Buying a property in Spain
We understand it can be intimidating to buy a property in another country and we can assist you with a selection of local solicitors to ensure you feel confident in the buying process. The process includes the following steps:
Sign a reservation contract and pay a deposit to secure the apartment. This contract outlines the basic terms of the deal and ensures the property is temporarily taken off the market.
Conduct a thorough legal due diligence to verify the property’s legal status, ownership, and any potential encumbrances. Your lawyer assists you with this process.
Once satisfied with the legal aspects, sign a private purchase contract. This agreement a second deposit and outlines specific terms and conditions of the sale.
If you are financing the purchase with a mortgage, secure mortgage approval during this phase. This involves providing necessary documentation to the bank.
Finalize the purchase by signing the public deed at the notary’s office. Both parties, or their legal representatives, attend this meeting. The remaining balance is paid, and the property officially changes hands.
Register the property in your name at the Land Registry. Pay any applicable taxes, such as Property Transfer Tax (ITP) or Value Added Tax (IVA), depending on the type of property and location.
Transfer utility contracts to your name and register with the community of property owners if the apartment is part of a communal development.
Take possession of the property. Now you get all the necessary keys, documents, and information related to the apartment.
Attend to post-purchase procedures such as setting up direct debits for utility payments, property taxes, and other ongoing expenses.
