Welcome to the search for your new home on our beautiful coast!
We are excited to accompany you on this thrilling adventure. We know you’ve already considered all the important aspects and are determined to buy a property here. We understand your desire to know every detail of the process, and we’re here to guide you every step of the way.
We’re happy to provide you with all the necessary information so you can make informed and confident decisions. We’ll begin with an orientation conversation where, while enjoying a delicious cup of coffee, we’ll discuss all the criteria your future home should meet before starting the search. Here are some of the points we’ll cover:
Location: Where would you like to live? What area attracts you and why?
Type of property: Do you prefer a villa, a bungalow, an apartment, a finca, or perhaps land?
Condition of the property: Are you looking for an already built home, a new construction, or a property that needs renovation?
Specific features: How many bedrooms do you need? Do you want a pool, a garage, or a large garden? What are the ideal square meters for your home and garden?
It’s crucial for us that you clearly share your housing wishes with us so we can work focused on finding the right property for you. Once you’ve found the perfect home, we will negotiate with the seller on your behalf.
Negotiation and Reaching an Agreement
Depending on various factors such as your budget, the seller’s need to sell, your urgency, among others, the price negotiation may be a simple exchange or a prolonged back-and-forth process. Once the price is agreed upon, the buying process begins.
Provisional Purchase Agreement
After thorough due diligence, a provisional purchase agreement (earnest money contract) is drafted with or without financing conditions, which includes all essential information that will also be in the deed of sale. By signing the earnest money contract, both the buyer and the seller commit to completing the transaction within a certain time frame. The buyer deposits a sum of money, usually 10% of the sale price, as part of the price to secure the transaction.
The most important thing when signing the contract is that there are legal consequences for non-compliance. The document should include the price, conditions, and penalties in case of withdrawal, so there’s no doubt about the scope of the transaction. If needed, the contract can be signed remotely, digitally, or by mail. This private document includes all negotiated conditions, price, the deadline for signing before a notary, the property description, responsibilities, and costs derived from the transaction.
Signing the Public Deed of Sale Before a Notary
The signing of the public deed of sale is the final step in purchasing the property and takes place before a notary, in the presence of all parties or their legal representatives. At this signing, the agreed price is fully paid, subtracting the amount already paid as an advance in the earnest money contract and any debts, charges, capital gains tax, and, if the seller is a non-resident, the 3% tax for non-residents.
Buyers have the right to choose their notary, as they bear the costs of formalizing the deed. Both the possession of the property and the rights and obligations derived from it are transferred to the buyer upon signing the deed.
What Happens After Purchasing the Property?
Once you’ve acquired the property, our post-sale service kicks in. One of our collaborators will need your authorization to transfer all public services and taxes into your name, including electricity, water, gas (if available), community of owners (if your property is in a development), and the municipal tax (SUMA).