PURCHASE PROCESS – STEPS

We assist our clientes throughout the entire process

We provide a full and personalized service, including anything needed until the acquisition is sucessfully finalized.

HOW IS THE PURCHASE PROCESS IN SPAIN?

Buying a property in Spain is quite a precise process, and we assist our clients throughout the whole process until the new ownership is registered in the Land Registry.

Under a legal perspective, the purchase process in Spain can be divided in three different steps:

Offer and Reservation Document.

Once you find the right property, a reservation document should be formalized with the vendor, in order to take the property out of the market until the due diligence and legal searches are finalized. This document involves the payment of a reservation amount of approx. 6.000 €, and establishes the main conditions of the acquisition: the parties, the price, the limit date for the signature of the private contract and for completion, and the basic terms such as which party will bear the costs and expenses of the transaction, the sale as free of charges and encumbrances…

Our service include the drafting or reviewing of this document, as it is important to verify that the reservation amount is subject to the positive result of the legal searches, and to make sure that the amount will be reimbursed in case there is a legal problem with the property.

We do also carry out the full checkings and due diligence on all the aspects of the transaction, and provide our clients with a detailed report with the complete information of the result of our searches. This document includes the breakdown of all the taxes, costs and expenses of the transaction.

Private Contract.

The private contract should be signed after receiving a positive result of the legal searches. There are different kind of private contracts (sale and purchase private contract, option to purchase contract, “arras penitenciales”…) and we always inform our clients about the best type of contract to defend their interest.

This document involves the payment of the 10% of the price and therefore guarantees that the owner will not sell the property to another buyer, as the penalization in this case is higher than the one established in the reservation document.

We draft this contract and carefully include the whole terms and conditions of the acquisition, such as the removal of any encumbrance on the property, the apportioning of the property´s expenses, any deduction on the price that should be applied if necessary, the Energy Efficiency Certificate, the Community of Owners Certificate…

Title Deed before the Notary Public.

Finally, the Title Deed should be signed with the vendor before the Notary Public, against the delivery of keys and the payment of the rest of the price. We organize this formalization and draft and supervise the Public Deed together with the notary´s assistant.

Once the Title Deed has been formalized, the taxes should be paid and the new ownership should be registered in the Land Registry. Moreover, the payment of the property´s expenses should be changed and direct debited at the buyer´s name. We do also carry out all these actions on the buyer´s name, so they can happily enjoy their new home or investment.

We provide a full and personalized service throughout the entire process, and do offer our non-European clients with a combined Purchase Process & Golden Visa application service. For more information please contact us.

You can learn more about the Purchase Process and its characteristics: taxation, contracts, steps,… in our blog.

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