The Ibiza Buyers Guide: Your Journey with Ibiza International
At IBIZA International, we understand that purchasing a property here is a significant decision and the beginning of a new lifestyle. Our dedicated team of property consultants is committed to guiding you through every single step of this important journey, ensuring a seamless, informed, and professional experience from the very first inquiry to the day you settle into your new home.
The Key Stages of Buying Property in Ibiza
Your journey to homeownership in Ibiza is a transparent and structured process. We have outlined the key stages below, detailing how our team will assist you at each turn.
Stage 1: The Property Search & Offer
This is where your vision for Ibiza real estate takes shape. Our team will present you with a curated selection of properties that perfectly align with your desires and budget, including exclusive off-market listings. Once you've found the ideal luxury villa or apartment, we will manage the negotiation on your behalf, leveraging our deep market knowledge to secure the best possible terms on your Ibiza property purchase.
Stage 2: Securing Your Property & Essential Due Diligence
To secure the property and remove it from the market, we will prepare a Reservation Contract, which is signed with a small reservation deposit. This initiates the most critical phase of the Ibiza property buying process: due diligence.
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Legal Review: Our team will connect you with a trusted, independent lawyer who will perform a comprehensive legal check of the property for sale. This includes verifying the seller's legal ownership, ensuring there are no debts or encumbrances, and checking for valid building licenses and cadastral conformity. This step guarantees that your investment in Ibiza real estate is legally sound.
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Technical Survey: For peace of mind, especially with older or rural villas in Ibiza, we strongly advise engaging a technical architect or surveyor. Our network of professionals will assess the structural integrity, identify any potential issues, and verify that all construction is in compliance with local urban planning laws. We will help you interpret their findings and address any concerns with the seller.
Stage 3: The Private Purchase Contract
Once due diligence is complete and all checks are clear, the Private Purchase Contract (Contrato de Arras) is signed. This is a legally binding agreement that outlines the final price, conditions of sale, and the completion date. At this stage, you will pay a 10% deposit. Our team will work closely with your legal representative to ensure every detail of this contract protects your interests as a future homeowner in Ibiza.
Stage 4: Completion at the Notary
This is the final and most exciting step. The public Deed of Sale (Escritura de Compraventa) is signed before a Spanish Notary Public, who acts as a neutral party to ensure the legality of the real estate transaction.
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Final Payments: At the notary, the remaining balance of the purchase price is paid, usually by a certified bank cheque. The notary will ensure all taxes are calculated and paid on your behalf.
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Key Exchange: Once the deed is signed, the keys are exchanged, and the property is officially yours!
Stage 5: Settling into Your New Home & Ongoing Support
The process doesn’t end with the key exchange. Our commitment to you extends beyond the sale. We will assist you with the practical aspects of settling in, including:
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Utility Adjustments: Transferring utility contracts (water, electricity) and local taxes into your name.
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New Home Ownership Advice: Providing recommendations for trusted contractors, gardeners, or maintenance staff to help you settle into your new home in Ibiza.
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Relocation Services: If you are new to the island, we can offer guidance on everything from schools and healthcare to local services and residency applications.
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Monetizing Your Property: Should you wish to rent out your property, our team can advise you on the legal requirements for tourist licenses and connect you with reputable property management companies in Ibiza to maximize your investment's potential.
Important Financial & Tax Considerations
When budgeting for your Ibiza property, it is crucial to factor in all additional costs, which typically range from 10% to 15% of the purchase price.
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Transfer Tax (ITP): This applies to resale properties in Ibiza, with a progressive scale from 8% to 11%.
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VAT (IVA) and Stamp Duty: For new-build properties, you will pay 10% VAT plus 1.5% Stamp Duty.
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Notary and Land Registry Fees: These official fees are essential for legal registration.
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Legal Fees: We highly recommend budgeting for independent legal advice to ensure a smooth real estate purchase.
At IBIZA Internatinoal, we believe in a relationship built on trust and transparency. We are not just your real estate agency; we are your local partners, here to make your journey to homeownership a joyous and stress-free reality.
