Procedure when buying property in Spain
The procedure when purchasing property in Spain is very different than in the UK. It is not complicated, and it is described below. We always recommend that the buyer uses an independent lawyer.
1. Reservation Agreement
This is a simple document which determines the price and payment terms and € 6.000 is paid as a deposit. The seller then takes the property off the market during a reservation period of up to 30 days, and during this time documentation is obtained from the Property Register to ensure that the information is correct.
2. Private Purchase Contract
When signing the Private Purchase Contract, a deposit of 10% of the purchase price minus the already paid € 6.000 is paid, unless otherwise is agreed. This document includes a detailed description of the property, payment terms and agreed terms for the purchase. This document is binding for both parties and includes clauses that guarantee this.
3. Title Deed
The purchase is completed at the notary’s office, where sellers and buyers or their representatives are signing the official title deed and the outstanding amount is paid to the seller. The keys are handed over and the buyer now owns the property.
4. Registration of the purchase
Immediately after the title deed has been signed, all costs are paid, tax and transfer tax or VAT. After that the purchase is registered in the municipal property register. The buyer gets a copy (Copia Simple) and after about 3 months the original is back from the property register.