Buyers Guide for Purchasing a Property with ABS Golf Resorts Murcia

1. Initial Consultation and Property Search

The first step in purchasing a property is an initial consultation with our team. During this stage, we will:

• Understand your requirements and preferences, including budget, location, and property type.
• Discuss your needs for a primary residence, holiday home, or investment property.
• Start searching for properties that meet your criteria within your preferred resorts, such as Santa Rosalia Lake & Life Resort, Mar Menor Golf Resort, La Torre Golf Resort, Las Terrazas de La Torre Golf Resort, and other desirable locations.

Our in-depth knowledge of the property market in Murcia allows us to identify properties that match your lifestyle, budget, and goals.

2. Viewing Properties

Once we have identified suitable properties, the next step is to schedule viewings. Our team will:

• Arrange convenient viewing times, either in-person or through virtual tours.
• Provide detailed information on each property, including its features, amenities, and surrounding area.
• Offer expert advice on the potential of each property, considering factors such as investment returns, rental potential, and future growth.
  

3. Making an Offer

After selecting your ideal property, we will guide you through the process of making an offer.

Our team will:

• Advise you on the property’s market value to ensure your offer is competitive.
• Communicate with the seller on your behalf and negotiate the best possible price.
• Confirm the buyer’s ability to proceed by ensuring that mortgage pre-approvals or cash funds are available.
  

4. Securing the Property

Once your offer is accepted, the next step is securing the property. This usually involves:

• Signing a Reservation Contract: This document outlines the terms of the purchase and usually requires a deposit to reserve the property. It takes the property off the market and confirms the seller’s commitment to the sale.
• Engaging a Lawyer: We highly recommend appointing a lawyer to handle the legal aspects of the purchase, including reviewing contracts and managing the property title transfer.
  

5. Essential Documentation for Buyers

To ensure the purchase process runs smoothly, certain documents are required. These include:

A. NIE Number (Número de Identificación de Extranjeros)

An NIE number is essential for all non-Spanish residents purchasing property in Spain. It serves as a tax identification number and is necessary for property transactions, opening bank accounts, and signing contracts. We can assist you in obtaining this number if you don’t already have one.

B. Proof of Funds or Mortgage Pre-Approval

Whether you are purchasing with cash or financing through a mortgage, you will need to provide proof of funds. If using a mortgage, obtaining a pre-approval from a lender is essential before making an offer.

C. Passport or ID

A valid passport or national ID card will be required to verify your identity for the purchase.

D. Power of Attorney (if applicable)

If you are unable to be present during the transaction, you may grant power of attorney to a solicitor or trusted representative. This allows them to sign contracts and manage the purchase on your behalf.

Power of Attorney Recommendation

For a simpler and more streamlined process, we recommend that buyers grant their solicitor power of attorney. This allows your solicitor to handle all necessary paperwork, obtain the required documentation, and oversee the purchase on your behalf. By doing so, you can ensure that the transaction progresses efficiently, especially if you are not residing in Spain or unable to attend key stages of the sale.

6. The Legal Process

The legal process for buying a property in Spain is straightforward, but it is essential to ensure all aspects are handled correctly. Key steps include:

• Due Diligence: Your lawyer will conduct due diligence, ensuring there are no legal issues with the property, such as outstanding debts or legal disputes. They will check the property title, confirm the boundaries, and review the planning permissions.

• Signing the Private Purchase Contract: After the due diligence is complete, a private purchase contract is signed. At this stage, a deposit is paid, and both parties commit to completing the sale. The contract will outline the terms, conditions, and agreed completion date.

• Finalising the Purchase at the Notary:  On the agreed completion date, the final contract, known as the Escritura de Compraventa, is signed at the notary's office. This official document transfers ownership from the seller to the buyer. At this stage, the remaining balance of the purchase price is paid, and the property is registered in your name.
  

7. Taxes and Fees

When purchasing a property in Spain, there are several taxes and fees to consider. These include:

• Property Transfer Tax (ITP): For resale properties, buyers must pay a property transfer tax. In Murcia, this tax is currently set at 8%.

• Notary and Registry Fees: These fees cover the cost of the notary services and registering the property in your name. The amount typically depends on the property’s value.

• Legal Fees: Your lawyer’s fees are generally around 1% to 1.5% of the property price, though this may vary.

• Mortgage Fees (if applicable): If you are financing the purchase with a mortgage, additional fees may apply, such as mortgage arrangement fees and appraisal costs.