Purchase Process

Property purchase process in 3 steps.

Step 1: Reservation deposit

Once the purchaser has found the property they want to buy and have agreed an offer, they will be asked to pay the reservation deposit as soon as possible (usually between 3000 Euros – 6000 Euros) and sign the reservation agreement.

This takes the property off the market for you while your appointed lawyer does the first checks to establish its legal viability, ensure that any debts on the property are known and allocated to the vendor and that the property is duly registered and fully legal.

Step 2: Purchase contract and payment of 10% usually within 4 weeks from reservation payment

The lawyer will draw up a pre-sales contract (compra venta) which will confirm exactly what you are buying and the timescale of the sale. At the signing of this contract, you will pay the balance of the deposit (usually 10% of the selling price less the reservation deposit already paid) to the vendor.

**This contract is legally binding for you and the vendor. If you do not continue with the purchase, you lose your deposit, if the vendor does not continue with the sale or if the property is not viable for sale, they have to give you twice the amount of deposit you have paid.

Step 3: Completion of property sale at the Notary - timescale can be discussed between buyer and seller that is a convenient date to suit both parties.

A Notary is an expert in Spanish law, legally trained and mandatory for any property transaction in Spain. They are employed by the government and so officially do not act for either the buyer or seller. They will ensure that all the paperwork is in order before witnessing the transfer of funds and signing the title deeds of the property over to the buyer.

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At Ultimate Property we would like to think that your property search and purchase is just the start of your relationship with us. 

We will always keep you informed and you will receive a level of personal and first class service that you won't find elsewhere.

It is not the overall property sale that is important to us, but you the client, and ensuring that we are here to assist you every step of the way.

We know how to make your property purchase in Spain run smoothly and in the first stages of your property purchase there will be many important things to arrange and we will always be on hand to help with any questions you may have.

The Ultimate Property purchase guide services include:

• Lawyer recommendations
• Assist and arrange application for your NIE number
• Currency transfer recommendations
• Open up a Spanish bank account
• Mortgage Advisor recommendations

We are here from your initial contact to us, through the purchase process, move in day and beyond.