Apartment, Estepona, Málaga

NEWLY RENOVATED TOP FLOOR APARTMENT IN THE HEART OF THE OLD TOWN OF ESTEPONA WITH A LARGE ROOF TERRACE
CALLE TORREJON 16 Es:3 Pl:01 Pt:03 29680 ESTEPONA (MÁLAGA). Referencia Catastral: 7535216UF0373N0004AW, FINCA: 75109.
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