Procedures for buying properties in Spain

Your Real Estate Agent will show you a cross section of properties within your budget so as to allow you to decide which best suits your needs. You will very quickly get a feel for the slightly older property and what it offers in comparison with the standard and finish of the latest offerings. It is for you alone to decide which you prefer.

When you have decided on a property that best suits your requirements it is always advisable to let your Agent know that you have an interest in it. If he is unaware then he cannot help you obtain it! The first step is to make a Reservation Deposit as early as possible. This is the only way to ensure that the property is not sold to another buyer. Paying the Reservation Deposit also very importantly, locks the price and guards you against any imminent price increases.

Your Reservation Deposit can be made at your Lawyer´s office or if a new project, in the Sales office of the Developer. You will be given a receipt for the monies paid. Your Lawyer will go through the conveyancing procedure with you and explain all of the financial and legal requirements.

If your chosen property is a resale, then generally once searches have been done and no problems have been encountered, you will be asked to pay a further sum of perhaps between 10 to 30% of the overall purchase price in around 15 days.

With normally completion taking place around 2 to 4 weeks later, when the fu ll remaining funds in connection with your purchase will be required. It is therefore very important for you to ensure that the full monies will be available to you within this kind of time scale, before you begin to look at resale properties. The best plan is to already have the finances in place before you begin your search.