Costa del Sol's Property Specialists

Property Purchase

Buying Costa del Sol property and the purchasing process

The Costa del Sol has a wide variety of possible new and existing properties, as well as plots of land, to choose from but making the right choice is difficult.

Property PurchaseThe Costa del Sol property market has a wide variety of possible new and existing properties, as well as plots of land, to choose from and the journey can be tiresome if foreigner buyers are not aware of the property purchasing process. Many of the local real estate agencies along the Costa del Sol will show you properties for sale and rent, but because they are the “seller’s agent” they will not take into consideration the needs of the foreign buyer. This list of things a foreign buyer must take into consideration is long, but a typical example is the N.I.E. (Número de Identidad de Extranjero). Without some careful planning in advance to obtain your N.I.E. a foreign buyer may find themselves putting a deposit down on a property that they will not be able to purchase due to the laws in Spain. In order to purchase a property along the Costa del Sol the local notaries will oblige foreigners to have their N.I.E. document in order to complete the property purchase. The process can become increasingly more difficult for the foreign buyer if they are based abroad as they may find themselves travelling back and forth to Spain to complete the property purchase.

As with anywhere in the world, a cash buyer can negotiate favourable deals on a new property, but if bank finance is needed, we can assisted with the property evaluation, technical survey, mortgage paper work, etc…

Having the legal aspects and interests of the foreign buyer protected is essential during the as real estate transaction, but a traditional lawyer is not always the best option as this type of transactions do not form part of their everyday work. In Spain, the “seller’s” real estate agent normally prepares all the legal documents for the property purchase, even though the majority are not qualified to do this.

Property PurchaseThis is why at P.S.I we use only an external legal specialist whose main focus is on real estate transactions and providing our clients with a complete legal protection during the property purchasing process.

The organization of the final purchase agreement (Escritura) is essential for a foreign buyer as these documents are required by the Spanish notaries in order to complete the purchase process. Sometimes the “seller’s agent” is involved with these documents and mistakes happen in the organization of the final agreement which can cause complications. The end result is that a substantial amount of time and money can be wasted when, with the right professional by your side, it did not need to be.

P.S.I - Properties, Surveys and Inspections have decades of experience in dealing with non Spanish buyers who are looking to make a property investment along the Costa del Sol. With every aspect of the property deal taken care of, and no detail missed our clients can rest assured that their interest are being looked after.

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