INVESTinSPAIN

Interested in buying a property but have doubts about all the red tape involved? Just take a look at our "Buyer's Guide" to find the answers to your questions, or send your personalized enquiries to Invest in Spain - Real Estate

Buyers Guide

When the property has been chosen, and its situation verified, several documents will have to be signed in order to implement its purchase, among which the most common are:

• Deposit document
• Purchase option (in the event of a rented property)
• Private sale and purchase document
• Notarized and Registered Deed of Title to Property as Entered in the Property Register

  Deposit document:
  Normally you deposit a sum of money on account with the aim of guaranteeing the right of purchase, this is called a Deposit Contract. When the contract is signed, the vendor is obliged to hold the property back until the sale actually goes through, normally within the next 3 months.
  Note: this sum can be forfeit should the sale not proceed.

  Option to buy:
  
  This document entails the retention of a property on behalf of the purchaser during the agreement period, so that if the purchase does not proceed during the time period and under the agreed conditions, the retention and price of the option are lost.
  This document is usually signed where there is a Rental Agreement with Option to buy.

  Private contract of sale:
  This is a private contract between vendor and purchaser in which the property features and sale conditions are outlined.
  This contract includes:

  • Identification of the vendor and purchaser (Name, NIF or Fiscal Identification Number, residence,)
  • Property location,
    
  • Total price
  • Built and net floor area.
  • Delivery deadline.
  • Reference number in the Registry
  • Any quantities paid on account.

  Notarized Contract of sale and purchase:

  • The sale contract should be effected in the presence of a public notary, and the property registered in the Property Register.
  • The signing of the title deeds occur when the property is handed over and the full sum paid for it.
  • The agreed conditions in the contract are only amended if it is the express wish of both parties.
  • The cost of the notary depends on the type of property, the buying price and, should there be one, a mortgage with its costs. Normally we calculate 10% which will give you money back.
• Spanish Transfer tax in Andalucia (7% below 400.000€; from said amount onwards it is taxed at 8%)