Buying Process in Spain
Guide To Purchasing in Spain
The process of purchasing is relatively straightforward and can be completed within a few weeks. When a client finds a property they wish to buy, they make an initial deposit and sign a simple reservation contract.
Some clients may prefer to delay the period between signing the reservation contract and the actual buying date. Typically, this can be extended by a few months, depending on an agreement with the seller.
Delayed Purchase. Occasionally, a client comes across a property they want to secure but cannot make the actual purchase for a period of 6-12 months. In such cases, a suitable contract is drafted, and an agreement is reached that an additional payment, along with the initial deposit, can be made at an agreed time or times to reserve the property for a future date.
The reservation contract is a legally binding agreement entered into by the seller and buyer. This contract, along with the initial deposit, effectively takes the property off the market and secures its reservation under the client's name. It outlines the particulars of both parties, the agreed-upon price, and establishes a target date for the property purchase.
The buyer will submit the deposit to secure the property, either into our client account or your lawyer's client account. Once this payment is made, the property will be taken off the market. Subsequently, we will collaborate with your lawyer to meticulously review all the legal documentation pertaining to the house, ensuring that it aligns with the information stated in the deeds, confirms the absence of any outstanding debts, and verifies up-to-date tax payments, among other aspects.
Only when your lawyer is content with the paperwork will the deposit be transferred to the seller, granting you complete peace of mind. In the event that any unresolved legal issues arise with the property, the entire deposit will be refunded to you, and any obligations to purchase the house will be nullified. It's worth noting that certain older or rural properties may require updates or adjustments to specific details of the house or land. Typically, this is a straightforward process for which the seller bears responsibility and can be resolved on the day of signing.