1. Reservation

When you have chosen a property, which may or may not be a new build, you pay a deposit to make sure the property is taken off the market. A reservation contract is signed in which the price and the maximum period for signing the private purchase contract, are established. Simultaneously many buyers choose to hire a legal representative to assist during the buying process. When the reservation is made it is time to apply for the NIE-number and to open up a Spanish bank account number.

2. Private contract

This document will show the way in which the sale/purchase will be carried out. By signing it, you and the seller are bound by the obligations within. The owner and his/her legal representative, will forward to you and/or your lawyer the property’s paperwork, to be able to study the state of the property from a legal, tax and urban planning point of view.

The contract will include a description of the agreed means of payment and anything else you may have agreed with the agency (move in date, whether or not it’s furnished, etc.). Signing the contract will likely entail a payment of between 10% and 20% of the total price, with the rest due on signing the title deed and completing the sale/purchase.

How long will it take to go from reservation to private contract?

Between 0 and 15 days. If the property in question is a new home, this may take a little longer, as the contract will be signed when the property developer specifies and always when they have obtained the building permission.

3. Title Deed

Approximately a week before signing the title deed, your legal representative will ask you to transfer the necessary funds to complete the purchase payment and cover the relevant expenses. To this effect, the control protocols regarding investment must be met and it is compulsory to certify the payment methods. This is part of your lawyers job and he/she will deal with this matter. To do so:

What expenses does the purchase entail?

The expenses can range between 10% and 13% of the sale/purchase and are:

How long is the transition from step 2 to step 3?

It varies and depends on the agreements made in the contract. When it comes to second-hand homes, it usually takes 1-2 months and for properties sold off plan it can be several months.

4. Utilities

The deed has now been signed and you have the keys to your new home. Congratulations!

The most technical and legal part of the sale/purchase is over, but the lawyers job is not done yet. There are a number of small but important procedures to carry out:
