Buying Procedure
When you have found a property you would like to buy you will need to enter into a contract with the owner the procedure will vary depending on if your purchase is a Resale Property or a New Property:
RESALE PROPERTY
If the property is previously owned i.e. being resold your contract will be with the current owner. A deposit of 3000? will secure the property and the balance will be payable on completion usually within 2 months. This is usually held by the vendor's lawyer but can be held by the Estate Agent or your own lawyer.
Your lawyer will draw up the contract for you and complete all the necessary checks to make sure the property is free from debt, legally owned and legally built etc. He/She will then arrange for the title deeds of the property to be transferred into your name.
NEW PROPERTY
If the property is new then your contract will be with the company who is building the property. Payment terms will differ between different companies but generally you will be required to pay a reservation fee of around 5000? - this is non-refundable payment terms vary widely but often to remove the property from sale then a deposit of around 20% is required with the balance due when the property is completed.
For further information on the buying procedure and examples of costs please see our Legal Services Guide.
BUYING LAND
If your dream is to buy that ideal plot and build your dream home. Buying land in Spain can be a problematic business and Spanish land laws are very complex. See our Guide to Buying Land for more information.
