Once you have found a property of your choice and checked that all the information is correct, the actual buying process begins. In this article we list the normal steps in the buying process.
Making an offer
Initially, you must make an offer on the property, usually through the seller’s real estate agent.
As in other countries, prices are open to negotiation; the asking price of the property is an indication and not a requirement. Unless the price is particularly attractive or in competition with other buyers, it makes sense to start negotiations below the asking price, but not so low as to offend the seller.
Basic price negotiations are usually done verbally. Once you have reached a general agreement, you should have to summarise your offer in writing.
The reservation contract
If the offer is accepted by the seller, then the buyer and seller sign a reservation contract or earnest money contract and the buyer pays a deposit, usually 10% of the purchase price.
You can find more information on the reservation contract in our article Deposit contract or reservation contract: how to write a property or house sale contract in Spain without mistakes.
The deed of sale
The next stage is the signing of the deed of sale before a notary, at which time the full purchase price, taxes and other expenses must be paid.
If you do not live in Spain at this time, it is advisable that you give a lawyer access to your bank account by means of a Power of Attorney so that you can go to the bank, collect the bank cheque and then go to the notary to sign on your behalf, pay the seller and pay the relevant taxes.
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