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Extra Care for Your Projects

Premium Properties covers most areas in the region of Almeria and offers many affordable and high-end properties for sale to suit all budgets and tastes, but our service doesn’t end there.

We have a variety of services covering most if not all needs of new home owners and investors alike: 

Do you need someone to welcome your new tennant with a warm smile and instructions? We’ve got you covered

How about taking care of all your rental properties? We do it

We are professional and highly committed to building relationships with all our clients, treating each client as an individual offering quality with unparalleled service.

Or what about our complete relocation package and after sale support available to all our clients. Our partners are qualified professionals and reputable local businesses within the area.

All You Need to Know About buying property in Spain

A Step-By-Step Guide to the Whole Process of Buying a Property in Valle del Este

According to Cornelius Groen, founder of the luxury real estate company Premium Real Estate Properties, ‘Buying and selling a property’ can be compared to a choreographed dance. The coordination of all the steps in the sales process as if it were a dance.

‘Our experienced multilingual team is here to provide professional advice and guide you through all the steps of buying a property in Valle del Este. Our aim is to make sure the buying process goes smoothly from the very first moment right through the completion. From carefully selecting properties to closing the purchase, we take care of all aspects of the deal.’

Let’s do it!

Owning property in Spain is a great opportunity to live in a secure environment and enjoy an exeptional lifestyle.

While many buyers today are looking for opportunities with outdoor living spaces and sunnier climates, the south of Spain has become one of the most popular choices as it offers a perfect year-round climate, a diverse cultural lifestyle and an ever-growing property maekt with an attractive return on investment.

The agent advising you on a property putchase will need to fully understand your needs so that they can offer a tailor-made ervice and find the property you want. Like a director of the orchestra, your agent will be qualified to represent, coordinate and support you throughout the entire buying process, starting at the very beginning – the search

Thanks to our collaboration and synergies at difference business levels in and around Valle del Este, our portfolio offers a careful selection of the best properties available. When it comes to finding the ideal location, the perfect home and the desired environment, we act as a filter to save you time and travel, providing you with only those properties that perfectly match your search criteria and budget reguirements.

Our aim is tho make the property search process enjoyable and exciting by coordinating viewings, arranging meetings with architects, tax advisors, solicitors and making sure you understand all aspects of buying a property.

Financing a property with a mortgage remains one of the most attractive options for buying a property in Valle del Este as buyers can minimise the wealth tax, maintain liquidity and make the most of the low interest rates available today.
 
It is important each buyer understands the advantages and the different mortgage options offered by international and Spanish banks. In most cases, Spanish mortgages have no restrictions on the purchase price or the nationality of the buyer, the biggest difference in the maximum loan-to-value (LTV) that banks permit for resident and non-resident loans. Residents can generally borrow up to 80% of the property’s appraisal value. Non-residents are limited to 60-70% LTV, depending on the mortgage type and appraisal of the property.
 
The bank or the mortgage broker will arrange an appraisal for the mortgage applicatiob. The costs of a property appraisal varies according to the purchase price. Once the mortgage has been approved, the remaining funds will be needed to cover the remaining amount and purchase costs.
 
The maximum loan-to-value percentage and repayment terms vary depending on the bank, and a good mortgage broker can negotiate better terms and conditions for each client, as long as the applicant’s profile and solvency are appropriate. We can introduce you to the leading mortage brokers in the region. They are one contact for all the banks and request preferential conditions and exclusive mortgage terms for all our clients.
 
Here is a quick breakdown:
Housing in spain have up the 80% of the property valua for resident mortgages and 60-70% of the property value for non-resident mortgages. If you finally decided to finance the purchase of your home and wish to obtain the most attractive mortgage terms, it is important take into account the following steps:
 
– mortgage application
when you contact the mortgage broker, they will arrange a meeting, study your information and will ask you to provide a series of documents for the application. They will prepare a report and submit it to the best banks for each client, based on their priorities.
 
– mortgage approval
Once your application is approved, a property appraisal will be arranged, which takes 5-7 days. The property value will be checked and the mortgage amount confirmed. The formal offer will then be issues and once signed, will be sent to the notary in preparation for completion.
 
– mortgage transaction
Once the notary receives the documents by law these must remain in the notary 10 days before the transaction can be completed. The client must visit the notary prior to completion to confirm they understand the terms and conditions of the mortgage.
 
– signing the deed
On the day of completion both the mortgage and the public deed of sale are signed directly in front of the notary. Once everything has been signed and paid, the clients will receive the keys to their property to start enjoying their new home.

From furnishings, the potential cost of repairs, deadlines for property reservation, deadlines for signing at the notary, to the methods of payment and handing over the keys, there are many factors that affect the price to offer on a property.

We know how many aspects should be taken into account when closing a purchase deal. We therefore offer trustworthy advice, represent your interests and mediate in the negotiation process to obtain the most favourable terms and get the best out of the deal for all our clients.

When the property purchis price and payment terms have been agreed and the administrative paperwork has been checked, the seller and buyer can proceed with signing a private purchase contract and paying the reservation deposit.
 
The first contract is not the transfer of the ownership. It protects the right to buy after having paid for the option and means there is an obligation to sell within a predetermined period of time.
 
Usually 10% of the purchase price is paid as a deposit to reserve the right to purchase the property. This amount can be paid directly to the seller or deposited in an escrow account of a third party, normally the fiduciary account of the notary.
 
Types of Contracts
There are two types of a private purchase contract, an option contract and an ‘Arras’ contract. The most important differences are explained in the following overview.
 
– option contract
This is a right of purchase by a third party. Option contracts grant a right to the optionee (buyer) to purchase the property for an agreed amount within a fixed time, and transfer this right to a third party
 
– fulfilment of contract
Once the contract is signed, the seller is obliged to sell and not allowed to terminate the contract since the buyer can exercise his right to buy. For greater assurance, the buyer could register the option contract in the Land Registry.
 
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taxation
For the buyer, the option contract is subject to the same tax as the subsequent purchase (ITO or VAT). It is important to remember that the tax must be paid in addition to the tax payable on the sale.
 
option contract
– ‘Arras‘ Contract is a right of purchase by a third party. ‘Arras’ contracts do not allow the buyer to transfer the right to purchase to a third party.
 
fulfilment of contract
An ‘Arras’ contract can be terminated by both parties. If the buyer terminates it, he/she will lose the amount of down payment, while if the seller terminates it, he/she must return twice the amount of the down payment to the buyer.
taxation. An ‘Arras’ contract is not subject to taxation prior to signing the public deed of sale. If the sale does not take place, the deposit will have to be declared as capital gains or losses by the parties.

To ensure that the property you are buying is fully legal, a lawyer and architect should carry out due diligence and check all the legalities of the property with the local authorities,

This includes looking into the property registry, making enquiries at the town hall, reviewing the information at the cadastral office, and verifying its correct registration, as well as confirming its urban planning legalities, alterations and renovations, and if its real conditions are a true reflection of the property state.

The lawyer also checks whether the property is free of any pending charges, liens, or encumbrances that burden the property.

This due diligence usually takes a few weeks, so there is always a risk that purchase will not be advisable in case of legal irregularities with the property. For this reason, we recommend signing a private purchasse contract with the corresponding dissolution or resolution clauses that allow the buyer to walk away from the agreement without ant repercussons and, in the case of an option contract, can obtain the return of the deposit.

The final step is to sign a public purchase deed. All parties involved, the seller and the buyer with their legal representatives, as well as the real estate advisors make an appointment with a designated notary, chosen by the buyer.

Before signing the purchase deed, your lawyer will provide you with a draft of the deed. You can request this a few days before signing so that you can check everything and make any necessary modifications. At this stage, the payments to the intermediaries, taxes and other associated expenses are settled.

Granting the public deed of sale/purchase is essential for the registration of the acquired property under the name of a buyer in the Land Registry. The public deed is signed in front of a Notary and the seller is required to hand over all the documents of the property.

The buyer must bring his original documents and NIE document or its application. At the notary, the buyer will sign the purchase deed, provide the remaining payment and receive the keys to move in.

 

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 April 13, 2025

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