Valencia Property Blog

When you buy a property in Valencia or elsewhere in Spain there are a series of payments you need to make and you should be ready so you are not caught out by them. Today we are going to look at the payments you need to make and the timings of those payments.

From the initial reserve to the final tax payment there are a number of times you need to shell out. It's better to be aware of the timings in order to make sure that you are not caught out and you have the money available at the right time. The following guide includes all types of payments but your particular case may not involve some of them. We have included all of the payments including those only needed for people getting a mortgage. If you are not getting a mortgage you, of course, can ignore those.

Before we start you might be a visual learner so here is the flow of the payments from start to finish.

Introduction

Buying property in Valencia involves a sequence of payments, not one lump sum at the end. Knowing what's coming, when you'll need to pay it, and to whom removes the anxiety. The following sections explain what you can see in the graphic above but make sure to read to the end where we will also detail what to look out for, in other words the scams that you can find in the market and you should run a mile from.

Payments Before Deposit

The Reserve Payment

Until you get to this point you shouldn't have paid out anything. No representation fee, no fee to view, no engagement fees, nothing. The reserve fee is typically anything from 1000-6000 Euros (Typically 3K) and it is used to make an offer on a property. It should hold the property while the owner decides whether to accept your offer and the agent should not show the property to anyone else until they have an answer.

Typically this money is sent to the selling agent, however when you work with Valencia Propety most of the time it is sent to us. This means you don't fall victim to one of the potential scams detailed below but equally when we say send it directly to the selling agent, which happens because of their working practices, we only do that to agents we have worked with and know about. The reserve is held until the owner either accepts or rejects the offer.

Now normally if they accept the offer the Arras contract is done and 10% payment is sent once done minus that reserve which is sent on from the agent to the owner. At VP we don't do that. When we hold the reserve we return the payment to you and you pay the full Arras Contract amount in a single payment. This makes the notary signing later simpler (Believe us, it does).

As mentioned, if the offer is not accepted then the reserve payment is returned and this is why we at Valencia Property often hold it. Some agents (Not naming any names unless you ask me) will keep that reserve to apply to the next property you make an offer on or just keep it and hope you forget. We return it immediately to your account from where you sent it.

The Lawyer

You may have already appointed a lawyer for when you find a property but if you haven't then after the reserve it's time to do that. The lawyer is generally given a few days after acceptance of the reserve to do the due diligence and draw up or revise the deposit contract. Typically lawyers in Valencia will charge you 1% of the property value but some charge a fixed fee which may be equivalent to higher or lower percentages. Lawyers are the ones who get paid upfront because their work is done beforehand to make sure you are not buying something with problems. If they find issues they will let you know and you will have the option of continuing with the purchase or not. They can advise you and you should take account of what they say but some people press on regardless. A lawyer is not really an option as a buyer, they are sort of essential. Purchasing Spanish property is "buyer beware" so as a buyer you need a lawyer. As a seller not so much.

The Surveyor (Optional)

A surveyor is not something that is a part of a traditional Spanish property purchase but people coming from other countries may consider it essential. If you are buying an apartment you can possibly avoid the time and cost of a surveyor or architect visit to check the building because, by law, the community or HOA is obliged to release any details known about the property or the state of it to a potential buyer and this is something that the lawyer will be checking out in their due diligence by talking with the community.

It's definitely something to bear in mind and get for houses and older properties. However, also bear in mind that a seller in Spain will likely not take a deposit dependent on the results of a survey as they don't use surveyors here. As your trusted agent we will advise if we think the property warrants a survey but usually with a visit by one of our English speaking project managers, reliable architects or known builders you'll get the information you need. If you're buying a 1800s city apartment we will be advising a full survey!

This is important if you feel the need to move quickly. The very few surveyors that we have here are extremely busy and may take some time not only to do the survey but also to present a report. The survey cost depends on whether you want a walk through survey with minimal information or a full structural survey. It also depends on the size of property and time taken. The survey also has nothing to do with the valuation. We'll talk more about that in the next sections.

We generally advise getting a survey when buying houses or apartments in historic buildings in the city. Sometimes getting an architect or builder to look at a place you are interested in may suffice but bear in mind that if you do this then the owner might be less inclined to negotiate as they realise you have already made your mind up.

The Mortgage Broker

The mortgage broker may have already been paid a fee to establish the parameters for your purchase (i.e, they have given you a pre-approval before you even look at properties). The full fee of a mortgage broker is charged on successfully concluding the deal and signing the mortgage at the notary (Which you do before the purchase contract). Typical fees for mortgage brokers are around 0.75% to 1% of mortgage value. The pre-approval may be around 750 Euros but is refundable if a suitable mortgage is not found.

The Valuation

This is a cost that is mandatory for buyers getting mortgages. Often confused with a survey, the valuation is to give the bank the value of the property to base the mortgage on. Importantly this has nothing to do with negotiating the price. You will not be able to negotiate the owner down in price if the valuation is below the agreed price. After all you wouldn't want the owner negotiating the value up if the valuation were higher than the agreed price would you? The valuation is ordered by the bank but it is the only cost of a mortgage paid for by the buyer. It used to be that all of the notary and registry costs were also paid by the buyer but that situation is long in the past now.

You may want to wait for the valuation in order to make an offer or to negotiate the price. Owners don't accept that here.

A typical valuation may cost anything between 300-1000 euros depending on the size and value of the property. You might order the valuation if you are buying with a mortgage as soon as your offer is accepted but it is usually done after signing of the Arras, the deposit contract.

The Arras/Deposit Payment

This is the big one, typically 10% of the purchase price. The arras commits both parties to complete within a certain time period on pain of forfeiture of deposit or return of double the deposit if the seller doesn't complete their part of the deal. The dual penalty structure of the arras contract is what makes the system of buying Spanish property and the arras contract a highly successful method of property purchase.

From payment of the arras to completion in the notary and final payment there will be a period of time, usually 30, 60 or 90 days maximum. This will be stipulated in the arras contract by negotiation between the two parties.

One thing to remember here in the timings is do not put down a deposit if you don't know if you can get a mortgage. The exception here is if it is stipulated in the Arras contract that the payment is returned if a mortgage is not granted. However, you should also know that most owners will not accept this stipulation in the deposit contract so it's always better to have your pre-approval in place.

The Buyers Agency Fee

As a buyers' agent here we charge this fee and it is usually paid a couple of days before completion in the notary but can be at any time between the deposit contract and the completion because it is extremely rare for a purchase to not complete once the arras contract is done. We usually send out our bill a few days before the completion in the notary but if you want to sort it before then we can bill you earlier.

The Final Payments on Completion

The balance required to buy your property is paid in the notary on the day of the signing via a bank draft or an OMF transfer (A Bank of Spain guaranteed immediate transfer). If you have already paid your 10% deposit then the remaining 90% is paid minus any retentions due to charges on the property, outstanding mortgages, non-resident seller status, mortgage cancellation of previous owner etc... You will be told the amounts of payments beforehand and either have bank drafts or the transfers already arranged at your bank. On signing, the payments are made and the notary signs once they have witnessed those payments whether they are via OMF or in bank draft form.

Taxes and Notary Fees

The property tax, 9% from this week down from 10% previously, the notary and registry fees are paid to the notary after the sale. If you have retained 3% from the seller due to their non-resident status then this is also paid to the notary for posterior payment to the tax office. All of this is a single payment to the notary's account usually which they disburse to the property registry, the tax office and the gestor who makes sure the paperwork gets done correctly.

Ongoing Costs

You should have a Spanish bank account as it makes your ongoing costs easier to deal with. Your council tax (IBI), community fees, rubbish collection, insurance, gestoria for annual tax filings and utility bills can be direct debited through this account. We have talked before in these pages about how much these things typically cost so just take a look at some of our previous posts linked below for this information.

What To Watch Our For - The Scams

What legitimate professionals charge and when they charge it is an important consideration because, yes, of course you want to employ professionals to check out a property, financing and legal aspects but at the same time you need to know when you are asked to do something abnormal. There are many things you may be asked to pay for before and you should watch out for them because they really should be considered scams in many cases.

One thing that has crept into the market recently that is abhorrent is that of agents charging for visits. This is especially prevalent in rentals where a lot of agents charge 50 Euros to arrange a visit. Madness and even more madness that people pay it unquestioningly. Some agents have even started doing it for sales visits which is a cue for you to tell them to go and fornicate with themselves and never to contact you again.

The next one has to be an upfront buyers' agent retainer before any service is delivered. This is extremely common in the buyer's agent realm. We don't do it as we work on trust with all of our clients. Agents who do this are often not confident about their service but there are exceptions. Some buyer's agents charge upfront because they have no fee on completion. They do, it's just that you don't see it because the selling agent is usually paying them a proportion of the agency payment from the seller. This is common in other areas of Spain where the commission is paid in full by the selling agent. Remember that in Valencia there is a selling agent and a buying agent.

The next one to look out for is mortgage brokers who demand full fees before pre-approval. Obviously many will charge for studying your case and talking to the banks to get you a pre-approval (not all do but it's common) but full fees upfront before any agreement is a no-no.

Equally lawyers asking for large retainers before doing anything measurable is not normal. It may be in your country but it isn't in Spain. You should only be paying a lawyer once you instruct them to do their due diligence on a property because at that point you have employed them. Asking for a retainer so they can later serve your needs for due diligence is again a bit of a red flag. Remember though you will be paying a lawyer before you get the go ahead for a property because dodging bullets for you is what they do.

There are many other types of scam but we can't list every one of them here, we have talked about the bait and switch, the disappearing properties, the non existent listings, the "seller" who is really just renting an airbnb for a few days and more in these pages before. You can search this site to find more information or just click on some of the images below in the "If You Liked This" section. But for today that's it. We hope you now have more of an idea of the payments schedule when buying in Valencia and Spain. As usual, any questions just ask.

Property of the Week

Eyes down for a full house with this Valencian Villa which essentially fills your Valencia Property bingo card.

There are a lot of reasons to like this place and we have even created the Valencia Property Bingo Card to tick off your requirements as you walk through the photos and Virtual Tour of the house and gardens.

Let's start with the basics as people like those in a description too. Corner plot. 1,170m2. Established garden with automatic irrigation. Private pool, 8x4 metres, Roman steps. Covered terrace front and back. Solar panels. Garage for two cars. Seven bedrooms. Air conditioning throughout. A paellero and BBQ area with its own covered pergola and full bathroom, all recently renovated. And yes, a summer kitchen.

That's a lot of squares on the bingo card filled in before you've even opened the front door.

The house itself is 512m2 spread across four semi-floors, which sounds complicated and isn't. What it means in practice is that everyone gets their own space, even during those inevitable family arguments about who is hogging the wifi, and you still have room left over.

Cast iron fireplace in the living room, large windows on both sides of the house, views to the garden from pretty much everywhere that matters. The kitchen-diner has just been completely renovated and is a good size while being bright, practical, and connected to the covered rear terrace with pool views. Exactly where you want your kitchen to be on a Sunday morning.

Two full bathrooms, one en suite to the master, plus a WC. All renovated. Seven potential bedrooms with fitted wardrobes. A multipurpose room on the ground floor that can be whatever you need it to be. Double glazing, water softener, reverse osmosis, alarm system... you know, the works.

The location sits in Entrenaranjos, Ribarroja del Turia just one street from the La Eliana municipal boundary. Quiet residential neighbourhood with full-time residents and a large green zone on the same street. The Turia river route is fifteen minutes on foot. La Eliana town centre is ten minutes walking. Three metro stops are within easy reach, the nearest just five minutes away. Valencia city is twenty minutes by car. The streets have been recently repaved with new pavements and new street lighting, you pay your council tax for a reason right!

Excellent space, location and a multi-storey house with room for all the family and friends you'll ever need. There is one bedroom missing on the floor plan, but that's teenagers for you. I'm sure you can imagine what it's like.

In a nutshell, an amazing home that needs to be seen. Quite simply, here you have Bingo.

Stepping Stones Rental of the Week

Available Long-Term too! I love this one as it's right next to Levante's stadium.

Take in the lush green views and fresh air of Valencia's horizon from the terrace!

Large 11th floor apartment with a private 20m2 terrace overlooking Orriols park and the Levante Stadium. Spend the afternoon shopping in the Arenas commercial centre on the corner, going to a game, or just relaxing with a glass of wine on the terrace while listening to the birds below.

2 large bedrooms with double beds and 1 extra smaller room which could be used as an office or a single room. The main room has a very large private balcony also overlooking the park and Levante's stadium and en suite bathroom. The living room opens up to the terrace with large glass sliding doors with amazing views over the park, needless to say, lots of natural light! Main bedroom has a full bathroom with tub and shower, and there is a half bathroom consisting of a toilet and sink.. Built in wardrobes, fully equipped kitchen, and the best for last... the building complex boasts of a large swimming pool, tennis court, and gym at your disposal! Metro Machado leaves you in direct line to the city centre in just minutes - if you don't want to walk it. Want more? There is even a doorman at the building entry.

If You Liked This...

As mentioned above you should be clicking through to the related posts below. Just click on the images to get there.

Over on Our Social Media

El Cabanyal and Ruzafa are the two boho neighbourhoods everyone wants to be in. It's rare for a full house to come up so get on this quickly. This is Cabanyal at its best. buff.ly/V0s2xKF

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