Working with your Real estate agent to locate properties that suit your requirements and arranging viewings.
Your Appointed Realtor will advise you on what documentation is required from you in relation to the purchase. You will need to make sure that you have your NIE number for any purchase in Spain. if you require a mortgage then they will advise you on any additional documents required such as TIE that you may require in order to apply for a resident mortgage.
Working with your Real estate agent to locate properties that suit your requirements and arranging viewings.
Once the right property is located and all the relevant documents have been confirmed offers can be placed from the buyer.
When the Vender accepts the offer your Agent will create a Reservation contract (Contrato de Reserva). This is the document that sets out the agreed terms between the buyer and seller.Upon signing this Document the buyer will issue a pre deposit payment usually around 6,000 Euros. This payment is taken as the buyers intent to purchase and the sellers will remove the property from the market and cease all viewings for a period of 2-3 weeks whilst the property documentation is requested for checks from the land Registry.
This is when your appointed Legal representative will make all the necessary checks on the property to make sure everything is as it should be and there there are no outstanding debts relating to the property.
(Contrato de Compraventa) Once everything has been checked and confirmed by the legal team. Both the buyers and sellers will then sign the final contract this document has all the details about the house that has been obtained. it will also have all the details of both the buyers and the sellers. At this point the buyers will then issue a payment of 10% this will be paid direct to the sellers ( minus the Pre despot payment already made ).
One of the final steps in any property purchase is at a notary office, where by the buyers and sellers, along with their solicitors meet with the notary to sign the title deed. (Escritura de Compraventa). Once this is signed by both the buyers and sellers of the property the notary will sign the document last to confirm as legal witness to the transaction, at this time the buyer pays the remainder of the agreed sales price to the seller and the seller hands over the keys of the property to the buyer. At this point the buyer becomes the legal owner of the property.
A Week after signing the new title deed can be collected from the notary, it is then handed over to the property registry, here they confirm that the property is officially registered in the new owners name. Once this is confirmed any costs and or taxes, transfer fees or other legal expenses are paid. Your Legal Team will also make sure that utility contracts as well as any other taxes related to the property are placed in the new owners name and are paid by direct debit from the new owner’s bank account.
