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Appoint an independent estate
agent |
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For new developments agents are paid commission from the developer. The price quoted from the agent should always be the same as that quoted by the developer and therefore the agency service should be free to clients. A good agent will assist a client from the moment of purchase all the way through to and beyond signing of the title deeds. |
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Property Block |
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Most developers allow
prospective buyers a chance to block a property,
without any deposits whilst the buyer considers
the purchase. A block can last for a couple of
days up to a week. Your agent will be able to assist
you in this. |
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Reservation deposit |
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Often €3,000 or £2,000
this deposit will reserve the property in the buyers
name and initiate the purchase process. Some developers
require buyers to sign a reservation form along
with the cash transfer. |
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Appoint an independent lawyer |
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It is essential that
you appoint a lawyer that is qualified in Spanish
property law. Your agent will be able to introduce
you to a lawyer and it will make negotiations easier
if the lawyer has an existing relationship with
the developer. |
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Private purchase contract |
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Developers require buyers to sign
this document within 30-60 days after the reservation
deposit has been made. This document is a legal
document expressing that the developer is willing
to sell the property to the new owner at the price
agreed. Once signed the developer is legally bound
to transfer ownership of the property to the new
owner, once the property is complete. |
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Title deeds |
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This is signed when the keys are
handed over to the new owner. It must be signed
in front of a notary public. The document is a
legal document registering the new property into
the name of the new owner.
NB: The new owner must have
an NIE number upon signing of the title deeds.
This is a fiscal number which states whether
the owner is a fiscal resident of Spain or a
non-resident. |
