THE 5 STEPS TO PURCHASE

When you’ve chosen the property you want to buy your first step is to secure the property and price by taking it off the market for a period of time. 

To do this, you pay a reservation deposit, an amount that varies depending on the property price. At the same time, you’ll be asked to sign a reservation contract between you and the vendor. This contract includes the basic terms of the agreement such as the property description, price, payment terms and completion date. 

Since the reservation deposit is usually non-refundable, it’s important to appoint a legal representative and get proper legal advice before signing or paying anything. 

After signing the reservation contract the next stage is to carry out checks on the property and negotiate the payment schedule and conditions. 

At this stage of negotiations it’s essential to ensure that all verbal agreements (e.g. whether the property is to be sold furnished or unfurnished) are written down. If necessary, an inventory should be drawn up. 

Note that you can only rely upon information given in writing.

This takes place in the presence of a Notary Public who will ensure all legal procedures are adhered to. By this time, you should have obtained a NIE (tax number for foreigners), opened a Spanish bank account and if appropriate, obtained a mortgage.

PRIME LEGAL looks after absolutely everything! We collect the deeds, pay taxes and register the property on your behalf. We also set up the utility services.

So, all you need to do is sit back and enjoy your new home in Spain!