Purchasing process
What documentation do I need? What are the steps to follow? We explain it to you.
D.N.I. or passport (N.I.E. for foreigners)
Spanish bank account.
Reservation: A private document between the buyer and seller in which the reservation of the property is made, including the form of payment, estimated date for the exchange of contracts and completion, accompanied by a sum of money (usually €3,000 - €6,000), which is paid by the buyer to demonstrate to the seller a real intention to purchase.
Earnest money contract: A private purchase contract creates a binding agreement between the buyer and seller, setting out the agreed sale price, a completion date and establishing the terms and conditions of the sale. At the time of signing, the buyer will pay a deposit of 10% of the sale price. Once 10% has been paid, if the seller withdraws from the sale, he is obliged to pay double.
Notary: The Buying and Selling operation is finalised once you sign before a notary. At that moment you will be given a Simple Copy of the Title Deed and the keys of the house. Within approximately one month your property will be registered in the Land Registry and you will be given the definitive original title deeds.
