Buying a House or an Appartment in Malaga, Spain
If you’ve set your sights on owning a property in Malaga, you’re embarking on an exciting journey towards making Spain your final destination. However, understanding the legal requirements, procedures, and costs involved, will ensure a smooth and successful transaction. Let us guide you while buying a House or an Appartment in Malaga, Spain.
At Malaga RELOCATION SERVICES, you will find a specialized partner as you become a Homeowner in Malaga. We can advise you through this process, providing professional legal advice in all matters related to Homeownership.
We want to make sure you have all the peace of mind you need, while relocating to Spain. Therefore, we have summarized the regular process you need to follow, with some clear explanations concerning our legal engagement.
1. FIND a RELIABLE AGENT who knows the MARKET
Begin by engaging the services of a reputable real estate agent specializing in the Malaga market. Our agents are knowledgeable,a nd will help you navigate the local property landscape, provide valuable insights, and guide you through the buying process.
We will also assist you in finding suitable properties based on your preferences, budget, and desired location. This is how you begin the journey of buying a House or an Appartment in Malaga, Spain.
2. DEFINE your BUDGET
Once you have shortlisted a handful of potential properties, you have to determine your budget for buying a house or apartment in Malaga. Further, you must consider factors such as your financial capabilities, financing options, and additional costs associated with the purchase.
Moreover, you have to account for expenses such as property taxes, notary fees, legal fees, and potential renovation or maintenance costs.
At Malaga RELOCATION SERVICES, we are specialized on both, legal and tax-related matters concerning the Real State market in Malaga, Spain.
3. PROPERTY SEARCH and DUE DILIGENCE
This is a crucial aspect when buying a House or an Appartment in malaga, Spain. We will work closely with you, in order to identify properties that align with your requirements. Furthermore, we will conduct thorough due diligence on each property of interest. This will include reviewing legal documentation, verifying ownership, and assessing any potential liabilities or encumbrances.
Our TEAM consists of qualified lawyers and tax advisors, specialized in all legal issues concerning properties in Malaga. We will provide you with a minute comprehensive evaluation on every stage through the buying journey.
4. RESERVATION and SALES AGREEMENT
Once you’ve found the perfect property, you can make a reservation by signing a reservation agreement and paying a deposit. Also, this agreement outlines the terms and conditions of the reservation and establishes the timeline for proceeding with the purchase.
Subsequently, a sales agreement (contrato de arras) is drafted, outlining the purchase terms, payment schedule, and any conditions to be met before completion.
We will make sure that all terms and conditions are in full compliance with the Spanish Law, prior to making the deposit.
5. ENGAGING a LAWER and a NOTARY
Engaging a qualified lawyer specializing in real estate law is fundamental to conduct the transaction. With our services, we will conduct a thorough title search, review all necessary documentation, and ensure compliance with legal requirements.
Moreover, the final deed of sale (escritura pública de compraventa) is signed before a notary, who certifies the transaction and registers it with the Land Registry. As Malaga-native Professionals, we have a strong network of collaborators who will get an immediate appointment with a notary.
6. FINANCING OPTIONS
If you require financing, we will explore mortgage options available from Spanish banks or international lenders. Also, we will always look for your best financial interest in the long-term.
Also, we can give you orientation on how to meet with financial institutions to evaluate the terms, interest rates, and eligibility criteria.
On this stage, It is always important to provide the necessary documentation, including proof of income, employment, and identification, to support your mortgage application.
7. COMPLETION and HANDOVER
On the completion date specified in the sales agreement, the remaining balance is paid, and the property is officially transferred to your name. Further, the keys are handed over, and you gain full ownership and possession of your new home.
Bare in mind that it is essential to carefully go over the property transference details. We can provide you with professional advice on this stage as well.
8. POST-PURCHASE CONSIDERATIONS
Following the purchase, ensure you take care of necessary post-purchase tasks. These may include setting up utility accounts, arranging property insurance, updating your address with relevant authorities, and familiarizing yourself with local community regulations or homeowner association requirements.
We also offer this kind of special service, after you have purchased your property.
Owning a house or apartment in Malaga offers the opportunity to embrace the city’s rich culture, stunning landscapes, and vibrant lifestyle.
By understanding the legal requirements, following the proper procedures, and accounting for associated costs, you can confidently embark on the path to owning your dream property in this beautiful Spanish city.