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To begin the purchase of your property you will need to open a bank account in Spain. This will be used for the transfer of all moneys and for future direct debits. You will also need an NIE number for Spanish tax identification, and you may wish to speak to a mortgage advisor either in the UK or in Spain. Charlesworth Property Services will help you with all these aspects.  Once you have found a property it is usual (but not always required within the Spanish property market) to place a holding deposit of about €1,500. This will secure the property for you so that the process can begin. The deposit indicates that you are serious and informs the vendor that you want to buy the property. It will prevent the vendor from showing the property to other interested parties and gives you time (about two weeks) to have the property valued if you are arranging a mortgage in Spain. This deposit is non-refundable if you change your mind.
Certain checks need to be made on any property purchase in Spain (much like British searches). These are conducted by the buyer or their legal representatives, or the agent. Once again, Charlesworth Property Services will support you in this. Included are: - Checks with the Public Title Deeds (Escritura Publica) to verify the legal ownership of the property
- Checks to ensure all planning regulations have been adhered to
- Checks to ensure that the property is free of all financial obligations such as the seller’s mortgage, and to make sure that all payments relating the property are up to date
- Checks to make sure that the vendor has paid all of the relevant tax payments. The Local Town Hall can clarify this.
Having satisfactorily completed the checks, the next step is to pay the vendor 10 % of the purchase price. This will go into a holding account. The agent will draw up a contract called “a contract of Arras,” a legal purchase agreement that is protected by Spanish law, which is signed by you and/or your legal representative and the vendor. It provides you with a receipt of payment of your 10% and protects both the purchaser and vendor. If you pull out of the deal you lose this payment, but if the vendor pulls out then they have to pay back double the amount. This contract will also specify a mutually agreed completion date. Completion of your purchase takes place in your Notary’s office where you, the vendor your Notary, fiscal adviser, mortgage representative, agent or developer and Charlesworth Property Services will all be present. The Public Title Deeds contract will be signed and the full remaining payment will be made. The Title Deeds will then be registered with the Land Registry……and the property is yours.
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Property Purchase 
