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2 PROPERTIES IN ARGUINEGU√ćN SOLD TOGETHER. ONE HAS A STUDIO UNIT. LARGE TERRACES. SEA VIEW.
CENTRALLY LOCATED APARTMENT IN PLAYA DEL INGLéS, 3 MINUTES FROM THE BEACH
BUNGALOW FOR RENT IN MASPALOMAS CLOSE TO HOLIDAY WORLD!

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BUYING PROCESS
The process of buying a property here is as follows and is quite straight forward.
  1. Choose the property and, if necessary, pay deposit of up to 10% as agreed with the owner.
  2. Apply for a mortgage. This requires various papers.
  3. Open a bank account.
  4. Send a valuer to value the house (sent by the bank doing the mortgage) - this takes up to a week.
  5. Apply for a NIE number which all non-residents MUST have in order to buy property here. This has to be done in the police station. This can be obtained the same day.
  6. Find a lawyer. We are happy to assist and recommend one of the lawyers who have been vetted by the company if you would like us to.
  7. Assign a date for the deeds to be signed in the public notary office. The mortgage will also be signed the same day in the notary office.
  8. You will get the keys the same time and then can move straight in to your new home!
  9. The lawyer will change over the electricity and water bills into your name and set up direct debits for the community maintenance charges, electricity and water.
The Credit Conditions:

When buying in Spain you must always budget for 10% extra to cover purchase tax and costs in Spain. On each re-sale property you will pay 6,5% tax. The bank will immediately stop 10% in the account the day of the signing in the Public notary to cover these costs so it is very important to choose a property allowing for the extra 10%. 

When all the taxes and costs have been paid to the appropriate places by the lawyer, then the bank will refund you the difference into your account. This can take up to 3 months. 

Most Spanish banks will offer up to 60% of the purchase price for a non-resident buyer providing valuation of the property is not less than the purchase price. If it is less, they will offer the percentage of the valuation. 

You are able to get a mortgage duration up till the age of 75 (sometimes up to 80 depending on the bank). Therefore, if you are 50 for example, you can apply for 25 years. The maximum length is 40 years depending on the bank. 

The Maintenance Fees:

Every complex will have community charges (maintenance fees) which cover all communal areas, swimming pools, gardens, lifts etc. These vary from complex to complex depending on the facilities available. Sometimes these charges may include water or water and electricity so this is very important to check. Expect to pay between ‚ā¨ 60 - ‚ā¨ 200 per month.
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