Once you have found the right property, the first step is to pay a reservation fee. This will take the property off the market whilst negotiations between the parties’ legal advisors are held. The deposit can be paid quickly and easily by credit card. The average deposit is between 3000 – 6000 euros.
Once the property has been taken off the market, by signing the reservation, a private purchase contract will be drawn up between your lawyer and that of the seller. This usually takes 30 days for completion. The presence of the purchaser at this stage is not required.
Your lawyer will prepare the documentation required for the transfer of ownership. On the appointed day the buyer and seller and / or their legal representatives meet at the notary´s office to sign the official transfer of title deeds from the seller to the buyer (Escitura). The witnessing of the documentation by the notary, acts as your legal safeguard and the change of ownership will be recorded in the official registry to complete the process. This will leave you safe in the knowledge that your property purchase is official and free of any unknown encumbrances.