this final stage can seem complex. Our team will be there to guide you through each step, ensuring a smooth and stress-free completion process. We’ll coordinate with all parties involved, including your legal representatives, to make sure everything is in order for this crucial final stage of your Marbella property purchase.
COSTS ASSOCIATED WITH BUYING PROPERTY IN MARBELLA
When purchasing a property in Marbella, it’s crucial to budget for additional costs beyond the advertised price. Here’s a summary of the key expenses:
1. Overall Budget:
– For resale properties: Budget approximately 10% of the property cost for fees and taxes
– For new-build properties: Budget around 12% of the property cost
2. Transfer Tax (ITP):
– Applies to resale properties
– Currently set at 7% of the property’s reference value in Andalucía
– Exceptions may apply for residents, professionals, and companies
3. VAT (IVA) and Stamp Duty:
– For new properties: 10% VAT plus 1.2% stamp duty (IAJD)
– Commercial premises and some garages: 21% VAT plus 1.2% stamp duty
4. Notary and Registry Fees:
– Notary fees: Typically range from €800 to a few thousand euros
– Land registry fees: Usually between €500 and €1,000
5. Legal Fees:
– Highly recommended to engage a lawyer
– Typically around 1% of the purchase price
6. Mortgage Costs (if applicable):
– May include arrangement fees, valuation fees, and mortgage insurance
7. Other Costs:
– Bank commissions
– Home insurance
– Utility setup fees
At Burlington Global, we understand the importance of clarity in property costs. We’ll provide a detailed breakdown of all applicable fees and taxes for your specific purchase, ensuring you have a comprehensive understanding of the total investment required for your Marbella property. Our team will guide you through each cost, helping you navigate the complexities of the Spanish property market with
