Help guide to purchasing a Spanish property

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To be able to buy a property in Spain, there are three stages being fulfilled prior to completion:


1. Reservation Deposit – This reservation deposit merely claims that your intentions will purchase said property. It is now as a result of the vendors, their lawyers and your lawyers to ensure how the property has no issues preventing from continuing with the acquisition. At this point, the vendor along with the agent will remove the property from your open market; it’s no longer you can purchase. The reservation deposit varies from 3,000 Euros to six,000 Euros depending on the cost of the property; it is always highly advisable to pay this for your lawyer after the reservation document has become drafted. Around the reservation document, you may wish to stipulate any special conditions or “Subject to” such as a structural survey, finance or some other important clause you may wish to add; however, this has to be agreed from the vendor too. When this procedure is finished, the legal searches commence.

Legal Searches – After you have reserved the property, it’s the vendor’s responsibility to hand all the documentation relating to the Spanish Houses for the purchaser’s lawyers as a way to carry out all the legal checks. Checks include ownership, debts connected to the property and also making sure that the best build sizes and land size declared on the tittle deeds reflects what’s on the Land Registry. These checks usually takes approximately 21 to Four weeks to accomplish, if there are any issues flagged up, it could add some time for it to it.

2. Private Purchase Contract (PPC) – Once the legal status from the property has become established along with the purchaser’s lawyers are satisfied there are no issues; they are going to then draft the individual Purchase Contract. It’s on this contract the location where the purchase of the property really begins, additionally it is at this stage the location where the owner starts receiving money for that property, usually, unless otherwise agreed, it really is 10% including the reservation deposit. PPC contracts are far more complex than reservation agreements because they should include inventories of the items being contained in the sale in addition to a fixed date for completion.

3. Completion – in Spain, this really is performed before a Notary who is a public figure who will review all documentation furnished by both party’s lawyers. Vendors and buyers or legally appointed representatives has to be gift for the completion and also representatives from the banks when there is a brand new mortgage or perhaps a mortgage cancellation happening as well. Once the Notary is happy that most documents are correct and in order, only then is he going to allow both sides to sign a final contract of sale lastly then the Notary will sign the document as a final press. At this stage the vendors obtain the final balance along with the buyer receives the secrets to their Spanish property.

Domus Venari offer a wide selection of coastal properties for sale on the South of spain. With more than 20,000 properties to pick from, we are sure we’ve got the best property within the right place for you. We work with many of the largest banks and have access to bank repossessions in Spain. There’s never been a much better time for it to get a property in Spain as there are some amazing bargains available.
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