Penthouses For Sale in Marbella

The process of purchasing a penthouse in Marbella involves several important steps. Firstly, it is crucial to determine your budget and secure financing if needed.

Next, engage a reputable real estate agent, such as Buy Rent Marbella, to assist you in finding the ideal property that meets your criteria.

Once you have identified a penthouse, make an offer and negotiate the terms. Upon acceptance, a reservation contract is typically signed, followed by a private purchase contract, and finally, the public deed is signed before a notary.

Throughout this process, conducting thorough legal and financial due diligence, including property inspections and ensuring clear title, is essential.

When purchasing a penthouse in Marbella, it is vital to be aware of several legal considerations. First, hire a qualified lawyer who specializes in Spanish real estate law to conduct due diligence, ensuring there are no legal issues with the property, such as debts or encumbrances. Verify the property’s registration in the Land Registry and check for any planning or building restrictions.

Additionally, review the terms of the sale contract carefully, ensuring all agreements are documented. Understanding local regulations and tax obligations, including property transfer tax, VAT, and notary fees, is crucial to avoid any legal complications.

Several taxes and fees are associated with purchasing a penthouse in Marbella. The primary taxes include the Property Transfer Tax (ITP), which ranges from 8% to 10% for resale properties, or VAT (IVA) at 10% for new properties. There is also Stamp Duty, which is typically 1.5% of the purchase price.

Other costs include notary fees, registration fees, and legal fees, which can add approximately 1% to 2% of the property price. It is important to budget for these expenses to ensure you have a clear understanding of the total cost involved in the purchase.

Yes, foreigners can purchase property in Marbella without any restrictions. There are no specific residency requirements for property ownership, making it accessible to international buyers.

However, if you plan to spend more than 90 days in Spain within a 180-day period, you may need to apply for a visa or residency permit. Additionally, purchasing a property worth €500,000 or more may qualify you for a Golden Visa, granting you and your family residency in Spain.

Consulting with an immigration lawyer can provide further guidance on the residency options available to you.