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Buying a property in Spain
Buying a property in Spain is much easier than you think; it is similar to the Scottish
procedure. After viewing different properties and deciding on one that you like, it is then
time to make your deposit. Here in Spain there are no long house chains, thank goodness!
The procedure is as follows:-
The estate agent involved will ask you for an initial deposit on the property of approx 500-
600GBP this is simply to reserve the property for you, in other words no other buyers will
see it. Then you have to arrange for the deposit to be paid. This is 10% of the full-agreed
buying price; this has to be paid within seven to ten days. (All deposits paid initially will be
deducted from the final purchase payment)
Once those steps have been taken then the ball is rolling. From the time you pay your
10% deposit, everyone will then agree on a completion date; this is usually no longer than
two months. This two months will give you enough time to arrange for your monies to be
in place for the final stage. However I must state that once your 10% has been paid and
then for what ever reason you back out of the purchase, you will loose your deposit. But
on the other hand if the vendor does likewise, they have to pay you back double the
amount you paid (on the 10% deposit) this is Spanish law.
If you decide you want a Spanish Mortgage, we will be able to help you arrange it here;
the rate at the moment is around 3 –3.5% interest. Most banks give mortgages of up to 80
– 85% on the price which the bank survey states. After these steps have gone through, it
will be smooth from here on. If from the beginning you are serious about buying, then the
first thing to do is to obtain your residential id. card to be processed. This takes a bit of
time, but you will need this for the completion, plus it makes every day life easier here.
The procedure is not difficult, but will also help you with that.
On the big day, which we call completion, usually in England this is all done on the
telephone from solicitor to solicitor. In Spain a person is appointed by the bank called a
Notary, this is a cross between a judge and a solicitor. On the day everyone involved
meets in a bank office, i.e. Notary, vendor, buyer, bank manager, and estate agent. The
Notary reads all the papers and legal docs. Involved, inspects everyone’s id. cards etc;
then after approx half an hour everything is signed, sealed, delivered. The vendor hands
over the keys to you, and it’s all over!
This all may sound quite confusing to a lot of people, but believe me it is a much simpler
system than the one used in the U.K. But then you don’t have to worry too much about it,
that’s why we are here!
Buying a property in Spain is much easier than you think; it is similar to the Scottish
procedure. After viewing different properties and deciding on one that you like, it is then
time to make your deposit. Here in Spain there are no long house chains, thank goodness!
The procedure is as follows:-
The estate agent involved will ask you for an initial deposit on the property of approx 500-
600GBP this is simply to reserve the property for you, in other words no other buyers will
see it. Then you have to arrange for the deposit to be paid. This is 10% of the full-agreed
buying price; this has to be paid within seven to ten days. (All deposits paid initially will be
deducted from the final purchase payment)
Once those steps have been taken then the ball is rolling. From the time you pay your
10% deposit, everyone will then agree on a completion date; this is usually no longer than
two months. This two months will give you enough time to arrange for your monies to be
in place for the final stage. However I must state that once your 10% has been paid and
then for what ever reason you back out of the purchase, you will loose your deposit. But
on the other hand if the vendor does likewise, they have to pay you back double the
amount you paid (on the 10% deposit) this is Spanish law.
If you decide you want a Spanish Mortgage, we will be able to help you arrange it here;
the rate at the moment is around 3 –3.5% interest. Most banks give mortgages of up to 80
– 85% on the price which the bank survey states. After these steps have gone through, it
will be smooth from here on. If from the beginning you are serious about buying, then the
first thing to do is to obtain your residential id. card to be processed. This takes a bit of
time, but you will need this for the completion, plus it makes every day life easier here.
The procedure is not difficult, but will also help you with that.
On the big day, which we call completion, usually in England this is all done on the
telephone from solicitor to solicitor. In Spain a person is appointed by the bank called a
Notary, this is a cross between a judge and a solicitor. On the day everyone involved
meets in a bank office, i.e. Notary, vendor, buyer, bank manager, and estate agent. The
Notary reads all the papers and legal docs. Involved, inspects everyone’s id. cards etc;
then after approx half an hour everything is signed, sealed, delivered. The vendor hands
over the keys to you, and it’s all over!
This all may sound quite confusing to a lot of people, but believe me it is a much simpler
system than the one used in the U.K. But then you don’t have to worry too much about it,
that’s why we are here!
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