REAL ESTATE – MARBELLA WOHNEN – Deeding a home: how to do it and how much it costs in Marbella (Spain)

Deeding a home: how to do it and how much it costs in Marbella (Spain)

The deed of the house is a public document registered in the Property Registry that confirms that the sale is completely legal

The purchase of a home entails some expenses that must be taken into account to calculate the total price of the operation. The deed of the house is one of the most important  documents that guarantees the sale. One of the most common questions that arise around writing is how much does it cost. Its price may vary depending on the characteristics of the property, the fees of the professionals involved in this process (the notary or the manager) and its value.

What is the purpose of registering my house?

A public deed of sale collects the wishes of the buyer and the seller to carry out the operation, as well as the conditions under which it is carried out. It is a document that is not mandatory, although it is highly recommended as it serves as proof of the transaction.

The deed of a house is a necessary condition to sign a mortgage

For the record, it is necessary that the deed be signed before a notary and that it be registered in the Land Registry. Although this registration is not compulsory, it is a necessary condition to, for example, sign a mortgage. In this way, it is guaranteed that the buyer is the new owner and that he has acquired all the rights to the home.

Likewise, the deed provides security against possible legal conflicts and claims by third parties. In addition, in the event that you want to sell the home in the future, it will be necessary for the property to be deeded, which will facilitate the operation and serve as a seal of trust to introduce you to the potential buyer.

Documents needed to deed a home

• National identity document (DNI). Both the buyer and the seller must present their identification document.
• Last receipt of the real estate tax (IBI). It guarantees that this tax is paid correctly.
• Nota simple. It reflects the legal situation of the property, with all the information related to possible charges, such as a current mortgage.
• Certificate of energy efficiency. Indicates the level of energy efficiency of the property acquired by the new owner.
• Certificate with community expenses. It certifies that the home is up to date with this payment.
• Proof of payment for supplies. Like electricity, water and gas.
• Purchase contract. (Contrato de arras). In case a first payment has been made to the seller to formalize the purchase.

It is recommended that, a few days before signing the deed before a notary, the new owner asks for a copy of it to review it and verify that all the data is correct, including the means of payment.

How much does the deed of a house cost?

The cost that the new owner assumes when notarizing the property depends on several factors, such as the type of home (official protection properties have discounts, for example), the number of copies requested or the expenses associated with this process. These expenses are:

• Notarial expenses: notarizing a home before a notary has a cost, since you have to pay the fees of this professional. In general, they usually range between 500 euros and 1,200 euros. At this point, the length of the document also influences as well as the number of copies requested.
• Registration in the Property Registry: this registration has regulated rates that vary depending on the price of the home. Its cost ranges between a minimum of 24 euros and a maximum of 2,181 euros.
• Agency: If you hire an agency to carry out these procedures, you must add the price of this service.

The future owner must take into account that, in addition, there are other expenses derived from the purchase of a home, such as taxes or the appraisal of the property. In total, they represent between 10% and 15% of the price of the house and must be part of the savings that the buyer has to acquire the house. In addition, they must have an additional 20% to pay the down payment, since the bank finances a maximum of 80% of the purchase or appraisal value of the property.

In short, during the process of buying and selling a home, various elements must be taken into account, which helps both the property and the chosen financing adapt to the needs of the future owner. Having the advice of a professional such as that of the bank or a real estate advisor is key, since they will guide the buyer and resolve any questions that may arise during the operation.

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