The Purchase Process

Purchasing property in Spain is a simple and straight-forward process.  It is a more personal event than in many countries with both buyer and seller attending the Notary in person (or sending their authorised representative with their Power of Attorney).  The seller leaves with the payment and the buyer leaves with the key to the door of their new property. As buying property is an individual process in Spain then buyer and seller can agree any contract terms between themselves providing it does not break any statutory rights and obligations.

Please refer to Taxes/fees for information on the costs and taxes involved in buying a property in Spain.

PURCHASE STAGES

After your offer to purchase a property has been accepted and agreed then its advisable to hold the property off the market by signing a

RESERVATION CONTRACT WITH REFUNDABLE DEPOSIT

This normally lasts from 2 to 4 weeks and allows your solicitor/conveyancer to confirm the legal status of the property and find out if there are any unpaid bills / debts attached to it that need to be resolved prior to completion. During this time the seller cannot show their property to any other prospective purchaser.

A reservation deposit is normally 3000 euros and is fully refundable if the property is found to be illegal or any other stated condition in the contract is not met. A reservation contract is an individual personalised document so any specific clauses can be agreed between buyer and seller (such as the purchase proceeding to 10% contract is dependent on any mortgage needed being granted). The reserve deposit is not refundable if you simply change your mind!  We recommend this reservation deposit is held by a solicitor in their Client Account.

THE COMPRAVENTA (Purchase-Sale) CONTRACT

A total of 10% deposit is paid from buyer to seller and all conditions of the purchase and sale, including completion date, are itemised in this 10% contract.  If the buyer pulls out after signing this document he/she loses their money paid, if the seller pulls out they have to pay DOUBLE the amount received from the buyers.

COMPLETION TAKES PLACE AT THE NOTARY

Buyer(s), seller(s) (or their legally authorised representatives), along with the solicitors/conveyancers and the official bank representative where a mortgage is involved in the sale or purchase, attend the Notary´s office where documents are checked and payment is made and the new escritura (title deed) is drawn up.  This is signed by all relevant parties (plus Translator where applicable).

LEGAL DISCLAIMER Source: David Searl: You and the Law in Spain 20 th edition. Although accurate at the time of writing the information contained on this page does not constitute a legal advice.  Please note that we cannot be held responsible for the contents and private legal advice should be taken.  No claims against AMS - Inmobiliaria, or its employees, in respect of the information above will be accepted.