The Olive properties are each sold on a freehold basis with the tourist licence existing in perpetuity.
Building works at the olive are extremely advanced and estimated to be complete in Q1 of 2020, with the commencement of rental operations forecast to begin ahead of the Summer 2020 season.
Mortgages for non-residents of Spain are available at 60% loan to value and 70% in certain cases when there are two applicants or particularly favourable conditions.
Interest rates are generally fixed for the full term of 20 years and are low, typically around 3% currently. mortgages can run up to a maximum age of 75.
Select a property – this property can then be held off the market on an informal basis for 5 working days, providing time for further consideration.
Reservation Agreement – in order to formally reserve a property at The Olive a Reservation Agreement is signed and a corresponding reservation payment of just 2,000 euro is settled. The 2,000 euro reservation deposit is fully refundable in any event, at any time during the 30 day reservation period. The 30 day reservation period provides time for further consideration, research and due diligence and also ample time to apply for a mortgage should one be required.
Sale & Purchase Agreement – at the end of the 30 day Reservation Period the Sale & Purchase Agreement is signed and the corresponding payment of 20% of the property purchase (minus the 2,000 euro deposit) is paid.
Stage Payment – when the property is completed and ready for handover a further payment of 20% of the
property price is paid.
Final payment – when the property is officially signed for at the Notary Public the final payment of 60% of
the property price is paid and the title is transferred.