Let's start, have you decided to buy a property in Spain and you are faced with a lot of doubts and fears? We are going to explain to you the important aspects that should guide you in order to make a safe purchase. For this we introduce you to three concepts or phases:
Una vez que haya encontrado la propiedad que le interesa, la propiedad deberá asegurarse con un depósito, lo normal es que hasta que no deposite la reserva la vivienda está en mercado y el primero que reserva se la lleva, no se fie de reservas sin dinero, puede perderla, el mercado es dinámico y rápido el ajuste entre oferta y demanda.
The amount of the reservation is usually 3000 to 6000 euros, it can be more for the purchase price of the house, and the normal way to block the property is to pay the real estate agency. Once your property is blocked by the reservation, a purchase contract must be signed, and here you must sign it yourself, unless you leave a power of attorney for a third party, lawyer, advisor, etc. to sign it for you. The power of attorney can be granted in Spain or in your country of origin.
Contract of sale
If the property is new, each promoter sets its own payment formula, although it should be understood that it can be generally in the following range:
- Reserve 3,000 to 10,000 euros
- Payments of up to 50% of the house at the time of the contract and at a later date
- Payment of the rest on the day the deed is signed.
Normally, if the property is second hand, the purchase contract is signed within a maximum period of 10-15 days and 10% is paid, the rest at the signing of the public deed of sale.
The deadline for the signing of the sale and purchase contract depends on the parties, the normal is
- If you buy without mortgage 30-45 days
- If you buy with mortgage 60 days
However, the parties are free to agree and it is up to the agency and the advisors to bring the parties together. Normally, if you are going to extend the instalments, you must make a partial payment of a different amount.