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.