What is The Buying Procedure

Balance

Once your legal representative has finished his searches and investigations and the monies paid over, or the mortgage - hipoteca - arranged, the title

deeds - escritura publica - can be finalised and the property is yours, all legally signed and secured.

All transfers of property in Spain must be signed in the presence of Notary Public - Notario - His job is not to give legal advice, but to witness, on behalf of the authorities the signature of the title deeds.

Bank

At the early stages of this process you will be introduced to a bank of your choice, or to one recommended by the agent, so that you can open an account. The bank may be a foreign branch of a UK High Street bank or one of Spain‘s many regional or national banks. If you are into computers and are familiar with the internet choose a bank offering access in English, you will then be able study your account at all times from home, to check your statement, transfer funds and generally keep an eye on things, all without speaking a word of Spanish.

Direct Debits

Once the sale is complete, Direct Debits are generally arranged for the payment of regular outgoings that may get delayed by your absence from the property if you are not living there full time.

Deposit

When you have discovered the ideal property, the next step is to place a non-refundable, holding deposit of £2,000 or if you prefer 3,000 euros, in the form of cash, cheque or traveller‘s cheques. This will guarantee removal of the property from the market and give you some 3 or 4 weeks to organise your finances ready for the stage payments in the case of a new build or the balance due on a resale. Gazumping is illegal in Spain. The deposit forms a legal contract which holds the price as agreed at the time of paying the deposit.

This sum will be held by the lawyer - Abogado - who is a member of one of the Spanish Bar, or a licensed property conveyancer - Gestor - or the developer and a contract of sale - escritura de compraventa - will be drawn up for your agreement and signature. Further transactions can be completed in your absence, by granting a Power of Attorney to your agent or lawyer.