Sierra Blanca Quality Estates is Marbella´s Top End Property Specialist. We are full service property consultants dedicated to attending in a specialized manner the needs of a select clientele, offering a high level of service. Clients can be reassured they are in good hands. We listen to our clients needs and present previously evaluated properties that fulfill those requirements and conform to urbanistic laws. Probably the most important service we provide, and a great help in the decision making process, is the legal, fiscal and financial advice needed to be able to materialize the purchase or sale of a property in the most favourable conditions for our clients.
Following the sale, a selection of complementary services is offered, such as decoration, landscaping, reforms, and maintenance, among others. Sierra Blanca Quality Estates is a company of the Sierra Blanca Group, a consolidated developer on the Costa del Sol, focusing exclusively on the promotion of high end properties.
We have a professional team willing to help and advise you so that the purchase of your property can be achieved successfully. From the time a client confides in our expertise to help them buy a property, we offer a comprehensive variety of services.
1. PRE SALES SERVICES:
1.1 Legal Fiscal and financial Advice: Our legal and fiscal advisers will provide you with a comprehensive service, finding the most advantageous form for you, of buying a property.
1.2 Property Appraisal: We offer an objective appraisal of a prospective property. Based on our experience we can contrast the market value of a property and help you in the negotiation process.
2. AFTER SALES SERVICES.
The ownership of a property entails the responsibility of proper maintenance. New properties will need to be decorated, and the new owners of resales many times redecorate to add their own personal style. Villas will require a landscaper to look after the green areas periodically and take care of the irrigation and pool. On the inside of a villa there will be regular maintenance issues that will arise. Apartment type properties will require less maintenance but also require being looked after especially if owners spend long periods of time away. We can even perform property reform projects.
Regardless of your needs we can help you with all your property related maintenance. Please consult with us about our comprehensive services for property buyers.
We have a professional team willing to help and advise you so that the sale of your property can be achieved successfully and in time. From the time an owner trusts in us to sell their property, we offer an effective variety of services.
1. Property Appraisal: We offer an objective appraisal of your property. Based on our market experience and the time in which the owner would like to sell the property, we can recommend the best sale price so that your expectations are met.
3 .Advice to Increase the Potential of Your Property: Our experience with the buyers of high end properties allows us to suggest to the seller of a property a series of actions that can be taken to maximize the potential of their property. Small changes which at times do not require an expense can be influencing factors in the sale of property. Things such as colors, light, aromas, cleaning and the general state of the property can greatly influence a buyer’s impression of a property. We can also present proposals for reforms or other necessary changes that can aid in the rapid sale of your property.
Buying a property in Spain is not difficult and it is safe. The transaction will be mainly governed by the Spanish Civil provisions which put both parties on an equal footing with regards to the protection the law contemplates.
Normal schedule of events:
Reservation Contract (“Contrato de depósito o reserva”).
In a typical Spanish sale you would be asked to pay an initial deposit, usually of around 6.000.- €, to show that you are truthfully interested on buying.
The purchase-sale agreement (“Contrato de compra-venta”)
This contract is normally verified with the payment of 10 % of the purchase price.
This legally binding contract clearly states the agreed terms and conditions of the transaction, the total purchase price and the date for final completion.
Completion: The Public Deed (“Escritura”).
Simultaneously to the payment of the balance of the purchase price, the Public Deed would be signed before a Public Notary (“Notario”). This public official – not a private lawyer - has been appointed by the Spanish Government to verify that the contract has been understood by both parties and to certify that the contract has been signed.
It would be at this very moment when the delivery of the keys takes place, that the buyer becomes the new owner of the property.
Taxes and the Land Property Registry (“Registro de la Propiedad”).
This last step is not mandatory but highly recommendable.
Few days after completion, taxes need to be paid in the different tax offices and eventually the Public Deed has to be taken to the Land Property Registry. This is a public registry that states who the owner of a property is and whoever challenges this information has the burden of proof.
By lodging the Deed at the Land Property Registry, and making ownership public, the buyer avails himself of the full protection of Law.
Translation of Real Estate Terminology.
COSTS DERIVED FROM THE ACQUISION OF A PROPERTY
When buying a property both Non Residents and Residents must take into account the following expenses:
The 7% ITP (Impuesto sobre Transmisiones Patrimoniales) tax on the purchase value of the property must be paid from the second or later times the property changes owners.
When a new property is purchased directly from a developer the taxes are 8% of the purchase value of the property. 7% corresponds to IVA (Impuesto sobre Valor Añadido,) and 1% to AJD (Actos Jurídicos Documentales.)
The notary fees and property registry fees can oscillate between 1,000 and 3,000 euros depending on the value of the property.
Another part to be taken into account is the (Plusvalia Municipal.) This is a tax on the increase in value of urban land. This is not a considerable expense. The payment of this tax is required by the seller but, the law allows negotiation of this and is in the majority of cases paid by the buyer.
When a mortgage is used for the purchase of a property, these are the following expenses:
Loan Commission: This varies between financial entities between a 0.5% and 1% of the mortgage.
Tax on Property: This is necessary for the concession of a mortgage. This expense varies between 500 and 3,000 euros, the later in the case of properties of great value.
1% AJD (Actos Juridicos Documetados) tax on the total responsibility of the mortgage. This includes the amount of capitol solicited, interests, and never ascends to double of the loan, depending on the type of interest and the number of years of the operation.
Property Insurance: The law requires fire insurance for the home when a mortgage is solicited. These expenses can vary from 300 to 1,000 euros. It is recommendable to get more extensive insurance policy coverage that includes contents of the home and other risks.
In all buying or selling operations it is advisable to have a lawyer or legal adviser that will guarantee the legal situation of the property. These expenses normally vary between 1,5% and 2% of the total value of the operation. It is also advisable to study the operation from a fiscal standpoint. Many properties, especially those of great value belong to companies, and in the case where they are acquired, the 7% ITP (Impuesto sobre Transmisiones) tax can be avoided.
In many cases financing is needed to acquire a property and a mortgage is needed.
In these cases financial entities (Banks, ………) take into account the purpose of the mortgage, if it is for the primary home or a vacational property, or if the buyer is a resident or non resident.
The amount of financing that can be solicited varies depending on the value of the property. The financial entity will appraise the property through a specialized company. On this appraisal an 80% mortgage can be achieved by a Resident and in some special occasions 100%. For non residents these percentages can vary between 60% and 70%.
An important factor is that the financial entity will require proof of sufficient income to cover the monthly payments. In these cases it is estimated that between 35% and 40% of ones income will be destined to these payments.