Bars Restaurants and Businesses for sale on the Costa del Sol, Spain

Buying a Business

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The Spanish Bars Buying Procedure

Spanish Bars works with you every step of the way to ensure that you find the right business at the right price. Usually, we communicate with our clients by email and telephone and once you decide to visit Spain, we will spend as much or little time as you want us to in order to show you everything about the areas of interest and suitable businesses.

Once you have found the right business, this is the procedure:

Reservation Deposit

The initial thing that you need to do once you have found the right business and the price is agreed is to remove it from the market. Under Spanish law, a business or property is still available for sale until such a time that a deposit is paid.

You will need to pay a reservation deposit of 10% (or 6000€ if purchase price is less than 60,000€). Once this is paid – you have the business reserved throughout the duration of the option contract.

Spanish Bars does not work like many Costa del Sol agents who work from home with a mobile phone – we will accept deposit by credit card or bank transfer. You should always treat any agent who demands cash from you with extreme caution.

The deposit that we take is retained in our client account and we do not pass this deposit to the seller, just encase there are any problems, which means we can easily return your money to you.

If you are coming to Spain with the intention of buying a business, it is always a good idea to bring your credit or debit card as this means you can make a decision if you see what you are looking for and it is a fast and secure way to reserve your business.

Option Contract

The Option Contract will be signed by yourself at the same time that you pay the deposit. This contract is between yourself and Spanish Bars and the terms of the purchase are stated on the contract, including the agreed price and the completion date. You will be required to complete the sale within the agreed time. This is usually 30 days, but by mutual agreement with the seller, a longer completion time can be negotiated.

The seller will sign an option contract agreeing to the same terms and at this point, the seller cannot sell the business to any other party, regardless of how much money they offer him!

Legal Checks

During the time that you pay the deposit and complete on the sale, your appointed Gestor (lawyer/accountant) will make the necessary checks on the business that you are buying to ensure that all utility bills are paid up to date and that there are no debts on the business that can come back onto you. They will also work with the landlord and will draw up the new lease and check all of the terms are acceptable for you and are as agreed.

Your legal representative will also arrange for your NIE numbers, we will open your bank account and deal with any other matters that need attending to.

Completion

A mutually agreeable completion date will be fixed and in advance of this, you will need to transfer your money to your Spanish Bank account (which you will have already opened) and a meeting will take place between the seller, the landlord and yourself with us and your Gestor.

The lease contract will be translated to you by the Gestor who will make sure that everything is in order for you and upon this, all parties sign the new lease, money changes hands and you walk away as the new owner of the business with the keys!