The Buying Process

There are sure to be fiscal and cultural distinctions that will take some getting used to, so appointing your own independent solicitor is essential for both peace of mind and qualified advice. Once you have found a property in Spain, it is likely the seller will wish you to pay a reservation fee of between 3.000€ and 6.000€. The advantage of payment is twofold; the Spanish property is immediately taken off the market and the price is fixed.

Ideally it would be advisable to have a solicitor in place before your reservation fee is agreed, so they can check the essential: planning permission, boundaries and legal description of the property, bank guarantees, utility services and determining the current legal owner. Once all the above is undertaken, the purchase contract will be drafted and then presented to the parties for signature. A contract will contain all the reliant terms and conditions of your property purchase including payment terms and completion dates. At this stage, a deposit will be paid to the seller, so both parties are then bound by the contract to paying the balance of the purchase price and transferring ownership of the Spanish property. For off-plan properties, it is likely that the seller will prefer staged payments throughout the development period; your solicitor should keep you informed of when monies are due.

All Spanish property transactions are concluded before a Notary who acts as a legal representative of the state. The Notary witnesses the signatures of the parties indicating transfer of title, and also checks the legal documents presented. The Notary will also ensure all taxes and community charges are paid.

This public deed will only be signed once the property is complete and the keys have been handed over. Thereafter, the title deeds are sent to the Land Registry where the property transaction is officially registered in Spain.

Important

It is absolutely essential that any purchaser of Spanish property makes a Spanish Will to dispose of assets in Spain. Spanish Inheritance Rules are complicated and a Will should avoid unnecessary legal problems for you or your heirs.

Our aim is offer you full support and professional advice.