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2.1 Make an Offer!
When you have found the property for you the first step is to make a verbal offer, either directly to the owner or through your agent.
Having chosen a property, agreed a price, and the terms and payment methods with the vendor, it is normal practice in Spain to place a deposit (usually between 3000 and 6000 €) to secure the property. This deposit is a reserve for approximately one week and in this time the agncy along with your chosen lawyer will look into all the necessary paperwork.
2.2 Appoint a Lawyer
The lawyer you appoint should be fluent in your language and Spanish. The lawyer will carry out all the necessary checks on the property and complete the legal requirements of the sale. The first check is normally to obtain from the Property Register a "Nota Simple" which will identify the registered owner and provide details of mortgages or charges on the property. You should obtain from the seller receipts for payment of IBI (Impuestos sobre Bienes Inmuebles) - the annual real estate tax. These will show the "Valor Catastral" the assessed value of the property on which your property income tax will be based.
If you are buying a new property ask to see the "Decalaración de Obra Nueva" and the "Declaración de Alteracion de Bienes Naturaleza Urbana".
Where there is a community or urbanisation involved asks for receipts for community charges. Chatting with neighbours is also a good idea! |
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2.3 Exchanging Private Contracts
The Exchange of Private Contacts or the signing of an option to buy will normally take place about 2 weeks after your offer has formally been accepted, and when the lawyer has finished the searches.
The contract will set out all the agreed terms and state a date for completion. It is usual for the buyer to pay a 10% deposit at this stage which is non-refundable.
2.4 Completing at the Notary
On the assigned day both the buyer and seller (or their authorised representatives) will attend the office of notary to sign the "Escritura de Compraventa" (the title deed) which should state that the property is sold free of charges, mortgages, and tenants.
At this point the balance of the payment is made and possession passes to the buyer.
Remember, the notary does not check the terms but soley certifies that the parties have agreed them.
Your lawyer will arrange payment of taxes and fees, and register your title deed at the Property Registry. This should be done promptly.
Don't forget to have the property and contents insured. |
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