The Process Of Buying
The process of buying a property in Spain
During the purchasing process it is of great importance to request, in Spain, a Spanish registration number (NIE number), to open a bank account and, if necessary, organise a mortgage. These acts can be executed by MNM Costa Blanca.
When reaching an agreement on the purchase of an object, the purchase will be settled as follows:
- Drawing up and signing of the reservation agreement.
- Drawing up and signing of the private option to purchase contract.
- Drawing up and signing of the public purchase deed by the notary and entry of the purchase in the land and property register.
MNM CostaBlanca draws up a reservation agreement with a validity of 15 days. This agreement contains the following:
- Identification of the vending and purchasing parties.
- Identification and description of the object.
- Final price agreement vending and purchasing parties.
- Indication whether the object is sold furnished or unfurnished.
- Confirmation of both parties that the transfer will be charge free.
- A statement to draw up and sign a private option to purchase contract - under Spanish law – after a maximum of 15 days by the vending and purchasing parties.
- Ratification of the reservation agreement is done by a payment of generally Euro 3.000, = in cash or by using a credit/debit card
- By signing the reservation agreement, the object is taken off the market.
- The reservation agreement is redacted in the Spanish language, with a translation in the language of the buyer
During the 15 day period after having signed the reservation agreement, MNM Costa Blanca parties will draw up the final private option to purchase contract that will be presented for signature. This private option to purchase contract will contain the following provisions:
- Exact identification of the object with a summary of the exact ground surface and buildings.
- The exact date of notarial transfer of the object.
- Final payment mode.
- Enumeration of the additional costs.
- Penalty clauses in case of an incorrect enactment of the contract.
- Possible exact list of included movables (furniture etc.).
- By signing this private option to purchase contract, the purchasing party has to make a payment (in general) in order to complete 10% of the agreed price.
- The private option to purchase agreement is redacted in the Spanish language, with a translation in the language of the buyer and vendor.
Approaching the agreed date of notarial transfer, the public purchase deed will be prepared by the relevant notary. We will of course accompany parties. After signing the public purchase deed the following will be arranged: the registration in the land and property register, payment of the transfer tax, description with the land registry, description of gas-, water- and electricity contracts etc.
Furthermore we communicate with parties regarding practical matters such as: possible take-over of an existing telephone line, property insurance, gardener / swimming pool maintenance / cleaning lady or the take-over of other practical matters.
In general, our goal is to help and advice our clients on a broad range of matters. Regarding our brokerage, we have made agreements with the vending party.