Legal and Buyers Info

When purchasing a property in Spain, the normal process is to place a £3,000 (around £2,000) deposit then a stage payment process for further balances. If you purchase a re-sale property a 10% deposit is usually required within 7-10 days, with the balance payable upon completion.

Initial Deposit When you have found your ideal property a non-refundable holding deposit of £2,000 in the form of a personal cheque will be required. This will guarantee removal of the property from the market. This deposit forms part of a legal contract, which holds the price of the property as agreed at the time of paying the deposit and guarantees you will not be affected by any future price increases.

This sum will be held by the Lawyer, licensed property conveyancer or developer and the contract of sale will be drawn up for your agreement and signature. Should you wish, further transactions can be completed in your absence, by granting Power of Attorney to your agent or Lawyer.

Remaining balance / stage payments If you are purchasing a new build property that is not yet built, or is in the process of being built, you will need to arrange for payment of your agreed stage payments. These figures vary from development to development and builder to builder. It is not an exact science! However, before you enter into any contract you will be informed of the dates and amounts of payment. Typically though, after the initial £2,000 holding deposit a payment of between 30-50% will be required within 30 days with, normally, the balance paid upon completion.

If you are purchasing a resale property, or a new property that is already built, it is very different. After payment of the initial £2,000 holding deposit the balance will be required normally within 30 days. (This is negotiable with the vendor)

For new build and re-sale, once your legal representative have finished the searches and investigations and the monies are paid over, the title deeds are finalised and the property is yours, all legally signed and secured.

Purchase Options

(1) Cash Purchase. If you already have the full amount of property purchase price in cash in a deposit account within the UK. Your only consideration will then be the exchange rates between the pound and euro when the various stage payments are required. Various currency companies offer commercial rate transfers with minimal or no transfer charge. Call us on 01572 821881 for more