Buying Procedure

Once both parties have agreed a price, it is now time to put down a deposit. This deposit secures the property for you and if it is a multi agent property, the vendors are responsible to remove the property from the market with any other agent. Spanish Property Choice will secure and prepare the initial reservation contract, to be signed by both parties. (This contract is covered by Arras - The law)

The initial deposit is 3,000€ this removes the property from the market and gives your solicitor time to complete their due diligence. After 28 days, it will be time to pay the balance of 10%. When the 10% binding contract is signed, (The 10% includes your initial 3,000€) you are then committed to pay the balance of the price. It is important for you to know that if the seller pulls out of the transaction, they must return double the amount of the deposit received by way of compensation. Please be aware that if you pull out of the sale, you will lose the deposit paid.

One of our team will make a full inventory and this will be added to the contract.

An average sale takes between 5 & 6 weeks, maybe sooner if you have your NIE and finances already in place, however when you sign the reservation contract we formalise a completion before date, which is agreed by both parties. Because some purchasers have not yet sold or finalised in their home country, or our vendors may not have found a property to move onto, extended completions are normal. So once both parties agree a date, completion will take place during, on or before that date.

New-build properties are slightly different because obviously completion can take a lot longer. Stage payments are agreed and the developer should provide bank guarantees against each payment. This protects your payments in the event the developer fails to meet their responsibilities for completion.

It is imperative that you choose a reputable solicitor that you feel comfortable with. After almost 2 decades of selling properties here in Andalusia, we have compiled many recommendations from literally thousands and thousands of happy purchasers. Although we are happy to provide you with the details of each recommendation https://www.spanishpropertychoice.com/use-a-solicitor it is best that you choose the one that you feel you can trust, can communicate with and you feel comfortable with. This is a big move and you need to feel confident you have a professional acting in your best interests. Your solicitor will ensure the property is legal, free of any encumbrances and all service contracts are transferred into your name telephone, water, electrics etc and register your ownership of the property with your local Town Hall (Ayuntamiento)

The formal completion is when the title deed “Escritura de Compraventa” is signed before a public official, this official is called a Public Notary (Notario). Historically the Notaries have been elders of a village, however the position now is held by a well educated and qualified, legal body. This will happen at their office (The Notary) accompanied by the solicitors and if you cannot be there, you can leave power of attorney with your solicitor, who will act on your behalf. Please note: Always make sure the final funds are in your Spanish bank account prior to Notary. The full and final payment will be required to complete the sale.