There are many excellent reasons for buying property in Spain, and before you buy a property, there are certain aspects of the procedure that you might want to become familiar with. The following is a brief summary of what buying a property involves, keeping in mind that there are possible variations, depending on each specific situation:

 1. Once you have decided on a property, you will usually be requested to make a refundable "reservation deposit" in order to take the property off the market for a short time, and to show your "real" intention to purchase. This fee is refundable, and is usually around 1.500 euros (cash, cheque or credit card).

 2. At this stage you should "choose a lawyer", preferably an English-speaking Spanish lawyer with experience in this field. Your lawyer will do the following before you buy:

- make the necessary checks on the property to ascertain that all Spanish legal requirements are met, and that the property is free of any encumbrances, charges, debts as well as make sure that it is up to date with all payments.

- draw up the sales contract in which the terms and conditions of the sale are clearly stated, plus set a date for completion in the presence of a Notary.

 3. Once the sales contract is agreed to and is signed, it is customary to have to pay 10% of the sales price; it is also common to allow from between 7 to 10 days for the buyer to make this payment, as most buyers need to return home in order to make a bank transfer from their country of origin. The sales contract can also be signed in your absence, if you give your lawyer or any other trustworthy person, the authority to do so.

 4. On the day of completing the sale, both the buyer and the seller are expected to attend in person in presence of the Notary. This is when the final payment is made, and when the title deeds are exchanged. The Notary puts on public record that the sale/purchase has been completed, and that the deeds have been transferred to the new owner.

 5.Then, the property is registered at the Land Registry Office, and the corresponding fees and taxes are paid (everything is handled by your lawyer).

 6. The lawyer is there to help you at every step, and to make sure that the operation is done correctly. He or she will handle all of the paper work, as well as change over the utility contracts to your name, organize for direct debits and so forth. You should also consider making a Spanish will, which although not necessary is probably convenient.

 7. With regards to costs, in addition to the sales price you should allow from between 7% to 10 % above the sales price to cover for the following : Notary fees, Land Registry Office fees, sales tax and lawyer's fees. These costs should be explained in detail by your lawyer or the sales person you are working with, before you sign the sales contract.

 8. Mortgages, home improvement costs, insurance premiums, rental contracts (if you intend to rent out your property) and so forth can be discussed once you have decided on a specific property, conditions will vary from one situation to another.

 As you can see from this brief description, the buying process is not all that complex, and once you gain confidence in the people you choose and work with, you will find that buying a property in Spain is fairly straightforward and simple.

 If you would like more information, don't hesitate to get in touch with us, our staff will be more than happy to help you.