Buying a Property in Valencia

At Dream Properties Valencia, we are here to help and guide you through the full process of buying a property in Valencia. We want to ensure that your purchasing process is safe, valid, follows all of the correct procedures and is as painless as possible.

To help you with the purchasing process in Valencia we have prepared a buying guide. Here we simplify the buying process into 5 easy to follow steps. Remember, we will be helping you through each step of the process.

Villas for rent in Valencia

Step 1: Find your property in Valencia.

The first step is where your journey begins and is the most exciting part. Contact us to discuss your requirements and we can send you a selection of properties which fit your specifications. Once you’re ready to begin viewing, simply book your appointment with us and we will show you the best properties we have found.

We can even put you in contact with some of our partners who are local experts and extremely knowledgeable in the specific area in which you are looking. No matter who you view the property with we will always be here to offer advice and help you while you’re looking for your dream property in Valencia.

You will find that our service is relaxed with a no-pressure atmosphere and we guarantee that you will at no time feel pushed or forced on to any decision. In fact, our philosophy is to work our hardest to find the property which you are looking for and then we let you decide how you would like to proceed.

Once you have viewed the best properties in the area and have a short list, we can then organise second viewings. Then it’s up to you to decide which one best fits your needs.

Step 2: Make an offer on your dream property.

Once you have decided on your property, it’s time to make it yours! We will go through all the purchasing costs and taxes for the property with you to ensure that everything is clear before you place your offer (see fees and taxes below).

Placing an offer is very simple. Just inform us of the offer you wish to make and we will contact the broker/seller to make the offer on your behalf.

At the point of your offer there are 2 main options:

  • One is the traditional way of placing the offer verbally and waiting until the seller responds. At which point, negotiations are under way. Once a verbal agreement is made we proceed to the next step.
  • The second option is to place a reservation deposit alongside your offer and send the offer on paper. This gives you a stronger negotiation position since you are committing to your offer if the seller agrees.

We will forward whichever option you choose to the seller. This process is subject to the property being free and clear of all liens and the seller having the correct documentation to provide clear transfer of title.

make an offer
Legal Advice

Step 3: Reserving the property and legal due diligence.

When we have reached this point it normally means that we now have a verbal or written agreement in place for the purchase of your property. We now ensure that the property is reserved and taken off the market. We will provide you with a reservation document for your signature which will include all the terms and conditions of the agreement.

If the option to place a deposit with the offer was not taken up previously then, at this point, a reservation deposit will be required. This deposit will vary depending on the value of the property and seller requirements (usually between €3000 – €6000). The deposit is made to officially remove the property from the market and acts as an intent to purchase to the seller.

A property reservation form will be sent to the seller for signing and once everyone is happy the property is officially reserved. The reservation fee is non-refundable, however it is subject to legal searches. Therefore, if any property searches were to produce any anomalies (issues with the property or its paper work) a full refund would be available (as per the terms and conditions of the reservation form).

Once you get to this point, we would highly recommend to instruct a law firm to represent you in the purchase. If you do not have a lawyer for your property in Valencia we will be happy to recommend one to you. We have relationships with many good law firms and can advise accordingly.

Legal Procedures for Buying a Property in Valencia

  • Determining who the owner of the property is to verify that the seller is entitled to sell the property.
  • Check that the property is legally registered in the corresponding property registry.
  • Clarify that the property is free from liens and outstanding debts (mortgages, seizures, etc).
  • Check that the property has been granted the corresponding municipal building permit by the town hall.
  • Ensure that the legal requirements of the plans and rights of the property are respected.
  • Research, preparation and signing of all of the contracts required to complete the purchase.
  • The lawyer will then proceed to make arrangements for payment of all costs and taxes arising from the purchase on behalf of the client (you). This includes registering the public deed in the corresponding Land Registry.

The lawyer will then proceed to pay all the expenses and taxes arising out of the purchase on behalf of the client. This includes registering the public deed in the corresponding Land Registry.

Additionally, the lawyer can undertake additional services which include the preparation of a will, transfer of gas, water and electricity and payment of invoices and taxes.

You will also need to have a Spanish bank account and a NIE for the transfer of sale. A NIE (Número de Indentificatión de Extranjaro) is a Spanish tax/ Social Security Number.

Once the lawyers have finished their legal checks, they will inform you of the results. If they are positive, the next step will be either:

  • Exchange of contracts (if applicable): Go to Step 4.

or

  • Completion: Jump to Step 5.
Lawyer
Business handshake - Buying property in Valencia

Step 4: Exchange of contracts

This will depend on the agreement made with the seller. If it has been agreed to exchange contracts usually a payment of 10% (minus reservation fee already paid) would be paid to the seller and a contract signed. A mutually agreed closing date will be stipulated in the contract.

Step 5: Completion

The big day has come and today you get your keys! By completion day, your lawyer and property notary will have prepared everything so that the signing goes as smoothly as possible. Signing can be done in person. However, if you cannot be there you can also give your lawyer power of attorney to sign on your behalf.

We are happy for you to contact us for any help you may need before and after your purchase. We like to keep in touch! We also offer additional property services which you may be interested in.

2 glasses of champagne - Buying a property in Valencia

Fees and Taxes when buying a property in Valencia

It is important to be aware of the purchasing costs in Valencia, as these are not included in the advertised selling prices. The purchase costs are around 15% of the purchase price. The exact amount will depend on various aspects of the purchase, such as if a mortgage is being taken out.

Breakdown of Estimated Purchasing Costs:

Government Transfer Tax (ITP / IVA): ~ 10%

Legal Fees: ~ 1% (may vary depending on law firm and services offered)

Notary & Registry: ~ 1%

Note: for new construction, registration costs are added (AJD) of 1.5%

Real Estate Commission Fee: ~ 3% excluding 21% VAT (with a minimum of €3000) – 50% paid by signing private purchasing contract and 50% before signing at notary.

Disclaimer: This information is offered to you as a guide and should be used as such, and is not intended to replace professional legal advice. All the information offered here is approximate. Please contact us for more detailed information or questions.

Contact Us

We believe that buying a property in Valencia should be a fun and exciting event. At Dream Properties Valencia we work very hard to ensure your purchase runs smoothly.

We introduce you to the very best partners we work with and highly recommend them as local professionals who can help you along your buying journey (see our services section). We hope you find this easy to follow step by step guide to securing your property in Valencia helpful!

If you have any questions about buying a property, want more in-depth information regarding legal issues and taxes or if you need advice about any step of the buying process contact us now by filling in the form provided.

We are here to help you!

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