There is no set buying process in Spain, however the normal process is as follows:

1.  You will make an oral agreement (do not sign anything at this stage) with the seller to purchase their property.  This agreement is not binding but should encompass:

 - the sale price

-  anything additional to the property included in the sale price i.e. any furniture or particular fittings

- .the anticipated time for signing the Escritura/Completion/Closure  

2.  You should then instruct your conveyancing lawyer to undertake the legal process, on the basis of the oral agreement.  Your lawyer will  undertake an initial check to ensure that the person you think owns the property does own it and that the property that you think you are buying does exist and is the one you think you are buying.

3.  Your lawyer will then draw up a contract itemising the agreement and setting out the timings for the purchase.  Amongst other things It will state the purchase price, anything included in the purchase price and any conditions of the purchase (such as it being subject to a survey etc.), the date for any payment of a 10% deposit and the date (on or before) of .the signing of the Escritura/Completion/Closure  Importantly, the contract will state that the property will be removed from the market upon payment by you (the purchaser) of an initial deposit.  This deposit is normally around 3,000 Euros/1% of the purchase price and is deducted from the full purchase price upon  signing of the Escritura/Completion/Closure.  The contract will usually state that you will lose the deposit if you change your mind about buying the property but that the seller will have to pay you twice the amount of your deposit if they change their minds about selling their property to you.

4.  After signing the contract your lawyer will undertake due diligence on the property that you are buying. This will include checking the property title, its registration and accuracy, any encumbrances (such as a mortgage).and its status with the local authority ( the equivalent of 'local searches' in the UK).  This can take a month to complete.

5.  Once your lawyer has completed all their due diligence he will advise you of the results.  If the property is problem-free then you can either go directly to the signing of the Escritura/Completion/Closure or pay a 10% deposit (similar to 'Exchange' in the UK) should you wish to sign the Escritura/Completion/Closure at a later date.

6.  On the day of signing the Escritura/Completion/Closure you will attend with your lawyer (unless you have provided a Power of Attorney to your lawyer or a trusted friend) a Notario, along with the seller and their lawyer  The Notario will go through all the legal documentation and will formalise the sale. As soon as he has checked everything is in order you and the seller will sign the Escritura.  You will then pay the remaining purchase money (normally by Banker's Draft) and receive the keys to your property.  You have immediate access to your property and responsibility for it (so make sure that you have building and contents insurance set up already).  You should note that the duty of the Notario is to the state not to you (the buyer) or the seller and that he is therefore not a replacement for having your own lawyer.

7.  After the signing of the Escritura, check that your lawyer will change the service contracts (water, electricity and gas) into your name, along with changing the direct debit details.  This is important, as reconnection of services can be expensive and take time.

About Us

Luxury Costa Blanca Property is a fast growing dynamic group of high quality estate agents specialising in the sale of prime Spanish residential, commercial & investment properties.LUXURY COSTA BLANCA PROPERTY Located in Javea Spain and also covering Denia, Moraira, Calpe and Altea, with collaborating agents are delighted to announce after extensive research that as from the 1/6/2019 we have become an affiliate firm to Mayfair International Reality of Mayfair London, based in the West End of London. We chose Mayfair International Realty so as to offer our superb offering of luxury homes to discerning International clients. We aim to ensure that our buyers and sellers as a Mayfair International member firm will be dealt with correctly by our experience, expertise, service and results. This is the core of our business. We will be offering our clients a service whereby if they wish to sell their property in the UK as they have decided to be residents in Spain we can place their property for sale with an affiliate office in the UK or Worldwide through our Property Lounge in Javea Port.  We will also be able to help clients with our international offering, that if they are looking to move to another country.Mayfair International Realty We are proud to have been especially chosen as an exclusive member of Mayfair International Realty. This is a carefully selected group of the most experienced and professional real estate experts from across the globe. Founded in 1995 and based in London, the Mayfair Office quickly grew to become one of the foremost groups of luxury real estate agents in the UK.   In 2005 this group was expanded to Europe and North America. Today Mayfair International Realty members can be found across the globe, bringing sophisticated international real estate marketing to a worldwide community of buyers and investors.   With now over 450 offices worldwide Mayfair International Realty offers its members and their clients exclusive access to excellent media and internet coverage as well as the opportunity for buyers and sellers alike to connect with the very best real estate companies across the globe – exclusively!   Mayfair International Realty Cashel House 15 Thayer Street London W1U 3TT Tel – + 44 (0) 207 467 5330 Email – info@mayfairinternationalrealty.com Website – www.mayfairinternationalrealty.com

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