What is the general procedure when buying a Spanish property?
The general process for buying a Spanish property is as follows: The buyer pays a reservation fee, usually between €3,000 and €6,000, which allows the property to be taken off the market and reserved in the buyer’s name. The buyer must obtain the foreigner’s identification number (Número de Identificación de Extranjero/NIE); this process can be completed in person in Spain or by ‘power of attorney’ to a representative, normally taken care of by your lawyer. Both parties sign an option to purchase and at this point a pre agreed deposit is paid (deposit not to be confused with reservation fee). If required, a mortgage application is made at this point. Where we have a distressed sale that includes a mortgage deal option then a decision in principle can be reached within 48/72hrs. Completion of the purchase and the signing of the title deeds are carried out at the notary’s office where the buyer or bank pays the outstanding purchase price and receives the keys to your new property !
