LEGAL FORMALITIES AND COSTS
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If you are considering purchasing property in Marbella, Spain, there are a few legal formalities and costs that you should be aware of.
Legal formalities:
- Obtain a tax identification number (NIE) from the Spanish authorities, which is required for all legal transactions in Spain, including property purchases.
- Hire a lawyer to handle the legal aspects of the property purchase, including conducting due diligence on the property and representing you in the transaction.
- Sign a private purchase contract (contrato privado de compraventa) with the seller, outlining the terms of the sale.
- Register the property in your name at the Land Registry (Registro de la Propiedad).
Costs:
- Purchase tax (impuesto sobre la compraventa de inmuebles): This is a tax on the transfer of ownership of a property, and the rate varies depending on the value of the property.
- Notary fees: These are fees for the services of a notary, who is responsible for certifying the legality of the transaction.
- Lawyer fees: These are fees for the services of a lawyer, who can assist with the legal aspects of the property purchase.
- Other costs may include surveyor fees, appraisal fees, and translation fees, if necessary.
It is recommended to work with a real estate agent and legal and financial professionals to ensure that the property purchase process goes smoothly and to understand all of the costs involved.
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