2 bed, 2 bath 2 Bed Apartment for sale in Estepona Costa Del Sol, Málaga, Spain.

NEWLY RENOVATED TOP FLOOR APARTMENT IN THE HEART OF THE OLD TOWN OF ESTEPONA WITH A LARGE ROOF TERRACE

The townhouse was originally constructed in 1950 but was completely refurbished in 2020

The apartment has Licencia de primera ocupacion


There is a large roof terrace with a 360-degree view over the centre, and a valid building license until 17/11/2036 for an additional floor extension of 40 square meters


The apartment is situated on the first floor and has a southwest view

According to official data, the apartment is 95

45 square meters built, plus terrace


The building is located in the heart of the old town in Estepona, just a few meters from Plaza Begines and approximately 81 kilometres from Malaga airport

The beach is a 5-minute walk from the apartment


Estepona has been amazingly transformed in recent years, but it still has its old town charm

The property is located in a quiet area, but it is close to the centre

There are a variety of great restaurants within walking distance in the area


The apartment has two bedrooms and two bathrooms, one master bedroom with built in closets and a private bathroom with a large shower, and one extra bedroom connected to a bathroom with shower

Double beds can be accommodated in both bedrooms

New air conditioner has been installed in the apartment in 2020


The kitchen, dining area, and living room are an open concept




Tax information
Annual IBI Apartment: 348,30 Euro
Basura 2024: 102,26 Euro
Valor Catastral 2024: 52 613,31 Euro
Valor de Referencia Apartment 2024: 204 207,70 Euro



Annual nonresident tax (EU/EES)
Valor Catastral Tax base 2 % Annual nonresident income tax 19 % EU
52 613,31€ 1 052,26 € 199,93 €

Available documentation
Legal data


1

Nota simple
2

Licencia de primera ocupación
3

Cadastre data
4

Escritura
5

Power of attorney
6

Passport seller
7

NIE

Tax information


8

IBI 2024
9

Basura 2024
10

Plus Valia Estimate
11

Certificado de Valor de referencia

Energy certificate


12

Energy certificate

Utilities


13

Electricity contract
14

Water contract
15

Internet
16

Plus Valia previous seller
17

Certificado de inexistencia de expediente restaurador por ejecución de obras ilegales




Sales process


1

When a buyer has the intention to purchase the property, the buyer and the seller will sign a reservation contract

The buyer pays a reservation fee of 6 000 euros to the buyer’s legal representatives client account, or to the real estate agent

When the reservation contract is signed the seller provides the buyer with the above-mentioned documents which is necessary for due diligence



2

When the due diligence process is finalized and the parties have reached the final agreement, the seller and the buyer sign a private contract which specifies the terms and conditions which the parties have agreed on

The buyer pays 10 % of the purchase price minus the reservation fee to the client account



3

Traditionally the buyer's legal representative arranges an appointment for signing the public deeds at the Notary and preparing the new public deeds together with the seller representatives

The normal payment method is payment by bank check when signing the deeds



4

The buyer will pay all the administration cost for the change of ownership, except the local Plus Valia tax, which is paid by the seller

If the seller is non-resident in Spain, the Plus Valia tax will be deducted from the purchase price and the payment will be administrated by the buyer



5

Withholding of 3 % non-resident tax of the purchase price

If the seller is non-resident in Spain, the 3 % non-resident tax will be deducted from the purchase price and the payment will be administrated by the buyer

When the seller declares the profit or loss from the sale, the 3 % non-resident tax will be deducted from the final capital gains tax

If the 3 % withholding tax is higher than the final capital gains tax Agencia Tributaria will repay the surplus to the seller

If the 3 % withholding tax is less than the final capital gains tax the seller have to make an additional payment to Agencia Tributaria on the difference




6

The fees to the real estate agent will normally be deducted from the purchase price and the invoice will be paid by the buyer’s legal representative

There will normally be a notation of this in the deeds



7

Each party pays their own legal cost




8

Normally the parties agree on a prorate regulation of prepaid cost such as IBI etc




9

The buyer will have 2 weeks to change the utility contracts




10

The seller has to cancel home insurance, internet etc, unless the parties have agreed otherwise



11

Finally the buyers will arrange the change of ownership in the land register



12

She seller is obligated to provide a valid energy certificate for the property




Encumbrances in the land registry which is not expired


This property remains subject, for a period of five years, to the transaction/legal act that gave rise to the registration, in relation to any assessments that may be issued under the Transfer Tax and Stamp Duty (I

T

P

/A

J

D

) –2– arising therefrom


Estepona


Note Number: 1 — Margin of Entry/Annotation: 5 — Volume: 1,512 — Book: 1,264 — Folio: 143 — Date: 19/03/2024

Spanish Civil code 1454
“If earnest money or a deposit has been provided in a contract of sale and purchase, the contract may be rescinded by the purchaser by agreeing to forfeit the earnest money or deposit, or the seller by refunding double the amount”



Payments


Price 490 000,00 €
Reservation fee 6 000,00 €
Upfront payment 10 % 49 000,00 € 6 000,00 € 43 000,00 €
Final payment 441 000,00 €


The buyer


If the buyer is non-resident in Spain, he must apply for a Spanish tax identification number “NIE”

This could be done by his representative if the buyer has signed a power of attorney


It is highly recommended that the buyer applies for a digital certificate for electronic identification, this will simplify communications regarding Spanish tax administration


If the buyer is non-resident in Spain, its recommended that he to open a Spanish bank account for automatic payment of utility services and taxes



Transaction cost buyer


Price 490 000,00 €
Transfer tax 7 % 34 300,00 €
Notary fee (estimated) 1000,00 €
Land registry (estimated) 1000,00 €
Legal administration 4 500,00 €
Transaction cost 40 800,00 €
Total cost 530 800,00 €
Transaction cost % of purchase price 8,32 %


The seller


The seller is subject to the 3 % non-resident withholding tax which is deducted from the sales price

And the buyer has to administrate the payment of the local Plus Valia Tax


• Retention non-resident tax 3 % of 490 000 Euro = 14 700 Euro
• Retention estimated Plus Valia tax = 1 249,49 Euro