PROPERTY CONVEYANCE IN SPAIN

Buying or selling a property is probably one of the most important legal transactions that most people undertake in their lifetime.

Our conveyance legal representation is aimed at ensuring a smooth legal process, a safe investment and, in a nutshell, a hassle free experience.

Be Prepared

Prior to viewing any property please familiarise yourself with these basic guidelines.

Organise your funds

To reserve a Spanish property it is customary to place a holding deposit, which takes the property off the market and prevents losing it to a 3rd party. The normal amount is 6.000 Euros.

Please note that sterling cheques take up to 10 days to clear in which time your property could go to another buyer.

Use a local English-Speaking Lawyer

It is imperative to use a good English speaking lawyer with offices in Spain. They will make sure that the property you are buying meets all the necessary legal criteria.

Get Free Advise

We believe that clients are entitled to a free initial consultation prior to purchase.

Get everything in writing

Do not hand over any deposit unless it is accompanied by clear written guarantees laying down the terms of sale. Never hand any deposit directly to a private vendor. All reputable agents and developers will hold your deposit in a protected client account.

The Next Stage

Whilst your property is reserved your lawyer can  make all the necessary verifications to ensure the property is free and clean of any debts or charges. If it is in a new development, your lawyer will ensure all the necessary licenses and bank guarantees are in place.

After approximately 2-3 weeks it is customary to exchange contracts, at which time 10% of the purchase value must be paid, if it is a resale and 30-40% must be paid if it is a new development, although this will depend on the payment schedule set up by the developer's company.

Final Completion

A sale is formally completed when the deeds or “escritura” are signed before a Notary and when full payment is made and ownership is formally handed over to the buyer.

Purchasing Costs

Aside from the purchase price of the property, it is important to note that there are various additional fees and taxes.

As a general rule of thumb you should  add around 10% to the purchase price to cover these costs.

Included in this figure is the property transfer tax at 7%, plus legal fees (normally 1%), notary fees and registry fees.

The Tiresome Bits

Fortunately, your lawyer can take care of all the minor details such as setting up a bank account and transferring utilities such as water, electricity and rates into your name.

They will also take care of the formalities of registering the property in your name and paying on your behalf all the relevant fees and taxes.