Purchasing property in Spain

Purchasing Spanish PropertyBuying property in Spain is quite straight forward. There are basically 4 different stages which we have listed below for your information.

  1. Reservation Deposit
  2. Exchange of the private purchase contract
  3. Before Completion
  4. Completion

1. Reservation Deposit

Once you've found your ideal home you simply reserve the property with a Reservation Deposit. A deposit between 3000 - 6000 Euros is usually sufficient.

The deposit is refundable if the vendors change their mind but is not refundable if you cancel. Paying the reservation deposit guarantees that the property is taken off the market and is reserved for you at the agreed fixed price.

If you haven't previously appointed a local lawyer, we will be happy to give you a list of independent lawyers used by previous clients to their satisfaction.

They will explain the procedures for buying in Spain and all the associated costs.

From now on, up to, and even after completion of the purchase, our support staff and your lawyer will take full responsibility for the entire transaction, advising you, and keeping you up to date every step of the way.

Choosing the right lawyer is your guarantee that Spanish Legal requirements are met, that the property is genuinely registered in the vendor's name and is free from any mortgage, charges or restrictions.

Your lawyer will negotiate and discuss the purchase terms with the vendor's lawyer and as well as the agreed price will include all your other requirements such as fixtures and fittings, the completion date and your preferred method of payment.

2. Exchange of the Private Purchase Contract

Once you've paid the reservation deposit you then have a period of up to 30 days to exchange the private purchase contract with the vendor. You can arrange for your lawyer to handle both this stage and the completion on your behalf if you are unable to attend.

Before your lawyer exchanges contracts he will have completed the detailed searches and investigations at the Land Registry in respect of the property.

3. Before Completion

With a new property, before you instruct your lawyer to complete the purchase, we inspect the property and detail anything that might need putting right.

Once rectified to your satisfaction, the title deeds can be signed.

4. Completion

Finally, on the day set for completion we will take you to the Notary Public with your lawyer to sign the Title Deed, making the final payment to the vendor who simultaneously passes you possession of the property and hands you the keys.

In this way the Notary and Land Registry are acting jointly to protect and guarantee your interests.