Inmobiliaria J.Martinez

INMOBILIARIA J. MARTINEZ J. MARTINEZ Estate Agency YOUR HELPING HAND IN THE COSTA BLANCA Professionalism is the hallmark of our Agency, matched by friendly guidance and assistance in your choice of property purchase, together with an after-sales service second to none. Established in Torrevieja since 1981, we place our in-depth professional knowledge and experince of the local market at your disposal. First and foremost, we offer you QUALITY TIME and QUALITY ATTENTION. You will be treated as individuals and one of our staff who lives in the area and speaks fluent Russian, Spanish and English, will show you around and offer you all the help and guidance you need. WE LISTEN. Tell us what you're looking for and we'll start from there. OUR TIME IS YOUR TIME, and we will only show you properties which fit your budget and requirements. Before showing you any properties (whether they be brand new or second-hand), we make a thorough investigation of their legal status, and in the case of new products, the financial status of the Promoter. So you need have no doubts or worries, and can make your purchase in SECURITY and CONFIDENCE. The services we provide are fundamental and we offer them to you FREE OF CHARGE; most importantly: * Property searches to make sure title is clear. * Legal & financial check ups on the Seller. * Advice and guidance on all matters related to property purchase, living expenses, mortgages, tax regulations and so on. * Application of Fiscal Number (NIE) - as required by Spanish law. * We accompany you to the notary's for transfer of title deeds (escritura), revise them and make a verbal translation for you. * Assistance with opening bank accounts, direct debits, insurance, school applications, etc. * Introduction to legal & fiscal professionals for applying for residence permits, making out a will, setting up a business, car purchase, etc. Having decided upon the property you wish to buy, you will want to know how to go from there. The following is a guideline as to the method of payment and additional costs and considerations involved in the purchase: PAYMENT TERMS In most cases the following method of payment is used: - ? 3. 000, - downpayment upon signature of contract - 10% - 20% of purchase price within 7-10 days - The balance within one or two months Some properties are more flexible than others, but this is the general rule. Terms are more readily negotiable with resale properties. ADDITIONAL COSTS As a guideline, you need to allow approximately 10% of the purchase price, e. g. Approximate additional charges for a new property costing ? 200. 000, -: - 7% V. A.T. (IVA) ? 14. 000, - - 1% transfer fax ? 2. 000, - - Notary's fees ? 550, - - Registration fee ? 300, - - Handling fee ? 200, - - Water & electricity contracts ? 600, - TOTAL: ? 17. 650, - Resale property: - 7% transfer tax ? 14. 000, - - Notary's fees ? 500, - - Registration fee ? 250, - - Handling fee ? 200, - - Change over water & electricity contracts: ? 100, - TOTAL: ? 15. 050, - MORTGAGES Mortgages can be obtained quite easily, up to 60% of the purchase price and for periods up to 30 years, as long as you can provide us with the necessary documentation, i. e.: - Pay slips for the last 3 months - Latest income tax declaration - Any other relevant proof of income (pension statements, etc.) - List of assets So bring copies with you, just in case! The current rate of interest is around 6%. There are setting-up costs involved in taking out a mortgage, so you must account for this too, e. g. Purchase price ? 200. 000, - 60% mortgage ? 120. 000, - - Bank commission ? 1. 800, - - Property valuation ? 350, - - Tax ? 1. 650, - - Notary ? 550, - - Registration fee ? 350, - - Handling fee ? 200, - - Insurance ? 150, - TOTAL: ? 5. 050, - On the other hand, the penalty for cancellation or part cancellation is minimal - only 1% and after 5 years, 0. 5%. Your specific case will be treated in depth with you, so that there are no doubts left in your mind. ANNUAL OUTLAYS Running costs are much lower in Spain than Northern Europe. Water & electricity are metered, so how much you spend depends on how much you use, but there is a minimum standard charge. An example for an average 2 bedroom property is as follows:- - Municipal taxes ? 200, - - Community fees ? 400, - - Water ? 200, - - Electricity ? 400, - - House & contents insurance ? 150, - TOTAL: ? 1. 350, - FISCAL REPRESENTATION Spanish law now requires all non-residents to have a fiscal representative and a fiscal identification number (NIE). Any notifications will be addressed to you, care of your fiscal representative. He can also sort out any problems with utility bills that slip through the direct debit orders without getting paid, and any other matters in general which you can't handle from home. We can help you to appoint a fiscal representative. SPANISH WILLS It is advisable, though not essential, to make a Spanish will. This document is drafted in double column, in English and Spanish and is signed at a Notary's. Finally, don't forget you can always contact us, at our offices in Spain - that's what we're here for! Buying a property is an important business and one that should be conducted professionally, particularly in another country where the property laws can be quite unfamiliar to you. Our role is to take away the stress and anxiety, so that you are left only with the enjoyment of discovering your own special haven for holidays or permanent residence, in the security of knowing that you are in good hands and that we will look after you - all along the way. Our aim is to satisfy your needs, and a satisfied customer is worth taking a lot of trouble for.