Properties In Ibiza

A Guide to Buying Property in Ibiza

1Decide on your preferred area, the type of property you want and what you can reasonably afford. Remember that prices in Ibiza and the Balearics are generally much higher than the rest of Spain so a little flexibility is essential.

2Once you have found your desired property ensure that you have an independent valuation. This should be done through a local bank and can be organised by your estate agent. There is a charge but it is essential, as this will give you an indication of its true value and any potential problems.

3Once you are happy that everything is in order with your desired property negotiate the final price with the owner through your estate agent. Remember that the property is only worth what you are prepared to pay for it so go in with an offer that reflects your own value.

4Once an offer is accepted by the owner ensure that a ¨compra-venta¨ contract (literally translated means buy/sell) is signed between buyer and seller. This ties all parties in to the agreement and specifies a completion date.

5The contract will stipulate that a 10% deposit is paid to the seller. The estate agent in a clients account usually holds this until completion of the purchase. This 10% will be taken off the outstanding amount at the time of purchase

6If the compra-venta contract is broken by the buyer then the seller keeps the 10% deposit less any applicable fees.

7If the compra-venta contract is broken by the seller then the buyer is entitled to all the deposit back plus the same again less any applicable fees.

8On the agreed date all parties will meet at the public notary and sign all the deeds over and the seller will hand the keys over to the buyer.

Important Note for Buyers

When buying a property in Spain you need to calculate to spend an extra 10% of the purchase price to cover all applicable costs. These costs include 7% IVA (VAT) plus solicitors and notary fees.