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Home › Jackson-Stops
offices › International property › Spain
A step-by-step guide to purchasing property in Spain
Prior to Viewing
Before making the journey to Spain, it advisable to ensure that
sufficient funds are available to cover the reservation sum
or deposit.
Normally this is 10% of the purchase price. A cheque from a
foreign bank account can take up to 10 days to cash so it is
advisable to make a credit card available so as not to risk
losing a preferred property.
Choosing a Lawyer
Always use an independent lawyer who can provide documentation
in a language convenient to the purchaser. Jackson-Stops &
Staff can provide you with a list of lawyers that they have
successfully dealt with in the past. All this information is
available in our Buyers Guide to Spain which is available upon
request. Using a lawyer in the UK will often substantially increase
your legal costs and most certainly delay the sales process.It
is worth remembering that prior to any contract being signed,
the following legal procedures must have been completed.
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A lawyer must be
appointed to conduct a report on the entire property.
The report must include details of land classifications
and any future municipal development plans.
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A lawyer will need
to inform the Land Registry that the property is in the
ownership of the new owner and is free of charges and
embargoes and is up to date with payments of local contributions
and community charges etc. |
Formalising the Offer
Once there is a verbal accord between parties, terms will be
drawn up in writing. It is standard practice in Spain to include
with the written offer, a reservation deposit which will be
held in escrow until the exchange of private contracts.
Exchange of Private Contracts
Upon acceptance of the offer by the owner, the next step in
the sales process is to exchange private contracts of sale or
to sign an option to purchase. This normally takes place within
two weeks following formal acceptance of the offer. The appointed
lawyer will have completed his searches and investigations of
the property and will have arranged with the owner the procedure
for the cancellation of any outstanding debts. The private contract
of sale (or option to purchase) will reflect all the agreed
terms of the offer and impending sale and set out the date for
final completion at the Notary. It is customary practice at
this stage to pay 10% of the purchase price.
Final Completion at the Notary
A sale is formally completed in Spain when the public title
deeds of purchase are signed before a Notary, the final payment
made and possession given to the buyer.
Registration
Once signed, the Notary will fax a copy of the Title Deeds to
the local Land Registry. Your lawyer will also pay on the purchasers
behalf, all the relevant transfer taxes associated with the
purchase and will handle the formalities of the registration
of theTitle Deeds. Final registration of the deed may take up
to two months. Similarly, your lawyer will arrange for the transfer
of accounts with the local suppliers of utility services such
as water and electricity and organise their payment through
a local bank.
| Our International
division will be able to answer any of your questions
regarding the practicalities of living in Southern Spain
as a holiday destination, or when considering the area
as a viable base for business, retirement or any other
type of full time relocation. |
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