Buying process Spain
Buying process
When you have found the house you want to buy then the whole process of buying in Spain starts. Below are the different steps of the process
Once the house is found then the first step is to agree on the price. Keep in mind that there are quite a few cowboy-type types operating as real estate agents who are very adept at pressuring a buyer to just agree to a purchase price and make a down payment as quickly as possible. Don’t be pressured and don’t fall into the trap of making a down payment to the real estate agent right away.
Start the application process well in advance. You may already be able to cut corners by submitting the application as soon as possible. See “APPLICATION PROCESS.
In doubt about the structural condition of the house? Then have a building inspection performed. Contact Mortgage & Abroad for advice on this.
Buyer and seller choose a notary. There are more than 3,000 notaries throughout Spain. So there is something to choose from, often the closest one, or the one someone has recommended to you. Note the role of the notary in Spain is different than in the Netherlands. See also, “GOOD PREPARATION.”
When the purchase price has been agreed upon, then it is time to instruct your attorney to begin his work.
We can assist you in arranging a notarized power of attorney to complete the purchase from the Netherlands. We have contacts with a Dutch notary where the process of making the power of attorney can be arranged “remotely” (via video call).
The initiation of a purchase agreement is usually done by the selling broker. Get advice on the content from your attorney.
The condition precedent for financing is not common in the Spanish purchase contract. Contact Mortgage & Abroad to discuss how to set up a sale without the risk of losing the down payment.
The outcome of the mortgage application process is the receipt of the unconditional loan offer. After accepting the loan offer, the bank is ready to release the mortgage funds.
When the sale is imminent, your home should be insured for fire (and theft). Hypotheek & Buitenland has contacts with parties who can provide competitive quotations for this purpose.
Having a Spanish bank account is indispensable when you own a home in Spain. Mortgage & Abroad can help you open a bank account
It is since mid 2019 the mandatory in Spain that the notary verifies that there mortgage lending bank has provided all legally required documentation for the mortgage and has done so on time. This check should not take place on the same day as the day the purchase and mortgage deed is signed. There should be at least 1 day between them. Thus, a visit to the notary will have to be made twice before completion of the purchase if buying with a mortgage.
How long the buying process takes depends on what delaying elements are involved. Some trajectories last 2 months some 2 years.
