Finding the right property

Clearly the first and most essential step is to find your perfect property. The amazing thing about buying a property in Spain, is that we follow a Multi-Listing Service where all listing/ selling agents effectively promote their listings in full collaboration with buying agents. Simply put, as proud members of this service, Elevate Realty Group has fully comprehensive access to every current listing available on the coast.

As clients, you share this privileged access to the listing service, able to view properties in sought-after locations such as Estepona, Mijas, La Duquesa, Sotogrande, Puerto Banus and many more.

Therefore, whether your dream home nestles in the hills of Nueva Andalucia or beachside in Casares Playa, rest assured, we will find it. If you choose us to be your sole agents through this process, you remove the constant harassment of multiple agents without sacrificing any access to properties. Simplifying your property search in this way will allow you to focus more time on targeting the perfect home!

Requirements for buying a Property in Spain

There are some formal requirements international buyers need to fulfil in order to formally purchase a property in Spain. These obligations can actually be completed before or simultaneously alongside your property search and if requested an appointed Spanish Lawyer can actually facilitate / champion every task.

The two most crucial requirements are obtaining a Spanish identification number, NIE (número de identificación de extranjeros) and Spanish bank account. Again, an appointed lawyer can take ownership of this as well as an providing any supplementary legal and tax advice.

The Reservation Contract

Once you have found the perfect property and we have negotiated and agreed a price with the vendor the next stage pf the process is to sign a reservation agreement and pay a reservation deposit.

This deposit is usually between 3,000 and 6,000 Euros and is paid to your appointment lawyers here in Spain into a client or escrow account. Unlike the UK, once the reservation agreement is signed and the deposit is paid, your property is taken off the market.

Before your laywer transfer the deposit to the vendor’s lawyer, they will run a series of initial due diligence checks on the property including ownership, mortgage arrears etc. and only once they are satisfied with their findings, will this deposit be transferred.

The Private Purchase Contract

During the investigation phase, the lawyer’s second crucial responsibility is negotiating precise purchase agreements with the seller or their legal representative on behalf of the client. These negotiated terms are incorporated into a private purchase contract, a document of paramount importance in the transaction. This contract comprehensively outlines all sale details, including the final price, payment schedule, tax considerations, the deadline for notarizing the official title deeds, and contingencies (e.g., if a mortgage is not approved or if insurmountable issues arise).

The private purchase contract also explicitly addresses the fate of the down payment in the event that either party decides not to or cannot proceed with the sale, with or without justifiable cause. Essentially, this contract, crafted by your lawyer, ensures that the property purchase is accompanied by maximum guarantees and devoid of risks. Both parties have the freedom to include conditions deemed necessary in the contract, provided they align with Spanish law. Naturally, the lawyer ensures compliance with all legal requisites based on the property type (e.g., apartment, villa, urban, rustic).

Typically, upon signing the private purchase contract, a 10% down payment is made. Optionally, this amount can be held in the lawyer’s ‘thirds account’ until the official title deeds are signed at the notary. Subsequent to signing the private purchase contract, the lawyer initiates the submission of all necessary documentation to the notary for the preparation of the new public title deeds. This meticulous process is designed to secure the property acquisition with comprehensive guarantees and legal adherence.

The signing of the Title Deeds

The formal completion of a property sale occurs with the signing of the title deed, known as “Escritura de Compraventa,” before a public official called a Public Notary or Notario.

This significant event takes place at the notary’s office and involves the simultaneous exchange of the agreed final payment along with all pertinent purchase taxes. Following the signing, the Notary submits the Escritura to the Land Registry for official registration, thereby transferring the property’s ownership to the new owner. This meticulous process ensures the legal and official recognition of the property transaction and upon completion you will receive the keys to your new property!