Our form of payment for new construction is:

• £8.800 to reserve the plot. In the reservation you must reflect a deadline for signing the contract.

• 8% upon signing the deposit contract (at this time the amount delivered may be deducted from the reservation of the plot).

• 30% at the time the building license is granted (plot purchase and start of construction)

• 25% upon completion of the structure.

• 17% at the completion of exterior enclosures.

• 18% to the finalization of pliers in kitchen and bathrooms.

• 2% at the end of the work and delivery of keys.

* The corresponding VAT will be applied to each payment.

Buying a house in Spain - Things you should know

From Casas in La Romana we recommend that you make the payment of your reservation directly to your lawyer, in this way they can verify that everything is correct and you can proceed to formalize the purchase contract.

Here is some simple information to help you buy property in Spain and we will help you every step of the way.

NIE Identification number

You are required by law to obtain an identification number (NIE), which allows you to open bank accounts, buy properties, take out insurance, etc. We can help you with this.

Bank account

It is necessary that you open a bank account in Spain to complete the purchase of a house. Again, we can help you with this as part of our service.

Legal representation

We can offer the services of several attorneys in the area who can act on your behalf, in all matters related to the purchase of the property.

Finance

If you need a mortgage to buy or build the property, we can help you through the entire application as part of our service and we can open a bank account and obtain mortgage quotes for you in advance of your purchase.

PURCHASE COSTS

To carry out this entire purchase process, we will be in constant contact with your lawyer.

Here is some information:

In terms of purchase costs, the average is between 11 and 13% of the purchase price. Most of this is made up of an 8-10% transfer tax (depending on the region you're buying from). The remaining 3% goes to Notary, Land Registry and Legal Fees.

1. Transfer tax in the Valencian Community is 10%

You must pay this tax before the Deed (property title) can be registered in your name.

2. Property Registry fees

Registration fees are based on the registered value of the property.

3. Declaration of the new work

If you are buying a new build, a tax of 1.5% (of the declared value) must be paid to register the new build.

4. Notary fees

Notary fees can vary, but average 1% of the declared value of the property.

Deposit for new construction

Once we have helped you find your ideal plot or property, to secure it, you will be required to pay a deposit to hold the property for you while paperwork is reviewed. The deposit is always refundable if there are legal issues that cannot be resolved at the time of purchase or before, and is paid directly to your attorney.

Contract NEW CONSTRUCTION

The Purchase-Sale (purchase agreement) will be drawn up with you and our legal representative lawyer, and will show the details of the property, the agreed price and a proposed date of completion. Once you sign the contract and pay a deposit, the contract is legally binding on all parties.

Transfer of Property Title NEW CONSTRUCTIONS

Full payment is required before the Deed (property title) can be transferred to your name. This is done at the Notary Office. If you are purchasing a new property that is under construction, you should follow the payment schedule as the building reaches each stage, everything will be discussed with your attorney, and a formal contract will be drawn up between the builder and the buyer.

Inauguration NEW WORK

The delivery of the property and the keys will normally take place once the total purchase price has been paid. This is normally done at the notary's office.

Assignment of Services NEW WORKS

Once the purchase is complete, it is necessary to connect or transfer services. Both the electricity meters and the water meters must be in your name, this is done by direct debit in your bank account and is managed by your lawyer.

Sure

This becomes your responsibility when you take possession of the property. We can recommend insurance companies that provide policies in your language.