Tips on How to Buy Property in Spain – Marbella Area

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Tips on How to Buy Property in Spain Marbella
Area

• Perhaps youve been thinking about it for a long
  time, and now youve finally decided the time is
  right to buy your dream house in Spain. But
  exactly how to buy a villa in Spain? Where do you
  begin? To help you get started, weve set up a
  list with some helpful tips for buying property
  in Spain. The main point is to gather sufficient
  information and plan things ahead as much as
  possible.

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BUYING A PROPERTY IN SPAIN THE BUYING PROCESS

• As is the case in all countries, Spain has its
  own procedure for buying property. The process
  will probably be unfamiliar to you and involve
  professionals who perhaps dont play a part in
  property transactions in your home country. Its
  therefore important to take advice from your real
  estate agent and lawyer, both used to the Spanish
  way of doing things.
• To give you an idea of what to expect when buying
  a property, we have prepared this overview of the
  main steps involved in the process. From the
  initial property searches to the handover of keys
  when you become owner of your new home in Spain.

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How to Buy a Home in Todays Market in the
Marbella Area

• The market is changing. Stock seems to be
  decreasing and after a period where prices
  bottomed out and banks regained interest in
  providing loans, more properties are now being
  sold.
• First think about what you expect and need
  from your new home. What is the purpose of buying
  property, pure investment?, a second home or a
  combination? You may want to put it up for rent.
  How much time would you like to spend in your new
  home during the year? How is your family
  situation, do you have any kids? You may want to
  consider a community where they can meet friends.

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How to Buy a Home in Todays Market in the
Marbella Area

• Work out the financial picture. There are many
  factors to take into account when buying
  property. Apart from deciding on a realistic
  budget, you also need to take into account any
  ongoing financial commitments like local taxes,
  various costs during the acquisition process,
  community fees. Banks are again promoting
  providing loans which can be interesting as
  interest rates are at a historic low. And if your
  income is not in euros, keep the exchange rate in
  mind.

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How to Buy a Home in Todays Market in the
Marbella Area Tips

• Why early in the process? Once you have found the
  right property you may want to forward an offer
  and get it of market by putting down a deposit.
  At this stage this is your first contract the
  deposit contract and if necessary you can make
  the first payment via your lawyers client bank
  account number. Most sellers want as quick a
  settlement as possible (30-45 days is typical)
  with the least amount of strings attached. Your
  authorized lawyer can fulfil your contingencies
  and even represent you at the day of signing when
  needed. Apart from these important things, other
  issues that will require attention when buying
  property are the due diligence, title deeds,
  property registry report, insurance and a Licence
  of First Occupancy.

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