Once you have found your home in the sun the normal procedure towards completion of the purchase and collecting the keys is as follows: 1. Place a reservation deposit with either your Real Estate agent, or your lawyer. Typically this will be 6,000€. You will be given a receipt for this deposit and you will be asked to sign a Reservation Form.This form will typically acknowledge the receipt of the deposit monies, the agreed date for paying the balance of 10% of the agreed selling price so that the Private Purchase contract can be signed and a date for completion at the notary. Additional information will also be added such as “subject to agreed inventory” or ” subject to survey”. All parties to the contract will sign this form, namely, the buyer, the seller and the listing Real Estate agent. Copies of the final signed document will be distributed to all parties and the respective lawyers. At this stage the property is taken off the market.

Costs for purchasing a property in Spain vary according to the value of the property you are purchasing and whether a mortgage is required. As a rule of thumb you should allow for around 10% of the purchase price if purchasing without a mortgage and 14% if requiring a mortgage. These costs include notary fees, transfer taxes, mortgage arrangement fees, Land Registry fees and lawyers fees.

If a mortgage is required it is necessary for a valuation to be provided by a valuation company employed by the lending bank. Once instructed the valuation is normally completed with 10 working days.

Sign the Private Purchase Contract. This will be done when the respective lawyers are satisfied that the conveyance is complete. At this stage the buyer will transfer funds equivalent to 10% of the agreed selling price minus the initial reservation deposit, following signing these funds are then sent to the seller.Normally this contract is signed within 2 to 3 weeks from placing the initial Reservation deposit. At this stage penalties can be incurred in the event of non completion by either the purchaser, or seller.

This will normally take place within 2 to 3 weeks from the signing of the Private Purchase contract. Completion takes place in front of a nominated notary. At this stage all outstanding debts on the property will have been cleared, completion monies would be cleared funds and a new Title Deed ( Escritura) would be signed and copies issued along with a summary document known as a Nota Simple. Your lawyer will normally act as a translator.

You are then given the keys to your new property!

Your lawyer will arrange as part of the above process to obtain an N.I.E. number. This is your fiscal identification number and is required before you can purchase a property in Spain. At the same time your lawyer will provide you with a statement of account for monies paid, open a bank account on your behalf and arrange for the utility services to be put in your name.


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