Looking to purchase a property in Ibiza? Lucky you!
If you are fortunate enough be buying a property in the beautiful “White Isle” you might be interested in our 5 step guide to buying property in Ibiza.
Step 1: Do your homework about buying property in Ibiza
Before you decide to buy a property in Ibiza you will need to make sure that you know what’s involved and in particular the associated costs involved. You will need to know what taxes and fees are involved in buying a property in Ibiza to ensure you can afford these as well as the purchase price.
If you require a mortgage on your property in Ibiza, make sure that you are able to obtain a mortgage and that you know how much you can borrow (see our Related Services page for help in relation to this).
You should also make sure you know what your on-going obligations will be in relation to the property in Ibiza once you have bought it. For example, property owners in Ibiza will need to pay taxes such as property owner tax, local council taxes and tax on any rental income.
Think about your currency exchange requirements. Using a currency specialist instead of the bank to transfer the money from pounds to Euros could save you thousands of pounds. Get in touch with a recommended currency specialist before you buy to see just how much you could save (see our Related Services page for help in relation to this).
Step 2: Find an independent English Speaking Lawyer in Ibiza
Instructing an independent English Speaking Lawyer in Ibiza who has experience in advising UK clients in relation to property purchases is vital.
It is strongly advised that you do not use the lawyer recommended by your estate agent to make sure that your lawyer is acting solely in your interests.
Tip: It is never too early to get organised and in touch with a recommended lawyer in Ibiza. Worldwide Lawyers will be happy to put you in touch with a recommended English-speaking lawyer in Ibiza who will be able to provide a quote for the legal fees once you have found the right property.
Getting in touch with a property solicitor in Ibiza early means that you will also be able to budget for their legal fees and will also have your lawyer in Ibiza on hand to assist you should you need to move quickly with regard to the property purchase.
Worldwide Lawyers can assist you in finding an independent English-speaking lawyer for your property purchase anywhere in Ibiza including Cala Llonga, Es Cana, Formentera Ibiza Town, Portinatx San Antonio, Santa Eulalia, Santa Gertrudis, San Jose and San Miguel.
You can also provide your lawyer in Ibiza with a Power of Attorney so that they can deal with matters on your behalf when you are not able to be in Ibiza. (See our article Giving Power of Attorney to Your Lawyer for more information).
Step 3: Get an NIE Number
An NIE number will be required by all non-Spanish purchasers of property in Ibiza. Your lawyer will be able to assist you with getting an NIE number in Ibiza this however for more information see our blog Getting a Spanish NIE Number.
Step 4: Initial Contract
Once you have found you perfect property, your lawyer in Ibiza will undertake the relevant checks on the property to include checks at the local land registry, town hall and tax office to make sure that it is free from any problems and to make sure that the seller owns the property.
Your lawyer will also prepare the initial option to purchase contract and will arrange for this to be signed once you and your lawyer are happy matters are in order. You will then pay the reservation deposit to secure your Ibizan pad.
Step 5: Completion
Completion! After your English-speaking lawyer in Ibiza has completed all the final checks on the property, they will also prepare the final Public Purchase Deed and arrange between the parties a date for this to be signed at the Notaries office in Ibiza.
Your Ibizan lawyer will make sure that all the required documents are delivered to the notary including the NIE number and any relevant certificates and reports.
On completion day the Public Purchase Deed will be signed in front of the notary in Ibiza. Your lawyer in Ibiza can arrange to sign this on your behalf if you have provided them with a Power of Attorney.
The balance of the purchase price will then be paid together with the transfer taxes and you can then be registered as the new owners of your property in Ibiza with the Land Registry and tax office.
You lawyer may also assist you with setting up your utilities in Ibiza including council tax (IBI)Waste Tax (RSU) and bank arrangements for water, electricity etc.
If you require a recommended English-speaking lawyer in Ibiza to assist you with you property purchase, contact Worldwide Lawyers today on 01244 470339 or at firstname.lastname@example.org for a no-obligation recommendation and quote.