Lawyers & Legal
The process of buying your property in Spain
When purchasing your new home in Spain it’s essential that you employ the services of a Lawyer (this we are able to help you with) who will take you through the purchase process.
RESERVATION OF THE PROPERTY – once a property is found, a reservation is signed with the vendor and sealed with a holding deposit.
This assures that the property is removed from the market and offers you the option to purchase.
SEARCHING PROCESS - through the Title Searches the Lawyers can ascertain that the title of the property is satisfactory and that the person selling is authorised to transfer its ownership.
They will also check to ensure the property is free from any charges, liens, mortgages, encumbrances and outstanding debts.
Any legal problems discovered that affect the purchasing process results in the initial reservation deposit being refunded by the vendors.
PRIVATE CONTRACT (Exchange of Contracts) - once the searches are complete and the Lawyers can guarantee that the property is in good legal order to proceed, then the Private Contract can be signed.
Once both parties have signed the Private Contract and the deposit is paid (usually 10% of the purchase price less the reservation deposit) the contract becomes a legal binding document.
COMPLETION - completion on the purchase of the property takes place in the presence of a Spanish Notary, when the buyer and vendor sign the Title Deeds (Escritura de Compraventa) of the property.
The Notary is an official of the State.
His duty is to identify the vendor and the purchaser and check that all legal requirements are in order and completion money paid.
If you are unable to be in Spain for the completion, the Lawyers can arrange for a general Power of Attorney to be signed by you so they can complete all the formalities on your behalf.
In fact, it is the policy of most Lawyers to have a general Power of Attorney in place at the beginning of every purchase transaction.
VACANT POSSESSION & KEYS TO THE PROPERTY - immediately after completion, the keys to the property are handed over and you can take possession of the property.
FINAL TITLE AND REGISTRATION PROCESS - the registration process involves paying all the due taxes on the property and getting the final stamp on the Title Deeds from the Land Registry so that the transfer of ownership is certain.
This can take a considerable time but most Lawyers will monitor this and advise when the Title Deeds have returned from the Land Registry and hand them over to you.
When purchasing your new home in Spain it’s essential that you employ the services of a Lawyer (this we are able to help you with) who will take you through the purchase process.
RESERVATION OF THE PROPERTY – once a property is found, a reservation is signed with the vendor and sealed with a holding deposit.
This assures that the property is removed from the market and offers you the option to purchase.
SEARCHING PROCESS -
Any legal problems discovered that affect the purchasing process results in the initial reservation deposit being refunded by the vendors.
PRIVATE CONTRACT (Exchange of Contracts) -
COMPLETION -
His duty is to identify the vendor and the purchaser and check that all legal requirements are in order and completion money paid.
If you are unable to be in Spain for the completion, the Lawyers can arrange for a general Power of Attorney to be signed by you so they can complete all the formalities on your behalf.
In fact, it is the policy of most Lawyers to have a general Power of Attorney in place at the beginning of every purchase transaction.
VACANT POSSESSION & KEYS TO THE PROPERTY -
FINAL TITLE AND REGISTRATION PROCESS -
