Congratulations, you found your perfect home but what happens now?
Holding deposit and option to purchase
Once you have agreed conditions and terms with the vendor it is important to pay a holding deposit to take the property off the market. This deposit varies between 6.000 and 12.000 euros depending on the price of the property. All the contracts will be drawn up by a lawyer specialised in property.
You may already have had a lawyer recommended to you, otherwise Absolute Prestige will be more than happy to recommend you to a reputable law firm. The lawyer will complete a legal search on the property.
Once that is done an options contract is signed. This usually takes place within two weeks from the deposit being paid and the standard amount to pay is 10% of the total purchase price minus the deposit already paid.
In this contract all the conditions of the purchase are established and a date for the final handover is set.
Completion at the Public Notary
Possession is given to the buyer of the property when the Spanish “escritura” is signed, this is your Spanish title deeds. As a buyer you pay the vendor the outstanding amount and keys to your new home are handed over to you.
When the Spanish title deeds are signed the notary will issue a document known as “copia simple” which your lawyer will present in the local land registry to register the property into your name.
This process may take a few months, you are however the full owner from the moment the title deeds are signed. Your lawyer will also change contracts for electricity, water, telephone and yearly taxes into your name.