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Buying property in Spain
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RESERVATION CONTRACT
A contract (Contrato de Reserva) that sets the price and payment terms, after which the buyer normally pays 6,000 Euros as a deposit. The property is then removed from the market during the reservation period (approximately 8-14 days) and documentation is retrieved from the property register to make sure all the information is correct.
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LEGAL INVESTIGATION
The attorney checks that everything is legaly, that all permits and licenses from the municipality are in order and that there are no mortgages, debts, tenants and / or charges registered on the property.
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CONTRACT OF SALE
After the legal check, the buyer and the seller can sign the purchase agreement (Contrato de Compraventa). When signing the agreement, the buyer pays the payment, usually 10% of the purchase price. The agreement is often detailed and contains a legal description of the property itself, the buyer and the seller´s information, purchase price, estimated date of signing the document and other legal clauses.
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ACESS - TITLE DEED
Sellers and buyers must sign the title deed (Escritura de Compraventa) in front of the notary. The ownership of the property is transferred from the seller to the buyer. Remaining purchase price is paid, and keys are handed over to the new owner. The cost of the process is 7% of the purchase price in transfer tax and additional lawyer and notary costs of about 1% each. In case of new production, the tax is 10% plus a duty tax of 1,2% plus normal fees for lawyer and notary.
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REGISTRATION
After registration, the legal notice is given to the property register, where the property is officially registered in the name of the new owner. It is also now that costs, taxes, transfer taxes and other legal costs are regulated. The entire process is carried out by your attorney who also helps to transfer all ongoing contracts such as electricity, water, owner association and taxes in the your name.
