Once youve chosen your ideal property and found a Spanish mortgage how do you go about completing the purchase?


It is in your best interest to hire an English-speaking lawyer to assist you in the process of purchasing regulated Spanish property. Validate that the Spanish property you plan to purchase is free of restrictive clauses and debts.


There are two different categories in the Spanish legal processes for the purchase of property. First you have the Contrato privado de compraventa, or the preliminary contract, and then you have the Escritura de compravents, or completion contract.


Once the buyer and seller are in agreement on the price then they need to sign a preliminary sales contract. The vendor needs to be able to provide proof that he or she owns the property, and that it is free of any charges, Before this Contrato privado de compraventa will be signed. Debts are charged to the property themselves in Spain, and any outstanding mortgage amount would then be passed on to the purchaser. Nota Simple determins which properties contain overdue debts.

Details to be included in the draft sales contract will include the date of closure, agreed upon purchase price and a detailed accounting of the property being purchased. When you reach this point, you can expect to pay a deposit of 5-15%. A bonded client account is where the funds will be kept for you. You can sign the private preliminary sales contract and not put down a deposit but it is not advised.


The Escritura de compraventa stage, is the second or final contract stage. On the completion date, the balance of the price of purchase and all fees need to be paid by the purchaser. Both the vendor and the buyer must sign the contract at the same time. This contract is equivalent to a deed on the purchased property. Also known in Spain as the escritura, the purchaser will received this deed which is usually in front of a Notary Public. A copy of this deed will also be passed to the tax office and to the property registry as well to make everything legal. If you are in Spain, a Notary Public will be required as a witness on you deed of sale. Don’t just rely in that, though. You will want to have your own lawyer to keep your best interests foremost throughout the proceeeding. Also keep in mind that as the purchaser you will be required to pay property sales taxes as well as the legal fees for the Notary Public.