Advice on Buying Property
3 Easy steps to buying your home in Spain.
Step 1 - The Deposit
Once you have seen the property of your dreams, the first step is to pay a reservation fee or holding deposit. This will guarantee that the property is taken off the market. The deposit can be paid quickly and easily by credit card and is non-refundable. The average deposit is between 3000-6000 Euros.
Step 2 - Exchange of Private Purchase Contracts
After your solicitor has checked the property against any charges or encumbrances, a private purchase agreement will be drawn up between your solicitor and the seller of the property, stating the price, the payment schedule and the completion date of the transaction. This usually takes 15 days from the day of the payment of the Holding Deposit.
Step 3 - Title Deeds (Escritura)
Your solicitor will prepare the documentation required for the transfer of ownership. On the agreed day, you and seller and/or your legal representatives meet at the Notary's office to sign the official transfer of title deeds from the seller to the buyer. The witnessing of signing of the documentation by the Notary, acts as your legal safeguard. To complete the process, the change of ownership will be recorded in the official Land Registry. This will leave you safe in the knowledge that your property purchase is official and free of any encumbrances.