How does a purchase process works in Spain?

At Hernández Mora Lawyers, as, we aim to offer sound and accurate information about how the purchase process works in Spain. For this purpose we leave you with a brief article about the different steps during a house purchase.

• Deposit agreement: this agreement is drafted by the realtor and states price, deposit, depositary, and type of penalty in case if withdrawal. This agreement might include other terms and conditions such as deadline to complete, for example.

• Private purchase agreement: We will draft another agreement to go into specifics and the terms of a purchase. This new agreement is drafted by us after checking the property paperwork, as much as possible.

• Due Diligence: we will check the legal status of the property, such as legal ownership, encumbrances, charges, council tax debt, utilities, and a few other items, depending on the nature of the property and its legal situation.

• Notary: when everything is ready, between 2 weeks and 2 months in most cases, we can make an appointment at the Notary to sign before him/her and buy the property. Here keys are handed over and payment provided.

• Taxes and Land Registry: after the Notary taxes must be paid and the deeds submitted to the Land Registry to change the new ownership.