BUYING
IN SPAIN
Purchasing
a property in Spain can be a relatively straight forward process.
Once you have found your ideal property there is usually a three
stage purchasing process:-
1) Reserve - Once a price and timescale
for purchase has been agreed, you will be expected to place a
"Señal" or reserve deposit on the property (usually
around € 3,000 ). This fixes the price of the property and removes
it from the market, it also discourages the "gazumping"
found under some countries systems.
2) Contract - Around two weeks after the
initial reservation, a full purchase contract will be drawn up.
This will stipulate all the terms and conditions of the purchase
including dates for payment and completion. It would also include
an inventory if the property is being sold furnished. It is also
usual for a 10% deposit to be paid at this time.
3) Completion - The day the purchase is
finalised and you take possession! This is done in front of a
Notary. The outstanding balance is paid and an "Escritura"
or title deed is signed. The title deed is then sent to the local
land registry to change the ownership details.
All the relevant taxes and fees are paid at this time.
The whole purchasing process can be overseen by a local English
speaking lawyer for your peace of mind. There are several in the
area that we can put you in touch with.
The process can also differ with a "new build" property,
where it is usual for stage payments to be made to the developer
depending on the level of construction progress.
