Please note that this information does not constitute legal advice but is only a brief buyers guide. We always recommend the services of a Spanish lawyer who is an expert in dealing with property transactions inland and on the coast (see our services section).
Once you have found a suitable property and tendered an offer that has been accepted by the vendors, you can then sign the reservation document and need to place a reservation deposit of €3000 or €6000. This will take the property off the market so that your lawyer can start the legal searches before the private purchase contract is signed and a 10% deposit paid.
During this process, your lawyer can open a bank account and it will be necessary to have, or to apply for an NIE Tax identification number via an EX-15 form.
THE PRIVATE PURCHASE CONTRACT:
Upon signing this binding contract a purchase deposit of 10% is payable (less the reservation deposit already paid). A completion date is then agreed.
On the completion date, you will attend at the notary office where you will pay the remainder of the purchase monies outstanding.
The escritura (title deed) will be signed by you in the presence of the notary. Here you will also receive the keys to your new property!
After this phase is completed, your lawyer will finalise the legal registration of your property with the land registry, pay any applicable fees or property purchase taxes and set up any direct debits for utilities, annual property and rubbish collection taxes (IBI and Basura).
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