Once a property is found that is suitable and the vendor has accepted the offer, a sales contract must be completed (opción de compra).
The seller (vendor) or agent can draft the opción de compra, which is be written in Spanish, but will usually have an English translation. The name(s) on the mortgage (if applicable) must also be the name(s) on the opción de compra. The opción de compra is a legal contract, therefore it is highly recommended to consult a notary before signing. The notary should confirm (at a minimum) that the following information is provided:
For the purchaser, the clause crio protects the deposit given to the agent as part of the agreement to purchase the property.
On the day of signing the opción de compra the purchaser will be required to pay the deposit to the agent.
After the mortgage has been approved arrangements can be made for completion of the sale. It is the buyer's responsibility to instruct the notary to request the mortgage funds from the lender.
Once the completion date is determined, the buyer will need to make sure their Spanish bank account is open and funds are transferred into it in time for the completion date. Arrangements for building insurance will also need to be arranged as the buyer will need to provide details of the insurance policy.
If the buyer is unable to attend the signing of the Escritura (final deed of sale) power of attorney (a poder) may be given to a trusted person or friend, which authorises them to act on the buyer's behalf.
The Escritura is signed by the buyer, the vendor and one notary.
Once the Escritura has been signed and witnessed the buyer must pay all required taxes, land registry fees and the purchase price. A few months later they receive a certificate informing them that the title has been registered. The original title deed is returned to the notary and the deeds can be collected. The Notary may make authorised copies
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