WHY BUY A PROPERTY IN JAVEA?
To buy a property in Jávea is undoubtly one of the best investments you can make. Why can we declare this?
- Jávea is known as the Pearl of the Costa Blanca. Its magical coves, natural landscapes and cristal clear waters, make it a unique geographical haven.
- Javea has one of the worlds best microclimates in the world according to the OMS, with an average anual temperature of 18 to 25 degrees. The Montgó mountain range protects Javea from the Northern winter cold and the famous Levantine winds cool it down during the summer heat.
- The first rays of sun blessing the Iberian Peninsula shines its light in Javea, making it “The dawn of Spain”.
Javea is very tranquil and extremely safe.
- Its economy is stable : money is generated all year round by the influx of tourism.
The value of Real estate is assured : there are always buyers looking for the opportunity to live in this wonderful location of the Mediterranean.
Jávea has become an elite tourist destination making it attractive to high level investors.
Purchasing a house is an important decision. This can be a challenging affair in a foreign country where the language and the law systems are different.
We have lived through this experience and know how important it is to receive advice from professionals in the sector.
Today, we are such professionals!
What do I need to know when I buy a house in Spain ?
If you decide to purchase a house in Spain there are a series of legal and fiscal requirements you will have to take into account before, during and after the transaction, depending on whether you are a resident or not.
For example you will need to:
- Request for Spanish documentation for foreigners (N.I.E)
- Open a bank account in Spain
- Register as a non-resident in the Spanish fiscal administration.
- Make an Annual tax declaration as a non-residents – amongst other things.
We have a multilingual management team that will carry out all the administrative procedures for you.
What is the procedure to buy a house in Spain?
Once the price has been agreed, the buyer and the seller sign “a reservation” contract and the buyer pays 1% of the agreed price, by bank transfer, to the real estate agency.
The seller has to take the property out of the market and the buyer will receive all the documentation of the property.
It is recommended not to pay any reservation deposit directly to the owner.
Private purchase contract
Once the legal situation of the house has been checked, the seller and buyer sign a private sale contract.
This contract details the characteristics of the transaction : purchase conditions, terms, prices, etc
For example, if the property is sold with furniture, a signed inventory is included.
Once the purchase contract is signed, the buyer will pay 10% of the total Price directly to the seller’s account. If the buyer wants to cancel the transaction, he loses the amount paid. If it is the seller who retracts, he will have to pay double the amount of the deposit paid to the buyer.
During this last phase, the final balance for the property is paid for and the title of the property signed for with the Public Notary.
What is the role of the Notary in Spain?
In Spain, unlike other European Union countries, the notary intervenes strictly under his oficial function, according to spanish laws.
We work with a service of multilingual notaries who guarantee absolute transparency of transaction, and to whom you can contact from the word go .
Once the sale is signed, what are my obligations as a buyer?
- To register as a non-resident with the Tax Agency
- To submit withholding tax on the acquisition of a property when the seller is non-resident
- To enter the sales title document in the land registry
- To manage the name changes of all the utilities
- To present the anual non-resident income tax return
We also advice you to write a will with a notary in Spain to make the process of succession easier in the event of a decease.
This Will is only effective for your Spanish assets and will not be tied to the assets of your country of residence.