Buyers Guide

Buying a property in Spain is a relatively straightforward and simple process and the following is a basic guide.

Once you have decided on a property and agreed the price with the vendor, through your agent, you will usually be asked to put down a reservation deposit. This is normally around 3000 Euros and reserves the property for you whilst your Lawyer makes the necessary searches. It also shows your genuine intent to purchase. This payment is refundable if your lawyer advises that it cannot be purchased due to the paperwork not being in order.

You should by now have a lawyer to act on your behalf. If you do not have one, we can recommend one for you. It is preferable to have an English-speaking Spanish Lawyer.

Your Lawyer will make the searches mentioned above and make sure that the property is fully legal and unencumbered, also ensuring that utility payments such as electricity and water are up to date.

Your Lawyer will also draw up the private sales contract in which all the details of the sale are clearly stated including description of the property, purchase price, method of payment and “on or before” completion date.

Once the Sales contract is approved by both buyer and seller, it is then signed by both parties and you will pay a deposit of 10% of the purchase price (less your 3 000 reservation).

On the agreed day of completion of the sale, it is normal for both the buyer and seller appear before the Notary in person, the sale is completed and the remaining monies are paid to the seller. You will be given the keys to the property and take possession immediately.

Once the sale is completed your Lawyer will arrange for all utilities to be transferred into your name and set up direct debits. We also recommend that you ask your Lawyer to draw up a Spanish Will.

In addition to the purchase price, you should allow around 7% to 10% to cover the following: sales tax, Notary and land registry fees and the Lawyer’s fees.

We can discuss these with you to give you a guide of the total cost in your particular case and they will also be explained in detail by your Lawyer.

If you require any more information please do not hesitate to get in touch or call in and see us.