OK, so let’s presume that you have found a property that you like and want to own. What are the next steps and what potential pitfalls may be encountered before you can expect to own your dream home in Spain .

The first step would normally be a meeting with a solicitor. Most agents working within this web site will offer you the services of a local, reputable solicitor; this would usually be on the basis of an un-rewarded referral to guarantee prompt and attentive service for their legal charge.

During your first meeting your solicitor should explain to you the legal implications of your purchase. You will be told that normally you are required to place a small reserve on the property in order for the owner or developer to take the property off the market. Under Spanish law this is money which is conditionally un-refundable should you choose not to proceed with the purchase.

He will outline in detail his charges and what he will provide by way of service in return. This includes searches on the property to establish ownership and resolve outstanding debt, checking deeds (in Spain ‘ Escrituras’) are in order and conform to the building and land being offered, in Spain these deeds are separate. He will also check building licenses are in order and that the owner or developer has satisfied any local planning conditions prior to offering the property for sale.

You can also expect that your solicitor handle any financial transactions on your behalf, although it is more practicable to allow him/her power of attorney over your bank account where funds are held, rather than to allow him to hold funds in ”client accounts”.

So, reassured the purchase is sound, you go ahead and make an offer that the vendor accepts. A reserve of normally between 3,000 and 6,000 Euros is takes and the property is taken off the market.

You will now have 2 to 4 weeks to find the balance of 10% of the sale price to go to contracts. During this time your solicitor will receive and check the contracts of sale. If satisfactory the sale contracts will be signed and deposit taken and given to the vendor. From there on it is normally a further 2 to 4 weeks during which time a mortgage can be arranged and the Escritura drafted before you or your solicitor go before the notary (legal guardian working for the government) to have the sale completed.

On this day you will be required to provide funds to meet the sale price of the purchase. Between 60 and 80% can be covered by a mortgage (or Hipoteca in Spain ) depending on your circumstances and an acceptable valuation. You should allow for an additional 10% of the sale price of the property to cover fees and costs. The bulk of this being Spanish sales tax on new property or stamp duty in the case of resale’s, both levied at 7% of Escritura value. The other 3% is solicitor’s fees, notary fees and, land registry fees and charges. This may vary according to work required.

All fears and media panic aside; THE BUYING PROCESS in Spain is a fairly simple and painless one if you work with the right, professional and ethical suppliers. The aims of this web site are to assist the buyer in making that choice. Yes you can contact vendors directly and complete a sale without using a solicitor but it is not recommended and is potentially fraught with anxiety for a novice or experienced purchaser alike. If you have any questions on this subject or are seeking further advice please contact our admin team.