Buying Property In Spain - The Steps Involved

Purchasing a property In Spain And The Costs Explained

When you are purchasing a new property off plan, the builders normally require that the payment for a New property is made in stage payments.
In many cases the payment schedule can be arranged to suit your individual
circumstances, an example would be:-

On signing the purchase agreement. A                         €3,000             

Non-refundable reservation fee is payable
by credit card,cash, personal cheque,
or a bank draft.

Within 30 days from signing the contract                       10%

(Of the price of the property)

3-5 months after signing the contract.                            40%                     

(Of the price of the property.)

The date of this payment

may vary depending on the completion date.

Upon completion / Handing over                                    50%                     

Signing the Title deed.

The Balance outstanding (Including Taxes)

It is important to remember, once you have made your reservation payment, and signed the purchase contract with the builder, the purchase price of your property is fixed in euros and will not change.

When buying a Re-Sale property, the method of payment can usually be agreed between the seller and the purchaser. Normally the time from signing the purchase contract to signing the title deed at the notary is between 6 – 8 weeks. If you are considering the purchase of a resale property, we advise, in order to avoid disappointment, that you have your finances and budget worked out, so as to be in a position to complete the purchase in the shorter time frame. A typical payment schedule could be as follows:

On Signing the purchase contract,                             €3,000                          

Usually non-refundable payable by cash, cheque,

or bankers draft.

OR

On signing the purchase agreement                             10%                           

Usually non- refundable, subject to certain

conditions agreed between  both parties.                                                                         

Upon Completion / Handing Over                    Balance Outstanding

Signing the Title Deed                                      (Including Taxes)

It is also important to remember that properties are sold in EUROS and that the cost to you can vary greatly depending on the exchange rates available. We can assist you in obtaining an excellent exchange rate.

Please contact us for more details, we will be happy to help.