What takes place when an offer on a Spanish property or home is made and is accepted by the seller? 1. The purchaser will generally pay 3000€ as a reserve fee. Once paid, this fee is going to be held by either the real estate agent or your solicitor.

The purpose of this reservation fee is to reassure the seller that you’re sincere in your intentions to purchase the property or home. In exchange for this peace of mind they should take off the property for sale whilst your solicitor conducts the necessary checks on the property. They’re going to include having duplicates presented of the Title Deeds the Escritura, ensuring the property is free of debts and any construction irregularities.This phase of the process Normally takes between Three or four weeks and this can be agreed by all parties.

If the prospective buyers legal professional discovers any complications at this time and the purchasers decide to withdraw their offer, their reservation fee has to be returned to them. If on the other hand, all paperwork is legitimate and the purchasers make a decision to withdraw, they will forego their fee. A completion time will also be talked about at this point. 2. After the agreed period of time has passed you should now pay your deposit.

This ıs going to be 10% less the reservation fee you will have previously paid. Unless otherwise arranged, the deposit is paid into the Vendors account. The deposit paid is non refundable. 3. Completion Day When the completion day arrives you’ll go to the notary office with all the other concerned parties. A nominated power of attorney can take your place. You and the seller each sign the Escritura at the notarys office concurring to the conditions of purchase previoulsy arranged.

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