Buying process

  Buying process  

Watsons Real Estate offer you a range of exclusive properties that you will not find for sale through other agents

Here at Watsons Real Estate we specialise in La Marina Urbanisation, making ourselves the local experts. We work very closely with our vendors, enabling us to find your perfect dream home or property investment. Our experienced staff will guide you through the purchase process of finding the right property to signing at the notary, ensuring a smooth transaction.

When making a purchase in a foreign country, we understand your need for accurate information and guidance. It is our policy at Watsons Real Estate not to create false urgency to push a client into a sale. Many of our clients come from referrals and we value the importance of a good reputation.

When you have selected the right property, we will be there to assist you every step of the way. It is our intention that once you become our client you will remain our client and recommend our services to others. We know the importance of having a friendly contact at the end of a phone to assist you. We work with many other professionals who can offer assistance in the following areas: Property legal advice, financial advice, removals and furniture.


Step 1: Purchase contract

The signing of the purchase contract is standard procedure when buying a property in Spain – used to reserve the property for a specified period of time (whilst Watson Real Estate conducts due diligence). Typically, it sets out the basic terms and conditions of the purchase

Once you have found a property you like, and wish to move forward with the purchase, the first step is to place a holding deposit of 3.000 Euros to reserve and withdraw the property from the market.

Once the holding deposit has been paid, the next step would be to pay 10% (minus 3.000 Euros) within five working days.

During this time, you may also wish to arrange a mortgage.

Step 2: Opening a bank account

In order to purchase a property in Spain, it is required you open a spanish bank account. We can arrange this on your behalf.

Step 3: NIE Number (Numero De Identificación De Extranjeros).

The NIE is your all-purpose identification and tax number in Spain. You need it for everything that involves a tramite or official process in Spain. For example, you will need an NIE number to buy a property, buy a car, get connected to the utilities and, most importantly as far as the Spanish state is concerned, pay your taxes.

If you are not present in Spain, Watson Real Estate can obtain this on your behalf with Power of Attorney.

Step 4: Completion / Notary

The role of this person is to ensure that the purchase you are about to make is lawful and meets with certain criteria laid down by the Spanish government. They will check the property´s deeds to ensure that all parties are represented correctly and that the ownership will pass to the buyer upon completion either freehold or in conjunction with a mortgage. The Notary is required by Spanish law to witness the payment of agreed money and signing of all relevant documents. The Notary also instigates a second search on the property minutes before the deeds are signed. You will receive a copia simple of the deed from the Notary.

If you feel you are unable to return to Spain for the completion of the property, you can arrange to leave Power of Attorney with Watson Real Estate.

Buying costs vary depending on several factors, including the purchase price, whether it’s a new build or re-sale property, and whether you’re a cash buyer or buying with a mortgage.

Generally, you can expect to pay 12-13% of the purchase price for a resale property, broken down as follows:
10% Stamp Duty
Under 100.000 Euros – 2.500 Euros include notary, registry and conveyancing fees.
Over 100.000 Euros – 3.000 Euros include notary, registry and conveyancing fees.

Additional costs apply if a mortgage is required

This is one of the first things that people want to know when buying a property in Spain. How long will it take to become the owner?

If all paperwork is in order and finances are in place, the buying process can take as little 2-3 months.

It's often difficult to predict a specific time frame for your purchase, if you have already obtained an NIE number, you can expect completion within 4-6 weeks.

At Watson Real Estate, we always strive to make the buying process as smooth and efficient as possible

*Extensions of contracts can be arranged if both parties are in agreement.

A holding deposit of €3.000 is required to reserve a property. This is paid at the signing of the purchase contract, once both parties have agreed upon a price. You can either pay it via credit card or bank transfer.
Contact Watsons Real Estate for further guidance

Our specialists have excellent knowledge of the buying process and buying costs. They are always on hand and happy to help. Therefore, if you have any question or require further assistance with buying a property in La Marina, you are welcome to get in touch at any time. Either give us a call on 965 063 012 or send an email to info@watsonsrealestate.net

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